PurePoint Financial Review of Savings and CD Rates

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Updated on Thursday, October 1, 2020

PurePoint Financial’s Online Savings account

One of the higher-earning accounts available today, but you’ll need a lot of money to open.

APY

Minimum Deposit to Open

0.40%

$10,000

  • Monthly account maintenance fee: $0
  • Minimum balance to earn APY: Any amount greater than $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re looking for a simple, no-fuss online savings account that earns a good rate, this is definitely an account to consider. You’ll need a $10,000 minimum deposit to open the Online Savings account and earn the high interest rate listed, but you can withdraw money and drop the balance below $10,000 after the account is open. If you do this, your APY will drop to 0.25% (as of Jan. 21 2020).

This account also does not come with ATM access or overdraft protection. Rather, if you happen to overdraw the account, you “agree to pay the amount of the overdraft promptly, without notice or demand from us,” according to PurePoint Financial’s disclosure.

Additionally, there is no way to make a cash deposit into the account — you can only make transactions via bank or wire transfer, mobile deposit or by writing a check to make a deposit into the account.

Federal Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you go over that amount, you’ll pay a $10 per-item fee, up to $50 per month from the bank. If you go over these limits regularly, PurePoint Financial may take away your transfer privileges or even close your account.

How to get PurePoint Financial’s Online Savings account

There are three ways to open a PurePoint Financial savings account. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account you can fund it via a bank transfer, a mobile deposit, wire transfer or check.

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How PurePoint Financial’s Online Savings account compares

PurePoint Financial doesn’t offer the strongest rates seen in our round-up of the best savings accounts, but they are very competitive. This bank is a decent choice if you have a lot of cash. If you’re starting off with a smaller balance size, want ATM access to your savings account or want to earn the highest rates currently available, however, we recommend choosing a different account.

PurePoint Financial’s Online CD rates

Decent rates but just like the bank’s savings account, the certificates of deposit (CDs) require a substantial minimum deposit to open.

Term

APY

Minimum Deposit to Open

6 months

0.15%

$10,000

12 months

0.25%

$10,000

15 months

0.25%

$10,000

18 months

0.25%

$10,000

24 months

0.25%

$10,000

30 months

0.25%

$10,000

36 months

0.25%

$10,000

48 months

0.25%

$10,000

60 months

0.25%

$10,000

  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: 181 days’ worth of interest, regardless of CD term length.

PurePoint Financial’s Online CDs are another no-fuss, straightforward product. Any interest you earn will be compounded daily and credited to your CD account once a month. You can choose to withdraw the interest earned penalty-free at any time, but remember: The APY quoted for these accounts assumes you keep rolling the interest back into the CD account. If you make a withdrawal of interest, you’ll earn a lower rate than the one quoted when you open your account. Your CD will renew automatically, but you’ll get a 10-day grace period to make any changes.

One of the nice things about PurePoint Financial’s CDs is that it offers you a 10-day rate promise. When you open a CD or when an existing CD is automatically renewed, PurePoint Financial will give you the best rate available during the 10-day period after you the account is opened or renewed. This helps ensure you get the best rate possible, which can ease your mind in a fluctuating interest rate environment.

How to get PurePoint Financial’s Online CDs

There are three ways to open a PurePoint Financial Online CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account, you can fund it via a bank transfer, a mobile deposit, wire transfer or check.

PurePoint Financial’s No-Penalty CD

A slightly lower APY is a small price to pay for being able to make a penalty-free withdrawal after opening the account.

Term

APY

Minimum Deposit to Open

11 months

0.15%

$10,000

13 months

0.10%

$10,000

14 months

0.10%

$10,000

  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: None

Some banks offer a CD without early withdrawal penalties, so it’s nice to see PurePoint Financial offering a similar product. The theory behind these CDs is that you sacrifice a small amount of APY for the ability to withdraw your money penalty-free anytime you want, provided it’s at least seven days after opening the account.

Other than the lack of penalties, this offering is fairly straightforward and comparable to PurePoint Financial’s standard CDs. However, many savers might find comfort in the liquidity this type of account offers.

How to get PurePoint Financial’s No-Penalty CDs

There are three ways to open a PurePoint Financial No-Penalty CD. You can open one over the phone, online or by visiting a local branch in person. You’ll need to provide some basic information about yourself, such as your name, address and Social Security number. Once you’ve opened the account you can fund it via a bank transfer, a mobile deposit, wire transfer, or check.

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How PurePoint Financial’s CD rates compare

Much like on its savings account, PurePoint Financial offers good APYs on CDs, although they are not the highest seen in our listings of the best CD rates. Furthermore, if you make only the minimum deposit with its Online CD account, you don’t have the option to make a partial withdrawal and still be able to earn the high interest on this account unless you invest in the No-Penalty CD account with lower rates.

Overall review of PurePoint Financial’s banking products

PurePoint Financial offers decent rates on its products, but it is possible to find even higher rates at some other banks. The minimum deposits needed to save with this bank are higher than at some competing institutions. Overall, we don’t think this bank is a bad choice, but it’s not the absolute best out there. We recommend scoping out a few more options before deciding whether you want to open an account here or not.

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