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PurePoint Financial Review: Savings and CDs

July 17, 2019
Banking, Banks & Credit Unions, CDs, Savings Accounts
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3.0 NerdWallet rating

Where PurePoint Financial shines:

  • High annual percentage yields on savings accounts and CDs.
  • No monthly fees.
  • Online-friendly.

Where PurePoint Financial falls short:

  • No checking account.
  • High minimum deposit requirement.
  • Few branches.
  • No ATM access.

Where PurePoint Financial shines:

  • High annual percentage yields on savings accounts and CDs.
  • No monthly fees.
  • Online-friendly.

Where PurePoint Financial falls short:

  • No checking account.
  • High minimum deposit requirement.
  • Few branches.
  • No ATM access.

Where PurePoint Financial shines:

  • High annual percentage yields on savings accounts and CDs.
  • No monthly fees.
  • Online-friendly.

Where PurePoint Financial falls short:

  • No checking account.
  • High minimum deposit requirement.
  • Few branches.
  • No ATM access.

The bottom line

PurePoint Financial provides high APYs and doesn’t charge monthly fees. Its savings accounts and CDs carry FDIC insurance. The bank has limited physical locations, though, and there’s no ATM access. Plus, you’ll need to deposit quite a bit to open an account.

Best if: You’re looking for a high APY on your high-balance savings and CDs, and you don’t plan to withdraw very often.


Read on for details on PurePoint’s savings account, certificates of deposit and bank experience.

» Compare your options with NerdWallet’s favorite banks and credit unions

Savings: 3.5/5.0

The upsides:

High APY. The annual percentage yield goes up to an outstanding 2.00%.

No monthly fees.

Online-friendly. The bank has very few physical locations and no app, but customers can use check deposit through the mobile site.

The downsides:

High minimum deposit to open (and get the best APY). New customers need $10,000 to open an account — and if their balance dips lower, they’ll earn only 0.25%.

No debit cards, checks or ATM access. To withdraw, you can transfer funds to a linked account or request a check. Some other banks offer these services with savings or money market accounts.

No accounts for kids. Minors between the ages of 13 and 17 can be joint account holders. But there are currently no accounts for children under age 13.

» Looking for other options? Check out some of NerdWallet’s favorite savings accounts

Certificates of deposit: 4.0/5.0

The upside:

High APY. The annual percentage yields for PurePoint Financial CDs are high compared with those at traditional banks. For the shortest CD term of six months, the APY on a PurePoint Financial CD is 1.70%. The longest CD term — five years — has an APY of 2.25%.

The downside:

High minimum deposit. You’ll need to put down $10,000 to open a CD.

» See how PurePoint stacks up to NerdWallet’s best CD rates

Bank experience: 3.5/5.0

The upside:

Multiple account funding options. To fund either a savings or CD account, customers can do an online funds transfer, a mobile deposit or a wire transfer, or they can mail in a check.

The downsides:

Few physical locations. PurePoint Financial’s roughly 20 branches are located in the following states: Florida, Illinois, New York and Texas. Out-of-state customers, however, have the option of banking online or over the phone.

Limited customer service phone hours. Customer support is available over the phone from 8 a.m. to 9 p.m. Eastern time Monday through Friday.

» Ready to take the next step? If you’re interested in high APY on a savings account or CD and are OK with not having immediate access to your funds, consider parking your money with PurePoint Financial for high returns. You can also compare it to some of NerdWallet’s favorite banks and credit unions. 

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