PurePoint Financial Review: Savings and CDs
PurePoint Financial does not charge monthly fees on its savings and CD accounts, but there are steep minimum requirements to open.
Overall bank rating
Savings
CD rates
Banking experience
3.0
The bottom line:
PurePoint Financial doesn’t charge monthly fees on its savings account and CDs. These interest-earning accounts also carry FDIC insurance. But the bank has no ATM access. Plus, you’ll need to deposit quite a bit to open an account.
Best for: Savers looking for a competitive savings account and straightforward website, who don’t mind not having a mobile app or ATM access.
Pros
Solid rate on savings.
No monthly fees.
Easy-to-use website.
Cons
No checking account.
High minimum deposit requirement.
No ATM or branch access.
Full review
PurePoint® Financial Online Savings
3.5
NerdWallet ratingAPY
0.40%
With $10,000 minimum balance
PurePoint Financial's online savings account has no monthly fee and an APY that goes up to 0.40%. Customers need $10,000 to open one — and if their balance dips lower, they’ll earn only 0.10%.
The institution has no app or physical locations and does not offer debit cards, checks or ATM access. But customers can use check deposit through its website. To withdraw, customers can transfer funds to a linked account or request a wire transfer or a check.
PurePoint Financial ACH transfer limits are remarkably high: You can transfer up to $250,000 per day and up to $1 million per month to or from an external account, and you can make an unlimited number of savings transactions on your savings account. You can't make cash deposits, though.
PurePoint® Financial Online CD
2.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.25%
5-year APY
0.25%
Minimum Deposit
$10,000
You’ll need to put down $10,000 to open a CD. That's a steep minimum compared to other banks, which typically require $1,000 or less.
The annual percentage yields for PurePoint Financial CDs are generally better than those at large traditional banks, but the longer terms pay lower APYs than many other online banks’ do.
Banking experience
3.0
NerdWallet ratingPurePoint Financial’s customer service hours are somewhat limited compared to other online accounts. Support is available over the phone from 9 a.m. to 7 p.m. Eastern time Monday through Friday only.
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.
PurePoint® Financial Online Savings
3.5
NerdWallet ratingAPY
0.40%
With $10,000 minimum balance
PurePoint Financial's online savings account has no monthly fee and an APY that goes up to 0.40%. Customers need $10,000 to open one — and if their balance dips lower, they’ll earn only 0.10%.
The institution has no app or physical locations and does not offer debit cards, checks or ATM access. But customers can use check deposit through its website. To withdraw, customers can transfer funds to a linked account or request a wire transfer or a check.
PurePoint Financial ACH transfer limits are remarkably high: You can transfer up to $250,000 per day and up to $1 million per month to or from an external account, and you can make an unlimited number of savings transactions on your savings account. You can't make cash deposits, though.
PurePoint® Financial Online CD
2.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.25%
5-year APY
0.25%
Minimum Deposit
$10,000
You’ll need to put down $10,000 to open a CD. That's a steep minimum compared to other banks, which typically require $1,000 or less.
The annual percentage yields for PurePoint Financial CDs are generally better than those at large traditional banks, but the longer terms pay lower APYs than many other online banks’ do.
3.0
NerdWallet ratingPurePoint Financial’s customer service hours are somewhat limited compared to other online accounts. Support is available over the phone from 9 a.m. to 7 p.m. Eastern time Monday through Friday only.
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.
RATING METHODOLOGY
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
