Editorial Review

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.

Margarette BurnetteJuly 17, 2019

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Overall bank rating

PurePoint® Financial
  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

3.5

NerdWallet rating 

The bottom line: PurePoint Financial doesn’t charge monthly fees on its savings and CD accounts. These interest-earning accounts also 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.

Pros

  • Solid rates on savings and some CD terms.

  • No monthly fees.

  • Online-friendly.

Cons

  • No checking account.

  • High minimum deposit requirement.

  • Few branches.

  • No ATM access.

Full review

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

4.5

NerdWallet rating 
APY

1.50%

With $10000 minimum balance

PurePoint Financial's online savings account has no monthly fee and an APY that goes up to 1.50%. Customers need $10,000 to open one — and if their balance dips lower, they’ll earn only 0.25%.

The institution has very few physical locations, no app and does not offer debit cards, checks or ATM access. But customers can use check deposit through its mobile site. To withdraw, customers can transfer funds to a linked account or request a check.

PurePoint® Financial CD

PurePoint® Financial CD

3.0

NerdWallet rating 
1-year APY

1.10%

3-year APY

0.90%

5-year APY

0.75%

Minimum Deposit

$10,000

The annual percentage yields for PurePoint Financial CDs are generally better than those at large traditional banks. For the shortest CD term of six months, the APY on a PurePoint Financial CD is 0.75%.

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.

Banking experience

3.5

NerdWallet rating 

PurePoint Financial’s roughly 20 branches are located in the following states: Florida, Illinois, New York and Texas. Out-of-state customers have the option of banking online or over the phone. Customer service hours are somewhat limited compared to other online accounts. Support is available over the phone from 8 a.m. to 9 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

PurePoint® Financial Online Savings

4.5

NerdWallet rating 
APY

1.50%

With $10000 minimum balance

PurePoint Financial's online savings account has no monthly fee and an APY that goes up to 1.50%. Customers need $10,000 to open one — and if their balance dips lower, they’ll earn only 0.25%.

The institution has very few physical locations, no app and does not offer debit cards, checks or ATM access. But customers can use check deposit through its mobile site. To withdraw, customers can transfer funds to a linked account or request a check.

PurePoint® Financial CD

PurePoint® Financial CD

3.0

NerdWallet rating 
1-year APY

1.10%

3-year APY

0.90%

5-year APY

0.75%

Minimum Deposit

$10,000

The annual percentage yields for PurePoint Financial CDs are generally better than those at large traditional banks. For the shortest CD term of six months, the APY on a PurePoint Financial CD is 0.75%.

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.

3.5

NerdWallet rating 

PurePoint Financial’s roughly 20 branches are located in the following states: Florida, Illinois, New York and Texas. Out-of-state customers have the option of banking online or over the phone. Customer service hours are somewhat limited compared to other online accounts. Support is available over the phone from 8 a.m. to 9 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.