An online-only bank, PurePoint Financial is a division of MUFG Union Bank, a financial institution established 150 years ago. Both banks are backed by Mitsubishi UFJ Financial Group, which is the world’s 5th largest financial group.
PurePoint focuses on offering just a handful of account types and all come with a steep $10,000 minimum opening deposit, which may be cost-prohibitive for many consumers.
PurePoint’s offices are located in Philadelphia, and its representatives can be reached Monday through Friday from 9 a.m. until 7 p.m. ET. All rates and fees are current as of Jan. 3, 2023, and are subject to change.
PurePoint Financial offerings
PurePoint’s offerings are limited to high-yield savings accounts and a variety of certificates of deposit (CD) including no-penalty CDs.
High-yield savings account
- APY: 0.10% on balances up to $9,999; 0.40% on balances of $10,000 or more
-
Fees:
- Monthly service charge: $0
- Legal process fee: $100
- Expedited delivery fee: $15 per package
- Account research fee: $25 per hour with a one-hour minimum
- Outgoing wire fee: $25 domestic only (fee is waived if wire is to close account)
- Incoming wire fee: $0 domestic only
While there is a minimum $10,000 required to open this account, there’s no fee if your balance falls below that level after opening. However, the APY will be reduced in such cases to 0.10%.
There are no ATM cards available with this account, which will make accessing your savings more challenging. Customers can access account information 24/7 via computer, mobile, or tablet.
Certificates of deposit
High-yield online CDs
-
APY:
- 6-month CD: 0.15%
- 12-month CD: 0.25%
- 15-month CD: 1.25%
- 18-month CD: 1.01%
- 24-month CD: 1.01%
- 30-month CD: 1.15%
- 36-month CD: 1.50%
- 48-months: 1.50%
- 60-months: 2.00%
-
Fees
- Legal process fee: $100
- Expedited delivery fee: $15 per package
- Account research fee: $25 per hour with a one-hour minimum
- Outgoing wire fee: $25 domestic only (fee is waived if wire is to close account)
- Incoming wire fee: $0 domestic only
- Early withdrawal penalty: The early withdrawal penalty will equal 181 days of simple interest at the CD’s interest rate on the principal amount withdrawn. The assessed penalty is satisfied first using accrued but not yet paid interest, and then principal.
These CDs automatically renew upon maturity for the same term, if available, and interest rate initially offered. However, account holders will have a 10-day grace period at the maturity date to withdraw or add more funds. Additional deposits are not allowed during the term of the account.
Certificates of deposit
No-penalty CDs
-
APY:
- 11-month CD: 0.15%
- 13-month CD: 0.10%
- 14-month CD: 0.10%
-
Fees:
- Legal process fee: $100
- Expedited delivery fee: $15 per package
- Account research fee: $25 per hour with a one-hour minimum
- Outgoing wire fee: $25 domestic only (fee is waived if wire is to close account)
- Incoming wire fee: $0 domestic only
Withdrawals of the total balance may be made without penalty from these CDs any time starting the seventh day after funding your account. If you want to deposit additional funds into your CD, you'll have to wait until the CD matures to do so. Another option is waiting until the 10-day grace period, which begins on the date the CD matures.
Other services PurePoint Financial offers
PurePoint Financial doesn't offer any other types of accounts. However, it does provide an online Learning Center that includes information about money management and personal finance.
The PurePoint Financial platform and customer support
Customers can bank online with PurePoint Financial by logging into their account on the bank’s website. The bank does not offer a smartphone mobile app. However, customers can use their phone to log into their accounts via purepoint.com, where mobile check deposits can also be made.
Bank representatives can be reached Monday through Friday only, from 9 a.m. until 7 p.m. ET. It is also possible to send secure messages to bank representatives by logging in to your account online.
Pros and cons of PurePoint Financial
If you’re considering banking with PurePoint Financial, it’s important to consider all of the pros and cons and whether the bank will be a good fit for your budget and financial needs.
Pros:
- No monthly service fees: While there are other fees associated with the PurePoint savings account, there is no monthly service charge.
- Penalty-free CDs: For those who may need quick access to cash, PurePoint offers penalty-free CDs that allow for total balance withdrawal seven days after opening an account.
Cons:
- Steep opening deposit: All PurePoint accounts require a $10,000 initial deposit, which may be far too steep for some consumers.
- Limited account options: Beyond the savings and CDs, PurePoint does not offer any other type of deposit account.
- No mobile app: While it is possible to access your account through the bank’s website from a web browser, even on your phone, there is no smartphone app for this bank.
Frequently asked questions
What is PurePoint Financial?
PurePoint Financial is an online-only bank that is a division of MUFG Union Bank, a financial institution established 150 years ago.
Is PurePoint Financial FDIC-insured?
Yes, as a division of MUFG Union Bank, N.A., deposit accounts at PurePoint Financial are FDIC-insured. However, if you hold accounts at both banks, they are not separately insured. Instead, they are added together and insured up to the FDIC insurance limit of $250,000.
Does PurePoint Financial have an app?
No, the bank does not have a mobile app.
