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PurePoint Financial Review: Savings and CDs

Nov. 27, 2018
Banking, Banks & Credit Unions, CDs, Savings Accounts
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3.0 cheatgame.info rating

Where PurePoint Financial shines:

  • High annual percentage yield 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 yield 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 yield 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

at PurePoint® Financial,

Member, FDIC

Though its minimum opening deposit requirement is high, PurePoint Financial provides high APYs, as well as FDIC insurance, for its savings accounts and CDs. The bank has few physical locations, but its accounts are online-friendly for customers. The accounts don’t have monthly service fees, nor is there ATM access, so PurePoint is a good option for “set it and forget it” customers.

Best if: You’re looking for a high APY on your savings and CDs.


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

Savings

3.5 cheatgame.info rating

The upsides:

High APY. For customers who hit the minimum opening deposit of $10,000, the annual percentage yield is an outstanding 2.35%. If, however, the daily account balance dips below that threshold, the APY drops to 0.25%.

No monthly fees.

Online-friendly. The bank has very few physical locations, so customers have access to online and mobile features to fund and manage their account.

The downsides:

High minimum deposit. New customers need $10,000 to open an account. The minimum balance, however, is 1 cent. PurePoint Financial will close the account if it has a $0 for 60 days.

Debit card and checks are not available. Since the savings account is not intended to be for daily use (customers are allowed to make six transfers per statement period, as per federal law), PurePoint Financial doesn’t offer these items. You can get a debit card and checks with savings or money market accounts at some other financial institutions.

No ATM access. Customers have to transfer their funds electronically to another bank, which can take two or three business days. Alternatively, PurePoint Financial can send a check at no cost to the customer — or it can be expedited for a fee — or do a wire transfer for a fee.

No accounts for kids. Adults over the age of 18 can open a PurePoint account and, if they like, add a minor between the ages of 13 and 17 as a joint account holder. But there are currently no accounts for children under age 13.

Certificates of deposit

4.0 cheatgame.info rating

The upsides:

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 2.20%. The longest CD term—five years—has an APY of 3.00%.

Multiple ways to open a CD. CDs can be opened in person, online or by phone, which is convenient for customers who don’t live close to one of the bank’s limited branch locations.

The downside:

High minimum deposit. The lowest tier for a CD deposit is $10,000, with length options ranging from six months to five years.

Bank experience

3.5 cheatgame.info rating

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 22 branches are located in the following states: Florida, Illinois, New York and Texas. Out-of-state customers, however, have the option of conducting their 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.

PurePoint® Financial

at PurePoint® Financial,

Member, FDIC

» 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.

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