PurePoint Financial

Deposits held and insured by Union Bank (San Francisco, CA)

Overview / Commentary
1251 Avenue of the Americas
New York, NY 10020-1104
Deposits held and insured by Union Bank (San Francisco, CA)

PurePoint Financial is dedicated to deposit accounts, and it currently offers some of the highest savings account rates and CD rates in the country. According to its inaugural press release, PurePoint was founded, in light of a very poor savings rate in the United States, for the sake of committed savers. For this reason, the institution currently limits its banking product offerings to savings accounts and Certificates of Deposits (CDs). In addition to funding their personal deposit accounts via mobile deposit, check, or wire transfers, consumers can easily link their PurePoint accounts to external bank accounts. PurePoint’s CD terms range from 12 to 36 months. At the time of writing, if the CD is funded within 10 days after successfully applying to open the account, the interest rate is guaranteed to be the best rate offered within that same period.

PurePoint Financial is a division of MUFG Union Bank, N.A., itself a subsidiary of Mitsubishi UFJ Financial Group (MUFG), the fifth-largest financial group in the world as of this writing. Founded in 2017 and headquartered in New York, NY, PurePoint Financial is a hybrid digital bank. Like an online bank, it offers its customers convenient and secure access to their accounts through intuitive online and mobile banking options. However, somewhat like a traditional brick-and-mortar bank, PurePoint offers in-person service and advice through its “Financial Centers” in select markets across the United States. Although these Financial Centers do not provide cash deposits or withdrawals, customers can open accounts and update account information with the help of PurePoint’s trained customer service personnel at these Financial Centers.

Related Posts

Purepoint Savings Account Dropped To 1.80% - 10/17/2019

PurePoint Savings Account dropped to 1.80% today.

Purepoint Savings Rate Drop - 8/16/2019

PurePoint dropped their savings account rate to 2% APY

Savings Rate Cut To 2.15% Tomorrow - 7/11/2019

Email received this afternoon: As your financial partner, we’re dedicated to providing you with an exceptional experience built on open communication. That’s why we’re reaching out to make sure you are aware that as of tomorrow, your PurePoint® savings rate is changing to 2.15% APY1. This change is a result of the current interest rate conditions, which are affecting savings rates across the country. We are committed to offering you top-tier rates to help you achieve your financial goals. Even with this rate change, you continue to earn more than 20x the national savings average APY*.

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Reviews (103)

Awesome On Line Bank

Posted by: SWJW | Jun 15, 2018

I have had an on line account with PurePoint for 16 months and have been nothing but satisfied. No issues opening the account, no issues transferring money into nor out of account, and in large sums.

I am writing the review since I saw more than one person mention that they had issues with PurePoint outgoing transfers. I have transferred out 4 or 5 times this year, and all in amounts over $100,000. NO issues, no questions, no hold up.

I also cannot be more pleased with their processing of incoming transfers. They actually credit my funds when I enter the request on line vs waiting for the funds to actually hit the account. Folks, you just don't get any better than that.

Highest interest rate out there, ease of transfers, and awesome phone service. Just not sure what else anyone could want.

Winning The Race To The Bottom

Posted by: punchie | Oct 25, 2019

I've had a relationship with Purepoint since they came on the scene. At the time I was very happy with American Express until rates started ticking up yet AmEx chose to stop being competitive (maybe because their credit side lost the Costco account then??). I hated to leave them but I did what I HAD to do and moved everything to Purepoint because they're backed by a huge bank and didn't have the impression that they were just another Johnny-Come-Lately outfit luring rate-chasers with high rates and no history. The service and simplicity at Purepoint is just as good as AmEx was, so if that is more important then Purepoint wins. But today - just like AmEx a couple of years ago - they're no longer trying. In fact they're winning the race to the bottom on SPECULATION rather than FACTS. Speculation is what wrecks everything in this economy. Sure... when all of the dust settles they MAY be near the top again, but I don't like how quickly they knee jerked their rates down below everyone - even AmEx! I'll inevitably move to another institution when things stabilize, and thanks to depositaccounts.com I can look at rate histories on everyone to see who was more stable during this time. Unfortunately I got snookered... turns out Purepoint was just another Johnny-Come-Lately after all.

Rocky Start

Posted by: kj | Mar 1, 2017

opened a savings account and received an email that the transfer of funds was initiated at 12:27 pm on 2/28. thought all went smoothly as the funds showed in the account. then before going to bed, checked email and discovered that a 2nd transfer, that we did not authorize, was initiated at 9:07 pm for the exact same amount. our account now shows double the money it should, and the account from which the money was funded (pnc) is going to be overdrawn. unfortunately, customer service will not be available until 8 am.

it is now 3/1. i have been on the phone this morning for 4 hrs. over and over, i was told (by scott m) that we initiated a 2nd transfer request at 9:07 pm. however, during a 3-way call with pnc and purepoint rep heather, the pnc rep stated that 2 duplicate transactions were sent by purepoint to them at 6:36.17. finally, after 3 hrs and 45 minutes, the call was escalated. in the end, absolutely nothing can be done to stop the duplicate pending transaction. supervisor martena promised that purepoint will reject the 2nd transaction when it comes back to them tomorrow and they will pay all insufficient fund fees to pnc.

and the saga continues. it is now 5:30 pm and i just got a call from adam w the managing director of client services for purepoint. finally an apology and an admission of fault! he said they had identified the problem--a systematic error that he claims has never happened before in the 100s of accounts they have previously opened. interestingly, he thought the duplicate transaction had been put on hold and i had to inform him that it was still pending and that it was going to go through with insufficient funds. stay tuned to see if this mess is finally resolved.

this will be my last post. purepoint was to reject the duplicate transaction when it came to them on the morning of 3/2. i received a call that this did take place. it did not! it is still unclear to me exactly what happened, but i believe they accepted the transaction and then wired the money back to pnc. this action then set off a whole other chain of events that affected a cd which had simultaneously been opened at purepoint. so on march 3 (a friday) at around 8-8:30 pm there was another 3-way call with managers at pnc and purepoint. i now need to reapply for the purepoint cd as that money ended up back at pnc too.

i have got to hand it to purepoint for their customer service. i have the personal phone no. of a manager and he wants this to end as much as i. they however are unwilling to accept fault. i was repeatedly told that i had made the 2 transfers. then after the 1st 3-way call with pnc, i got a call saying that purepoint's IT people had found a systematic error. but the next day, it was back to i had made the duplicate transfers.

word of warning: do not open a purepoint savings account and a cd simultaneously unless you have online banking set up at your bank. i did not. i had 2 purepoint applications open, one for the cd and one for the savings account and that is where i believe the problem began.

and one final word of advice to scott m, the 1st customer service rep to whom i spoke. never ever say to a woman, "this is a joint account, would you prefer i speak to your husband."

update: 1 wk later, i received a much appreciated handwritten apology from Pierre Habis, President of Purepoint.

Hard To Xfer Money Out

Posted by: Honour | Apr 13, 2018

My experience banking with Purepoint Financial was not pleasant and found the bank on shaky ground. So was looking online for a bank who could provide me with a higher savings rate than the one I used to get an Ally Bank and found Purepoint to be providing one of the highest at the time. Upon finding out that the bank is FDIC insured I transferred all my savings into the bank. Used the services for more than a month and upon founding out there other banks are providing a better interest rate, decided to make a transfer. Just few hours into making a transfer, I got a call from the Fraud Division at the bank. I assumed since it is a big amount, they wanted to make sure that it has been authorized by me. But to my horror, the lady from the division started asking questions like Why are you making the transfer, You are not supposed to make such a huge transfer, you got to have majority of the balance in your account for atleast 2 months before you make such a huge transaction. She mentioned that it is in the fine print of the terms and conditions when you open an account

I was quite literally baffled and upset about all these questions which made absolutely no sense.
All I know is that me as a savings account customer, cannot make more than 6 transactions a month which I never exceeded.

There was clearly no logic or rule to what Purepoint was saying.

It was my legit money and only I decide when and where I need to use it and transfer.

I had a heated conversation telling Purepoint the same and she finally said we would allow this transaction only once.

Since all my savings was with them, I obviously did not wanted to get into a argument after she agreed to it. Otherwise I was so inclined to sue this bank for telling me all what they did and giving me a scare.

If I wanted to keep my funds for an extended period of time, I would keep it in a CD and not a savings account.

After that transfer, had few grand still left in the account. Quickly transferred that sum to another month starting next month since I had used all the 6 transactions for that month and removed all of my funds from it.

All I could think from the experience is that Purepoint Financial would not have many customer accounts with huge funds and any big transaction would shake their calculation on liquidity which they are supposed to have.

I would recommend staying away from this bank if one has $50K plus funds and savvy people who would immediately transfer to another bank if a better interest rate is available.

While using the account though, did not have any difficulties. Even though they do not have an app, it works fine with their online internet portal.





Data as of Q3 2019

Data displayed below is for insuring bank: Union Bank (San Francisco, CA)
Learn why bank health matters

Health Grade Components

FDIC Certificate #22826
Year Established1979
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.96%
Return on Equity - YTD-8.21%
Annual Interest Income$3.31B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$134.7B$124B
LoansQ3 2019vs Q3 2018$87.47B$81.69B
DepositsQ3 2019vs Q3 2018$97.76B$88.74B
Equity CapitalQ3 2019vs Q3 2018$14.92B$16.84B
Loan Loss AllowanceQ3 2019vs Q3 2018$497.0MM$470.5MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$512.0MM$407.0MM
Real Estate OwnedQ3 2019vs Q3 2018$2.7MM$0
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PurePoint Financial Savings Account Rates

1.80%$10k-Online Savings

PurePoint Financial CD Rates

2.05%$10k-60 Month Online CD
2.00%$10k-36 Month Online CD
2.00%$10k-48 Month Online CD
1.95%$10k-12 Month Online CD
1.95%$10k-24 Month Online CD
1.95%$10k-18 Month Online CD
1.95%$10k-15 Month Online CD
1.95%$10k-30 Month Online CD
1.90%$10k-13 Month Online No-Penalty CD
1.75%$10k-14 Month Online No-Penalty CD
1.70%$10k-6 Month Online CD
1.65%$10k-11 Month Online No-Penalty CD

PurePoint Financial is an Internet only bank and does not have branch locations. Its headquarters is located at 1251 Avenue of the Americas - New York, NY 10020-1104

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.