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 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 digital bank. Like an online bank, it offers its customers convenient and secure access to their accounts through online and mobile banking options.

PurePoint Financial currently offers an online savings account and online Certificates of Deposit (CDs). The bank caters to clients with larger balances, as all accounts require a minimum $10,000 opening deposit. In addition to funding their personal deposit accounts via mobile deposit, check, or wire transfers, consumers can initiate an online funds transfer after linking their PurePoint accounts to external bank accounts. Online funds transfers can also be initiated through Online Banking to make additional deposits or to withdraw funds. Other methods for withdrawing funds include a wire transfer and requesting a certified check.

The online savings account has been offered since PurePoint Financial was launched in 2017. Since that time, the rates have been competitive with savings accounts at other online banks. No ATM cards, debit cards or checks can be used with the account.

Since its launch, PurePoint Financial has expanded its CD offerings to include terms from six months to five years and to include no-penalty CDs with terms of 11-, 13- and 14-months. 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. When the CD matures, there’s a grace period of ten calendar days, beginning on the date the CD matures.

PurePoint used to operate a network of financial centers in several large U.S. cities where customers could receive help opening and managing their bank accounts. Due to a change in customer demands, these financial centers were closed in 2020. PurePoint now only offers its products online and by phone.

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Reviews (117)

Awesome On Line Bank

Posted by: |

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.

Great Service & Terrible Rates

I opened my account here right after they started due to their great rates. I always experienced great service when needed, however, it looks like they have thrown in the towel as far as rates go. I can't afford to leave my money here at such low rates so I closed my account. I expected to lose a little interest because it was a few days past the end of the month but was surprised when they paid me interest right up to the closing date. Sad to see them give up.

Rocky Start

Posted by: |

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.

Not A Pleasant Experience

Posted by: |

As long as there is a second option I will not bank with Pure Point Financial again. It has NOT been a pleasant experience trying to transfer/ closing my two accounts.
It is extremely difficult and frustrating for some unknown reason.



Data as of Q2 2022

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 - YTD0.54%
Return on Equity - YTD4.24%
Annual Interest Income$1.59B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$124.7B$133.2B
LoansQ2 2022vs Q2 2021$78.95B$77.68B
DepositsQ2 2022vs Q2 2021$92.38B$105.2B
Equity CapitalQ2 2022vs Q2 2021$15.53B$16.05B
Loan Loss AllowanceQ2 2022vs Q2 2021$723.5MM$846.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$392.0MM$733.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$251.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

PurePoint Financial Savings Account Rates

0.40%*$10k*-Online Savings
OTHER TIERS: 0.10% Up to $10k

PurePoint Financial CD Rates

2.00%$10k-60 Month Online CD
1.50%$10k-36 Month Online CD
1.50%$10k-48 Month Online CD
1.25%$10k-15 Month Online CD
1.15%$10k-30 Month Online CD
1.01%$10k-24 Month Online CD
1.01%$10k-18 Month Online CD
0.25%$10k-12 Month Online CD
0.15%$10k-6 Month Online CD
0.15%$10k-11 Month Online No-Penalty CD
0.10%$10k-13 Month Online No-Penalty CD
0.10%$10k-14 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.