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.

Related Posts

Purepoint Drops To 1.0% APY - 6/12/2020

Logged into Purepoint this morning and noticed the rate has dropped from 1.25% to 1%. Bummer, just transferred some funds their way.

Another Rate Cut - 5/16/2020

Received an e-mail yesterday from PurePoint. The On-line savings rate has been cut yet again. Was 1.50% APY. Now cut to 1.25% APY.

PurePoint Drops Another 25 Basis Points - 5/15/2020

Title says it all. Found rate reduction after logging into account this morning;  now at 1.25% APY.

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Reviews (107)

Great Account Over Time

I have now been dealing with PurePoint for over 3 years. I have NEVER had a hassle or real problem.
My opinion of Customer service is because I have had minimal need to even contact them.
I wanted account set up with my living trust as owner and it was done.
When you need your money, it is quickly available through ACH. Always arriving the next day
Rates go up and rates go down but they usually are at or near the highest and they DO send you an email when they change the rate going down. Few other banks send any notices.
Two very minor problems. It never wants to remember browser when using 2FA and get duplicate confirms - one as named account owner and one as trustee of living trust account owner.

Had A Great Experience With Purepoint

Posted by: |

At the time I first opened my CD their rates were among the best. No problem opening the account and setting up monthly interest transfers. On the rare occasion I had to contact customer service they responded quickly. Their CD rates are not as competitive as they once were so I closed my account when it matured which was easily accomplished online. I had the funds in my external account within a couple of days. I wish all banks were that easy to do business with. If Purepoint's rates go back up I wouldn't hesitate to open another account.

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.

Avoid This Bank!

Posted by: |

Worst bank I have ever dealt with, and I would strongly recommend that others look elsewhere. I was unfortunately referred to Pure Point Financial by my local Union Bank representative -- which certainly gives a bad name to Union to be associated with this outfit. I wanted to open an account with $4.3 million. After giving all requested information, I was told I would be notified. A few days later, I received two conflicting messages: one that they needed more time to review my application, the other that my application was denied. Every time I phoned to find out what was going on, there were endless holds and referrals to other employees. I was finally told my application for an account was denied, although I have an excellent credit rating and have never been denied credit anywhere. I asked why, and was told that someone would contact me with the reason. They did not, so I called again, but gave up after ten minutes on hold. Then I received two messages to call "Chris," and I tried twice, but no one seemed to know him and after at least ten minutes on hold I hung up. Deal with these quacks at your peril.



Data as of Q4 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-0.56%
Return on Equity - YTD-4.83%
Annual Interest Income$4.38B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$133.2B$130.8B
LoansQ4 2019vs Q4 2018$87.48B$85.23B
DepositsQ4 2019vs Q4 2018$97.29B$92.19B
Equity CapitalQ4 2019vs Q4 2018$15.10B$15.38B
Loan Loss AllowanceQ4 2019vs Q4 2018$522.8MM$450.1MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$556.3MM$458.2MM
Real Estate OwnedQ4 2019vs Q4 2018$651.00K$1.4MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Purepoint Drops To 1.0% APY

Logged into Purepoint this morning and noticed the rate has dropped from 1.25% to 1%. Bummer, just transferred some funds their way.

Another Rate Cut

Received an e-mail yesterday from PurePoint. The On-line savings rate has been cut yet again. Was 1.50% APY. Now cut to 1.25% APY.

PurePoint Drops Another 25 Basis Points

Title says it all. Found rate reduction after logging into account this morning;  now at 1.25% APY.

Skip to rates for:
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Always verify rates and promotions with the bank or credit union. We are not PurePoint Financial; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

PurePoint Financial Savings Account Rates

1.01%*$10k*-Online Savings
OTHER TIERS: 0.25% Up to $10k

PurePoint Financial CD Rates

0.85%$10k-12 Month Online CD
0.85%$10k-15 Month Online CD
0.80%$10k-18 Month Online CD
0.75%$10k-24 Month Online CD
0.75%$10k-30 Month Online CD
0.75%$10k-11 Month Online No-Penalty CD
0.70%$10k-13 Month Online No-Penalty CD
0.65%$10k-36 Month Online CD
0.65%$10k-48 Month Online CD
0.65%$10k-14 Month Online No-Penalty CD
0.50%$10k-6 Month Online CD
0.50%$10k-60 Month Online 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.