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Popular Direct VS PurePoint Financial

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.45%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • High-interest rates on accounts
  • Account available everywhere
  • Variety of CD terms
  • Online and mobile banking

Cons:

  • Opening accounts requires large deposit
  • The savings account has a monthly fee
  • Only offer CDs and one savings account
  • Linked external account required
  • Financial Rates: 3.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.40%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • High interest rates
  • No monthly fees or required amount
  • PurePoint Best Rate Commitment
  • Financial centers available

Cons:

  • High opening deposits
  • CD deposit requires single transaction
  • Only savings account and CDs offered
  • Online transfers require linked account
Popular Direct Review

The interest rates on Popular Direct accounts are very competitive. They are considerably higher than your typical brick and mortar banks. The rates are competitive with other online-only accounts.

Because Popular Direct is an online-only bank, the accounts are available everywhere. Applying for the account is quick and completed online. Everything you need for your account is accessed online. There are no branch locations.

Popular Direct offers a variety of different CD term lengths. The terms range from a three-month term to five-year terms. The other terms include six months, one year, eighteen months, two, three, and four-year terms. The interest rates increase the longer the term length.

All Popular Direct accounts come with online and mobile banking. With online banking, you can set up account notifications and see statements. You can transfer funds between the linked external account. Mobile and online banking allow you to transfer money between Popular Direct accounts. You can check account balances and deposit checks.

To open a savings account with Popular Direct, you must have $5,000 as your opening deposit. To open a CD with Popular Direct, you must have $10,000 as the opening required deposit. You will still earn interest if your balance drops below these required amounts.

Popular Direct savings account has a monthly fee. The fee is $4 per month if your balance falls below $500. No fee is charged if your balance remains above $500. There is also a fee for closing the account before 180 days after opening it. A $5 monthly fee is charged each month if your account is inactive for 12 months. Following the 12th month, the fee is charged each month the account is inactive.

Popular Direct only offers CDs and one savings account. They do not offer a checking account, money market account, or any business accounts. The CDs range from 30-day CDs to a five-year term.

Popular Direct requires you link your account to an external account. The linked account allows you to make deposits into your Popular Direct account. The external bank account cannot be changed within the first 60 days of opening the account.

Read the full Popular Direct review.

PurePoint Financial Review

PurePoint offers competitive interest rates. The rates for their savings account and CDs are high. Earn more money off your money with these accounts.

PurePoint savings account does not have monthly fees. There is no required amount to keep in the account. If you do not keep the $10,000 in the account, you will earn lower interest rates, but there is not a fee. The PurePoint savings account is free.

PurePoint CDs offer the Best Rate Commitment. This helps to ensure you earn the best interest rates for your CD. After the application is complete, you watch the interest rates for ten days. The best rate from that 10-day period is the rate you will receive for the term of the CD.

PurePoint is an online bank. There are no monthly fees. The interest rates are competitive with other online accounts. However, PurePoint offers the low fees and high rates and has some financial centers. PurePoint has over 20 financial centers in Florida, Illinois, New York, and Texas.

PurePoint requires a large amount to open the account. The savings account and CDs requires $10,000 as the minimum deposit. If you do not have $10,000 in the savings account, you will not earn the high-interest rates offered. You will still earn interest on amounts under $10,000, but it will be a much lower rate.

The CDs and savings accounts require a large opening deposit. That deposit for CDs must be in a single transaction. Ten thousand dollars must be in the account to earn the competitive interest rates.

PurePoint only offers a savings account and CDs. The CDs offered vary in terms from six-months to five-years. They offer nine CD terms. PurePoint does not offer a checking account or a money market account. No business accounts are available.

You must link your PurePoint savings account to an external bank account. Since PurePoint does not offer a checking account, an external bank account is necessary. This allows you to transfer funds online into and out of your PurePoint savings account. You can also transfer money into the account by sending a check in the mail, a wire transfer, or a mobile deposit.

Read the full PurePoint Financial review.

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MMA 07/31/2021
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