BankPurely is an online division, along with iGObanking, of Flushing Bank. In fact, BankPurely depends upon the banking technology of iGObanking.com and BankPurely accounts are visible on iGObanking’s online banking platform. All three banks – BankPurely, iGObanking, and Flushing Bank – are insured as one financial institution by the Federal Deposit Insurance Corporation (FDIC).
At the time of this writing, BankPurely offers two personal banking products: a savings account and a checking account. Both accounts are interest-bearing, featuring no monthly fees or minimum balance requirements. BankPurely also offers its customers quick, easy, and secure access to their funds through ATM access, online and mobile banking options, and mobile check deposit. A debit card is also available for the personal checking account.
According to the “Who We Are” page of its website, BankPurely was “specifically crafted for ethical consumers with greater awareness about environmental and social issues.” The bank describes its promotion of paperless bill pay and electronic statements, as well as its lack of branch locations as an online bank, as parts of its commitment to eco-friendliness and the minimization of its carbon footprint. Furthermore, for every subscription to its email newsletter and ever account opened, BankPurely promises to plant a tree.
Related Posts
10/13 - Bank Purely Money Market Increases Rate To 3.01% APY
9/27 - Bankpurely Money Market Now Paying 2.75 APY
2/8 - BankPurely and iGobanking Raise Money Market Rates to 2.40% APY
9/14/18 - BankPurely and iGObanking Up Money Market Account and CD Rates
7/25/18 - BankPurely and iGObanking Offer Money Market Savings Accounts
7/14/18 - BankPurely 12-Month CD Raised to 2.5% APY, MM now 2%
3/23/18 - Bankpurely Has Joined The 2.20% APY 12 Month CD Club!
3/9/18 - BankPurely (Internet Bank) Unveils PurelyMoneyMarket
2/2/18 - BankPurely (Internet Bank) Hikes 24-Month CD
12/12/17 - BankPurely Adds 24-Month CD
9/20/17 - BankPurely (Internet Bank) Adds CDs To Product Line
5/2/17 - BankPurely Is the New Internet Savings Account Rate Leader
5/2/17 - 1.30% APY Savings Account
Competitive Checking is A+
So far I've had a really positive experience with Bank Purely. I love that there are no minimums on the accounts and no fees. Also, the fact that they have really good interest rates on checking accounts is unheard of from my personal research. When I was shopping around for an online only bank, these were the main things that really stood out as a game changer for me. They also told me that they plant a tree with every checking account that is opened, and I absolutely love that idea. It seemed like the sustainable bank for me. I was worried about not having access to my money with an online only bank but finding their ATM's has not been a problem at all. Wherever I am, there seems to be an ATM nearby which is very convenient.
Bankpurely
I have really been enjoying using Bankpurely. If you haven't heard of them you can sign up on their website very easily. I opened both a checking and savings account about a year ago. Since then I make deposits through the app i downloaded. I can check my statements at any time. Bankpurely also works perfectly with the direct deposit which comes straight out of my work account. I did have an issue with a mistake on my account when a check was deposited for a different amount than written on it. This was handled professionally and quickly once i emailed their customer service department. Overall I have really enjoyed banking with bankpurely.
Must Jump Through Hoops For A Good Rate - UPDATED
BankPurely is a fairly new division of Flushing Bank based in NY ("A" rated). To open a BankPurely 1.30% savings account you have to register through the igobanking platform. It turns out they could not verify my identity, so I had to email them a recent utility bill and copies of my Driver's License. After that I was told to wait 5-7 business days to receive a PIN in my snail mail. I have never had so much trouble opening a online bank account before. It's a good rate and hopefully it remains, especially after jumping through all the hoops. I spoke with someone at BankPurely before opening the account and was told that they have a incoming limit of 100K per ACH transfer and outgoing limit of 15K per a ACH transfer and 50K total withdrawal limit per a month, but you can have that raised to 100K one time transfer by emailing them (supposedly they have a 24hr turnover on requests). Also they charge $10 if you close your account within 6 months of opening. They always seem to answer the phone and the customer service people seem knowledgeable. I was told by numerous customer service reps that this is not a promotional rate as far as they knew. We will see how things progress once the account is open and funded. I do see the transfer limits as a negative for someone who needs to move large funds around on a regular basis, but these limitations could be circumvented by doing a push or pull from a external bank without limits I suppose.
UPDATED
I have had my Bank Purely account open for a couple weeks now. Overall the experience has been good with some minor hiccups. I had trouble pulling money into the account because the transfer limit was 2K. I had to call to get it increased, but it kept defaulting back to 2K the next day. The customer service people are helpful and answer the phone each time. I am not a big fan of the website interface. It is adequate but there are a lot of features hidden in little tabs and buttons. It is not as intuitive as it could be. Overall my Bank Purely experience has been ok, but the basic functionality is not as simple and fast as other competitive online banks. I still give them 4 stars because of the current high rate and good customer service. They would get 5 if it wasn't for the sub-par website.
NO EXPLANATION Is An Unacceptable Explanation
Before going through application process, I phoned and asked following questions of Morgan:
1. Deposit cap? No, can put $MM into Money Market
2. ACH limits? $1,500/day but phone to get temp increase.
3. App timing? Takes "several days" to process online applications.
I then went through fairly simple online app, used Plaid to link external account and chose to fund for their max $500,000.
To my total surprise/shock I received instant DECLINE to open new account. Phoned and spoke to Christine who could not give ANY reason after reviewing my application. If this is/was a system glitch or they don't trust me, I'm glad that ALL other banks are happy to have me.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58564 |
| Year Established | 2007 |
| Employees | 550 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 10.61% |
| Annual Interest Income | $147.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.34B$8.16B |
| Loans | Q2 2022vs Q2 2021 | $6.72B$6.68B |
| Deposits | Q2 2022vs Q2 2021 | $6.42B$6.37B |
| Equity Capital | Q2 2022vs Q2 2021 | $834.2MM$780.4MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $39.4MM$42.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $30.1MM$19.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |