BankPurely and iGobanking Raise Money Market Rates to 2.40% APY

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Deal Summary: PurelyMoneyMarket (2.40% APY) and iGOmoneymarket (2.40% APY), $25k min/$500k max, new money, new accounts only.

Availability: Nationwide (internet banks)

Flushing Bank’s internet divisions, BankPurely and iGObanking added 15 bps to their respective money market accounts this week. The PurelyMoneyMarket and iGOmoneymarket now earn 2.40% APY on balances of $25k and above. The minimum opening deposit is $25k of new money.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.40*%$25k$500kBankPurelyPurelyMoneyMarket - New Money
Rates as of March 23, 2019.
APYMINMAXINSTITUTIONPRODUCTDETAILS
2.40*%$25k$500kiGObankingiGOmoneymarket - New Money Only
Rates as of March 23, 2019.

The promotion pages state the 2.40% APY is only available for new accounts and the fine print on both pages read,

The rates on existing accounts may be lower, and existing account holders
may obtain their current rate by logging into their online banking account.

There is no check writing abilities for either account, but a complimentary ATM card is provided. While no fees will be incurred if an Allpoint network ATM is used, using non-Flushing Bank ATMs may incur a $3 fee per transaction.

iGOmoneymarket

Unlike the iGOCD APYs that seem to be on a continual rate roller coaster, the iGOmoneymarket's rate remained constant at 1.50% APY from May 2015 to mid-December 2017. In the past year, there have been six rate increases, adding a total of 110 bps.

PurelyMoneyMarket

Launched in May 2017, BankPurely is New York-based Flushing Bank’s second internet division. The PurelyMoneyMarket made its debut almost a year ago, earning 1.50% APY on balances of $25k+. Two days later, that rate was increased to 1.70% APY, with an additional 30 bps added in mid-July.

In a September blog post, I wondered if the PurelyMoneyMarket APY and iGOmoneymarket APY would continue to mirror each other. So far there’s been seven months of rate synchrony. We’ll see what happens the next time there’s a rate change.

Availability

As internet-only institutions, BankPurely/iGObanking offer their services and product lines nationwide. U.S. citizens and resident aliens, 18 years or older, can open an account online.

Both the PurelyMoneyMarket and iGOmoneymarket can be opened online. (Previously, the iGOmoneymarket could be opened by mail, but that option is no longer available.)

In addition to the usual personal information required, you’ll need the account number, routing number, and name of the financial institution if you choose electronic funding. Joint and beneficiary accounts require name, date of birth, and Social Security Number; joint accounts also require government issued identification for all owners.

The online application allows for up to two payable-on-death beneficiaries. Once the account is opened, it is possible to send a request to add additional beneficiaries. While accounts cannot be opened in the name of a trust, trusts can be named as a beneficiary.

FYI – don't be surprised if you click on a BankPurely online application link and see,

Thank you for choosing iGObanking.com, a
division of Flushing Bank for your financial needs.

BankPurely's online application is "powered by iGObanking technology," but the products offered are specific to BankPurely.

Bank Overview

BankPurely is the newest online division of Flushing Bank. BankPurely, along with iGObanking, is insured through Flushing Bank’s FDIC Certificate and shares Flushing Bank’s financial history. As stated on both BankPurely’s and iGObanking’s websites.

The FDIC insurance coverage applicable to deposit customers is shared
across the deposits held at Flushing Bank and each division, as applicable.

Flushing Bank/BankPurely/iGObanking has an overall health grade of “A” at DepositAccounts.com, with a Texas Ratio of 2.46% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $1.13 billion, an excellent annual growth rate of 34.9%. Please refer to our financial overview of Flushing Bank/BankPurely/ iGObanking (FDIC Certificate # 58564) for more details.

Flushing Bank was established in 1929 as the Flushing Savings Bank in the Borough of Queens, New York. After 80 years of growth in size and scope, the Bank was renamed in 2010. With assets in excess of $6.5 billion, it’s the 16th largest bank in New York State and the 170th largest bank in the nation. iGobanking was established in 2007 and BankPurely made its debut in 2017.

How the Money Markets Compare

When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, BankPurely’s PurelyMoneMarket and iGObanking’s iGOmoneymarket APYs currently rank third, regardless of minimum deposit requirements.

The above rates are accurate as of 2/8/2019.

To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.

Related Pages: money market accounts, nationwide deals, Internet banks

Comments


#1 - This comment has been removed for violating our comment policy.
Test3
Test3   |     |   Comment #2
1. Regarding "existing account holders may obtain their current rate by logging into their online banking account." Where can the rate for old accounts be checked? I see old statements that have the rate but nothing current.

2. Through their secure form in my account, I sent them a message asking if my old 2.25 account got the bump, will report back if I get anything back.
AnnO
AnnO   |     |   Comment #3
You might have to wait for your next statement to see the rate online. (Using secure msg to ask is obviously quicker.) I don't have an account here, but I've seen some other accounts I have where the displayed rate is only updated when a statement is issued, or that don't display the rate at all outside of the statements.
RichardW
RichardW   |     |   Comment #4
AnnO, FYI, I sent you a PM earlier this afternoon.
Test3
Test3   |     |   Comment #10
A secure message I got back today:

"Thank you for your recent message. The new Money Market account offering an Annual Percentage Yield of 2.40% is being offered as a new money offer. We can certainly extend this rate to you, however, we do ask that you complete a new application for the the new Money Market account. If you are interested, please complete a new application at iGOBanking.com and select "check" as the funding method (this will bypass the electronic transfer option) Once you have completed the application, simply send us another message indicating that you wish to fund the new account from your existing Money Market. Thank you."
#11 - This comment has been removed for violating our comment policy.
Test3
Test3   |     |   Comment #12
New message though I don't have the new account just yet:

"We have submitted your request to transfer funds from your existing money market account to fund your new money market account for process. Once the interest is posted to the money market account ending in [], if the interest is above $10 you may transfer the funds to an existing account if you wish."

"You may also request a check to be mailed to your address of record, however a $5 check processing fee will be deducted from the balance. You may send your instructions in advance or you may send your instruction after the interest has posted if you will transfer the funds out and wish to have the zero balance account closed or if you wish to have us mail you a check and close the account."
Test3
Test3   |     |   Comment #16
New account was set up and all money transferred in automatically. So you can get the new rate, but you have to jump through a hoop or two to get it.
deplorable 1
deplorable 1   |     |   Comment #5
I would change the name of this bank to "Bank Slowly" due to the extra long ACH transfer times. They would need a interest rate of 2.75% in order to make up for the lost interest when transferring money. Seriously I have had checks in the mail arrive faster than doing a ACH transfer with these guys when a weekend falls in between. One transfer I remember took like 7-8 days.
willy12
willy12   |     |   Comment #6
Even when pulling from elsewhere?
deplorable 1
deplorable 1   |     |   Comment #7
No 3rd party ACH works ok.
Svensk
Svensk   |     |   Comment #8
Will never bank with them again. Takes up to a week to move $$ out and is limited to $15K per transfer x 6 monthly. I recommend CIT, East Boston, Redneck/All America, and Popular Direct at the present time.
*&^% IGO!
*&^% IGO!   |     |   Comment #9
I HATE IGO!!! Careful they will take your fund ACH and not pay a penny of interest on it for a week.......at least that's what they did to me several years ago........Maybe their policy has changed-I wouldn't know as I will NEVER do business with them again.
#13 - This comment has been removed for violating our comment policy.
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