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.
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.
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.
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.
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.
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.
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.