BankPurely/iGobanking Raise Money Market Rates to 2.45% APY

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Deal Summary: PurelyMoneyMarket (2.45% APY) and iGOmoneymarket (2.45% APY), $25k min/$500k max, new money, new accounts only.

Availability: Nationwide (internet banks)

Flushing Bank’s internet divisions, BankPurely and iGObanking ended the week by adding 5 bps to their respective money market accounts this week. The PurelyMoneyMarket and iGOmoneymarket now earn 2.45% APY on balances of $25k and above. The minimum opening deposit is $25k of new money.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%$25k$500kBankPurelyPurelyMoneyMarket - New Money
Rates as of July 22, 2019.
APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%$25k$500kiGObankingiGOmoneymarket - New Money Only
Rates as of July 22, 2019.

The promotion pages state the 2.45% 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.

Unfortunately, existing customers do not automatically receive the benefit of this rate increase. That has been the case of all past rate increases. DA reader, Test3, described the message he received from iGObanking when he inquired about a previous rate increase. Below is an excerpt of the message:

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."

DA reader Test3 did report he was able to open the new account with the higher rate and have the money transferred into it automatically. As he described, existing customers "can get the new rate, but you have to jump through a hoop or two to get it."

UPDATE 4/6/19: Good news! iGObanking has made it easier for existing customers to receive the higher rate. DA reader Test3 recently posted the following in the DA forum:

I sent them a secure message in their portal and they changed the rate for me that way. Last time, I had to apply for a new account and transfer the money.

Account Features

Several DA readers have reported extra long ACH transfer times when you initiate ACH transfers from iGObanking or BankPurely. The transfer time includes several days when no interest is earned on the amount being transferred.

There is no checking 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 1.10% APY from May 2015 to mid-December 2017. Since the December 20, 2017, there have been seven rate increases, adding a total of 135 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. There’s been eight months of rate synchrony so far; almost long enough to call it a pattern.

Availability

As an 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.

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.

Just a heads up – 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.

You haven’t clicked on something in error: BankPurely's online application is "powered by iGObanking technology," but the products offered are specific to BankPurely.

Bank Overview

As the newest online division of Flushing Bank, BankPurely opened its virtual doors in 2017. BankPurely, along with iGObanking (established in 2007), 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 2.77% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $1.36 billion, an excellent annual growth rate of 41.17%. 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 $6.8 billion, it’s the 16th largest bank in New York State and the 167th largest bank in the nation.

How the Money Markets Compare

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

The above rates are accurate as of 4/6/2019.

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
Cliff
Cliff   |     |   Comment #1
I despise this bank. If you want to open an account with them via ACH then go for it. Just know that when I opened a CD online by ACH they did not pay me interest for a week......yes.......a week! Really infuriated me because it was a lot of money. When I complained they said it was in the never-never land of ACH. Truth is they got their money the day it was taken out of my account and earned interest on my money......I kept the CD but closed it the day it matured. I will never do business with them again.
Cliff
Cliff   |     |   Comment #2
PS-To be fair-I should add that this was several years ago.....Maybe they have changed this policy. Even if they have I would still never do business with them again. If you choose to-Be sure to ask about this before you agree to fund the new account.....whether it be by ach,check ,wire.....whatever.
deplorable 1
deplorable 1   |     |   Comment #3
Same experience as Cliff here. Maybe someone who has a more recent experience with this bank could tell us if anything has changed regarding ACH transfer times at Bank Purely or igobanking. Back when I had a account it was the top rate but the ACH transfer times were awful like 5-7 days on a normal week and 8 days if a holiday fell in there. Has anything changed? Maybe this has since improved?
Cliff
Cliff   |     |   Comment #4
We probably had accounts around the same time.....I would guess my "experience" with them was 7-8 years ago so it has been a while. It may well have changed since then but it still makes me so furious even now that I wont do business with them......You know I would have completely understood putting a hold on new funds (which I think they did as well).....but to not pay interest on a high balance CD?? No. I should have taken more action but oh well. Live and learn......And it's cathartic to share my opinion whenever I see them advertised!! :)
WheelinDealin
WheelinDealin   |     |   Comment #6
I recently made ACH transfers with iGo/BankPurely and it took 2 business days. They greatly improved their transfer times. They sent out a notice about the improvements last year.
Cliff
Cliff   |     |   Comment #7
Wheelin-Glad to hear that......But I'm specifically talking about funding a new account by ach from your external bank. That's what people need to be ask about and be careful of......As I said they both held my funds (which was fine) and did not pay interest for a week (not fine).......I'm sure their general ach transfers are ok.
Sandra
Sandra   |     |   Comment #5
What annoys me about iGobanking is their habit of ****ing existing depositors while offering higher rates only to new customers. I pulled my money out of iGobanking about a year ago and have no intention of going back.
Svensk
Svensk   |     |   Comment #8
I would never use IGO/Purely again. Funds transfer is painfully slow. There are so many equal opportunities out there with superior service: Orion Redneck/All America East Boston Northern Bank Grow Financial CIT Bank Community Financial Services Bank (KY) has a 49 month CD at 3.39% with two bump ups!!!!! 3.46 APY?? Available nationwide
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Availability: Nationwide (internet banks)

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