BankPurely (Internet Bank) Unveils PurelyMoneyMarket

POSTED ON BY

Deal Summary: PurelyMoneyMarket, 1.70% APY, $25k minimum deposit, $500k maximum deposit, new money and new accounts only.

Availability: Nationwide (internet bank)

BankPurely, an online division of New York's Flushing Bank, will be celebrating its first anniversary soon. BankPurely’s first products were the SavingPurely account (1.30% APY) and CheckingPurely account (0.75% APY). Between September and December, three CDs were added to the product line. As of a few days ago, BankPurely introduced the newest member of its savings family, the PurelyMoneyMarket, initially earning 1.50% APY on balances of $25k+. Within two days, that rate was increased to 1.70% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%$25k$500kBankPurelyPurelyMoneyMarket
Rates as of July 22, 2018.

According to the fine print on the promotion page, that stated APY is available for “new accounts and new money only.” The fine print also states,

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

Launched in May 2017, BankPurely is Flushing Bank’s second internet bank. While DA readers may not be that familiar with Flushing Bank, its first internet bank, iGObanking, is well known. According to the Bank’s website, BankPurely was,

Specifically crafted for ethical consumers with greater
awareness about environmental and social issues.

We provide you with the least paperwork possible in order
to reduce waste and to ultimately create a better world!

Obviously, it is too soon to know if the PurelyMoneyMarket APY will mirror the iGOmoneymarket APY, which has had three rate increases in the past three months, adding a total of 60 bps. Unlike the iGOCD APYs that seem to be on a continual rate roller coaster, the iGOmoneymarket remained at 1.50% APY from May 2015 to mid-December 2017.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%$25k-iGObankingiGOmoneymarket (New Money Only)
Rates as of July 22, 2018.

The PurelyMoneyMarket does not have checking writing abilities, but a complimentary ATM card is provided. No fees will be incurred if an Allpoint network ATM is used, but using non-Flushing bank ATMs may incur a $3 fee per transaction.

Availability

As an internet-only institution, BankPurely offers it services and product line nationwide. U.S. citizens and resident aliens, 18 years or older, can open an account online.

BankPurely’s online application is “powered by iGObanking.com.” 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.

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. These are not three separately FDIC-insured banks: an individual's deposits held at Flushing Bank, iGObanking and BankPurely are combined for the purpose of FDIC insurance coverage.

Flushing Bank/BankPurely has an overall health grade of “A” at DepositAccounts.com, with a Texas Ratio of 3.68% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $198.67 million, an excellent annual growth rate of 6.4%. Please refer to our financial overview of Flushing Bank/BankPurely (FDIC Certificate # 58564) for more details.

How the Money Market Compares

When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, BankPurely’s PurelyMoneMarket APY currently ranks second, regardless of minimum or maximum deposit requirements.

The above rates are accurate as of 3/9/2018.

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
deplorable 1
deplorable 1   |     |   Comment #1
Well if they don't raise the rate soon the bank purely account is the next on the chopping block for me. Their ACH transfers are painfully slow. It looks like they are playing the old Emigrant game by requiring "new money" to earn the best rate.
Inane Deplorable
Inane Deplorable   |     |   Comment #2
Why do people keep falling for it?
deplorable 1
deplorable 1   |     |   Comment #3
It's not really falling for it. That account was the top rate at the time and you can just take it down to $1 without penalty and close it at your convenience later if the rate looks bad. The ones to watch out for are the high minimum balance accounts as then you are stuck until you actually close it.
Att
Att   |     |   Comment #5
I keep small balances in savings accounts in banks that I have CDs in. I keep them open to funnel out closing CDs and if they have a top rate will move money into the highest paying account. Most of my liquid savings are in Dollar Direct which pays 1.8%. I hope Dollar keeps their promise of having "America's Highest Rate".
Att
Att   |     |   Comment #6
Another option for a short term is Live Oak paying 1.95% for 6 months. A CD can be opened and funded overnight. I don't know how well their closing process performs.
BankPurely (Internet Bank) Hikes 24-Month CD
Deal Summary: 24-month PurelyCD, 2.35% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

Less than two months ago, BankPurely, an online division of Flushing Bank, unveiled its 24-month PurelyCD, with an initial 2.10% APY. That rate was raised yesterday to 2.35% APY. The minimum deposit is $1k, with no stated balance cap. According to the fine print on BankPurely’s home page, PurelyCDs are available for “new accounts and new money only.”

As stated in the FAQs, the Early Withdrawal Penalty reads as follows:

Launched in May, BankPurely is...

Continue Reading
BankPurely Adds 24-Month CD
Deal Summary: 24-month PurelyCD, 2.10% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

BankPurely, an internet division of Flushing Bank (New York), has added a 24-month PurelyCD (2.10% APY). The minimum deposit is $1k, with no stated balance cap. According to the fine print on BankPurely’s home page, PurelyCDs are available for “new accounts and new money only.”

BankPurely is Flushing Bank’s second internet bank and was launched in May. (While DA readers may not be that familiar with Flushing Bank, its first internet bank, iGObanking, is well...

Continue Reading
BankPurely (Internet Bank) Adds CDs To Product Line
Deal Summary: 12-month PurelyCD™, 1.60% APY; 36-month PurelyCD™, 2.00% APY; $1k minimum deposit.

Availability: Nationwide (internet bank)

In May, Flushing Bank launched its newest internet division, BankPurely. The inaugural offerings were the SavingPurely (1.30% APY) and CheckingPurely (0.75% APY) accounts; both rates are still in effect today.

BankPurely has expanded its product line and is now offer two PurelyCDs™: 12-month (1.60% APY) and 36-month (2.00% APY). The minimum deposit is $1k, with no stated balance cap. Both PurelyCDs™ require “new accounts and new money only.”

Continue Reading
BankPurely Is the New Internet Savings Account Rate Leader

Deal Summary: Savings Account, 1.30% APY on all balances; Checking Account, 0.75% APY on all balances.

Availability: Nationwide

Internet savings account rates are rising. The latest evidence of this is from Flushing Bank which recently launched a new internet bank called BankPurely. It offers two products: an online savings account called SavingPurely and an online checking account called CheckingPurely. The savings account earns 1.30% APY on all balances. The checking account earns 0.75% APY on all balances. These rates are variable with no guaranteed period. Both accounts have no minimum...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.