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.
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.
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.
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.
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.
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.
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.
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.