BankPurely (Internet Bank) Adds CDs To Product Line

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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.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$1k-BankPurely36 Month PurelyCD
1.60%$1k-BankPurely12 Month PurelyCD
Accounts mentioned in this post. Rates as of November 20, 2017.

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

If your PurelyCD account has an original maturity between one year and less than three years: The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.

If your PurelyCD account has an original maturity between three years and less than seven years: The fee we may impose will equal one-year simple interest on the amount withdrawn subject to penalty.

Closing a maturing internet bank CD and receiving the funds is sometimes more difficult than opening one. According to the FAQs,

To close your PurelyCD account during the grace period either complete and return via postal mail the CD maturity instructions form (provided as part of your CD maturity notice) or send your request by emailing customerservice@bankpurely.com (email address submitted must be the email Address of Record).

CSR pointed out that the grace period is only seven calendar (not business) days.

I also asked how the funds from a maturing CD would be distributed, hoping an ACH transfer was possible. Unfortunately, the only two options are a check mailed to the address on file, or a deposit into an already existing BankPurely checking or savings account. Accrued interest can either be reinvested into the CD each month or paid out through a check.

CSR also stated that 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.

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.

Bank Overview

BankPurely is the newest online division of Flushing Bank. BankPurely, along with iGObanking, are insured through Flushing Bank’s FDIC Certificate (#58564) and share Flushing Bank’s financial history. These are not three separately FDIC-insured banks.

Flushing Bank/BankPurely has an overall health grade of “A” at DepositAccounts.com, with a Texas Ratio of 2.91% (excellent), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $114.08 million, an excellent annual growth rate of 3.66%. Please refer to our financial overview of Flushing Bank/BankPurely (FDIC Certificate # 58564) for more details.

How the CDs Compare

When compared to the 205 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, BankPurely’s 12-month PurelyCD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
1.61% APY12-Month CDState Bank of India
1.60% APY12-Month PurelyCDBankPurely
1.58% APY12-Months Online Promo CDM.Y. Safra Bank

When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, BankPurely’s 36-month PurelyCD APY currently ranks sixth. (The 2.00% APY is a popular rate for nationally available 3-year CDs, with a total of eight institutions offering this rate.)

Interest RateCD Length of TermCredit Union/Bank
2.21% APY30-Month CDEBSB
2.17% APY36-Month CDUSALLIANCE Financial
2.00% APY12-Month PurelyCDBankPurely

The above rates are accurate as of 9/20/2017.

To look for the best CD rates, both nationwide in state specific, please refer to our CD rates table or our Rates Map page.

Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

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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...

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