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.
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.
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.
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.
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.