As BankPurely and iGObanking are both internet divisions of Flushing Bank, it makes sense to write one blog post about the money market accounts (MMA) both banks are offering. The rates on both MMAs (PurelyMoneyMarket and iGOmoneymarket) were raised earlier this week to 2.25% APY on balances of $25k and above. The minimum opening deposit is $25k of new money.
The promotion pages state the 2.25% 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.
Neither account has 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.
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. In the past nine months, there have been five rate increases, adding a total of 115 bps.
Launched in May 2017, BankPurely is New York-based Flushing Bank’s second internet division. The PurelyMoneyMarket made its debut six months 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.
There’s no way to predict if the PurelyMoneyMarket APY and iGOmoneymarket APY will continue to mirror each other based on only six months of rate synchrony. I’m sure I’ll make mention of it the next time these accounts have a rate increase.
This week also saw parallel rate increases for the 12-month PurelyCD and iGOCD. After adding 15 bps, the new rates are at an all-time high: 2.65% APY. Either CD can be opened with a $1k minimum deposit and there is no stated balance cap.
iGObanking’s FAQs page states the Early Withdrawal Penalty, which applies to both CDs:
If your 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The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.
In the past, I have cautioned DA readers about iGObanking’s history for quickly raising and lowering CD rates. The 12-month iGOCD seems to be breaking that pattern with six rate increases since January, adding a total of 250 bps. The 12-month PurelyCD APY has followed the same path as the IGOCD APY, with six rate increases in the past nine months. The 12-month PurelyCD has had eight rates increases since its debut in September 2017, with the APY rising from 0.15% APY to the current 2.25% APY.
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. (Previously, the iGOmoneymarket could be opened by mail, but that option is no longer available.) The iGOCD and PurelyCD are also only available 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.
FYI – 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.
BankPurely's online application is "powered by iGObanking technology," but the products offered are specific to BankPurely.
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: Deposits at all three will be counted together for purposes of determining FDIC insurance coverage limits.
Flushing Bank/BankPurely/iGObanking has an overall health grade of “A” at DepositAccounts.com, with a Texas Ratio of 3.04% (excellent), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $1.04 billion, an excellent annual growth rate of 32.22%. 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 $6.4 billion, it’s the 16th largest bank in New York State and the 171st largest bank in the nation. iGobanking was established in 2007 and BankPurely made its debut in 2017.
How the Money Markets Compare
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, BankPurely’s PurelyMoneMarket and iGObanking’s iGOmoneymarket APYs currently rank first, regardless of minimum or maximum deposit requirements.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, BankPurely’s 12-month PurelyCD APY and iGobanking's 12-month iGOCD APY currently rank second.
To review top CD rates, both nationwide and state specific, please refer to our CD rates table.
The above rates are accurate as of 9/14/2018.