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 balance requirement and no monthly maintenance fees.

Accounts mentioned in this post. Rates as of September 20, 2017.

If Flushing Bank sounds familiar, you may have heard about it from This is the first internet bank Flushing Bank launched. I first wrote about iGObanking more than 10 years ago. The internet bank continues to offer competitive rates on many of its accounts including a savings account that earns 1% APY and a money market account that earns 1.10% APY. There have been periods when these rates were low (0.25%), but in the last two years, the current rates have held. That’s a good sign for BankPurely.

Flushing Bank must have decided that a new internet bank brand was needed. BankPurely appears to be designed to attract the segment of the population concerned about “green” issues. According to BankPurely’s “Who We Are” page:

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

That doesn’t give me confidence that maintaining a top rate will be a long-term priority. I’m not sure why BankPurely will do any better than iGObanking in maintaining competitive rates. Nevertheless, new internet banks often maintain their introductory rates for many months, and with future Fed rate hikes likely, BankPurely may be able to maintain the 1.30% APY for even longer.

Flushing Bank has leveraged the digital banking platform of iGObanking. When you apply for the BankPurely account, you go through the online application of

Bank’s Electronic Transfer Service

An important feature of an internet bank is its bank-to-bank ACH transfer service. BankPurely’s documentation and FAQs didn’t provide many details of this service. The only detail I could find was listed in the FAQ on how to make deposits. One of the answers was transfer funds through its ACH transfer service. Like most of these services, you first have to establish a link to an external account. According to the FAQ, “there is no limit to the number of verified accounts you can set up to make deposits into your SavingPurely account.”

I had to call BankPurely’s customer service to learn more details of their ACH Transfer service. I did confirm that the service is free. According to the CSR, transfers will take 3 to 4 business days, and as is typical, there are dollar limits. Below are the dollar limits that I was told by the CSR:

  • $15k limit outgoing per transfer
  • $50k limit outgoing per 30 day rolling period
  • The $15k outgoing limit may be increased to $100k on a request basis
  • $100k limit incoming per transfer

As is typical for most banks, they don’t apply dollar limits to transfers initiated by you from another financial institution.

Designating Beneficiaries

According to the CSR, the online application allows for you to designate up to two payable-on-death beneficiaries. Once the account is opened, you can send a request to add additional beneficiaries.

The CSR said that accounts cannot be in the name of a trust. However, trusts can be named as a beneficiary.

Features of the Checking and Savings Accounts

Customers of either the checking or savings account have ATM access (surcharge-free use of ATMs in the Allpoint network). They also have online and mobile app access with mobile check deposit. Only e-statements are provided.

The checking account does not allow paper checks. When checks have to be written, free online bill pay can be used. Also, checking account customers can be issued a free MasterCard debit card.

And here’s one of the “green” features mentioned: “One tree will be planted for every BankPurely account opened.”


BankPurely is an internet-only bank that offers it services and product line nationwide. You must be at least 18 years of age, and you must be a U.S. citizen or U.S. resident alien to open your account online.

Opening the accounts requires using BankPurely’s online application (which is based on iGObanking’s technology). In addition to the typical personal information, you’ll need the account number, routing number and name of the financial institution if you choose electronic funding. If applying for a joint or beneficiary account, you will need their Name, Social Security Number, Identification (for joint account) and Date of Birth.

Bank Overview

BankPurely is an online division of Flushing Bank. BankPurely, iGObanking and Flushing Bank are not separately FDIC-insured banks. The FDIC coverage extended to deposit customers is that of one insured bank.

Flushing Bank/BankPurely has an overall health grade of “A” at, with a Texas Ratio of 3.26% (excellent), based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $189.17 million, an excellent annual growth rate of 6.49%. Please refer to our financial overview of Flushing Bank/BankPurely (FDIC Certificate # 58564) for more details.

How the Savings Account Compares

BankPurely’s savings account is currently the rate leader for nationally available savings accounts. The previous two leaders were PurePoint Financial and Dollar Savings Direct. Both are tied with a 1.25% APY. Below is the listing of the top four nationally available savings accounts:

The above rates are accurate as of 5/2/2017.

To review the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table, or our Rates Map page.

Related Pages: savings accounts, checking accounts, nationwide deals, Internet banks

deplorable 1
deplorable 1   |     |   Comment #1
I took the plunge on this one today after avoiding Purepoint and Dollar Savings Direct. I still needed a high rate for liquid cash with no limit while waiting for another CD deal to pop up. They use that strange Q&A system to verify your identity so be ready to answer some obscure questions. Thankfully I passed the test and am awaiting my test deposits and pin. I'm wondering how long the 1.3% rate will last as it appears they are pulling a page from EmigrantDirect's playbook of creating different online account names. I like how you can link multiple accounts for ACH unlike Popular direct which limits you to one linked account. I find the whole "green" thing kind of funny but as a avid camper and kayaker I support National and state parks and we can never have enough trees IMO. I'll post back once everything is set up and running.
Bozo   |     |   Comment #2
Deplorable, please do provide feedback on your experience. While 25 bps over Alliant's rate doesn't exactly get my juices flowing. I might be tempted to throw a few bucks their way as a "trial balloon".
rhutnik   |     |   Comment #3
When I opened up my Ally account online, they asked some weird Q+A questions about nearby locations, roads, towns, kind of weird but it made me feel pretty secure. I have been holding off on Purepoint to make sure it's not a teaser rate... I may open an account there soon. I'll do the same with this new bank.
deplorable 1
deplorable 1   |     |   Comment #6
Roger that. It may take a week to get the pin in the mail in order to login and try it out. Hopefully their ACH transfers don't take forever like Discover you could lose a weeks worth of interest over there.
deplorable 1
deplorable 1   |     |   Comment #13
Update: I received the welcome email and the 2 trial deposits. Clicked the link in the email to verify deposits and done. Account is now open and funded. Received the second email which contains the new account number. Still can't login until I get a PIN number in the snail mail(5 business days). So far so good.
deplorable 1
deplorable 1   |     |   Comment #21
Update: I received my pin in the mail on 5/8 and set up my user name and password for online access. The website looks just like Vibe CU and probably many others. I liked 3 external accounts and am still waiting for the trial deposits to enable transfers. Interest rate says 1.29% which should equate to 1.30% APY. Fairly easy basic website to navigate with a built in calculator. I'll post back with how long transfers take. I just hope they don't drop the rate as soon as I dump some cash in there like Popular direct did to me.
deplorable 1
deplorable 1   |     |   Comment #22
Update: It took a little work setting up transfers first you have to sign up for online transfers then verify your email then do the trial deposit verification. Still I had to call customer service again to get them to remove a $2,000 transfer cap nobody told me about. I was finally able to transfer cash into the account and it appears that it could take 5 business days to go through. You also have to call for the routing number to link to 3rd party banks as I couldn't find it on the website or in any of the documentation i received. Redneck bank had similar hassles when I first set that up. The customer service folks do actually answer the phone though. They were helpful, fast and pleasant. Decent business hours too: Monday - Sunday 7 a.m. to 11 p.m. ET
cdperson   |     |   Comment #23
Hi, deplorable, could you tell me the routing number? I want to link 3rd party banks which have quicker ACH transfers to my savings account at BankPurely. Thanks.
deplorable 1
deplorable 1   |     |   Comment #24
Sure it's 026072928
cdperson   |     |   Comment #26
Thank you, deplorable 1. I found out that I wrote down the routing number on the sheet of paper that I printed out the first page of E-sign Disclosure. The routing number is the same as that of iGobanking.
deplorable 1
deplorable 1   |     |   Comment #27
Right same as igobanking since they are using the same service this makes sense. I just called to make sure though since I was moving a large amount and didn't want my deposit to disappear in cyberspace for being 1 digit off on the routing number.
deplorable 1
deplorable 1   |     |   Comment #25
Update: So here is my experience with ACH transfer times. 5 days if a weekend falls in there and 3 days during the week. So pretty slow I would recommend using a 3rd party for large or fast transfers. Isn't it funny how banks will shut down the movement of your money on weekends yet any fees for having a low balance or overdrafts will continue unabated during those same weekends.
MidAtlantic   |     |   Comment #7
My experience with IGO was that they ran high rates for brief periods then dropped them. I will never use them again. Let's see if Flushing do anything different with this one.
Green Customer
Green Customer   |     |   Comment #4
Increase the rate to 2% and I promise to plant one tree every year!
Green Customer
Green Customer   |     |   Comment #5
FYI, BankPurely partners with a nonprofit called Plant-It 2020 to plant the trees in New York State. Plant-It 2020 lists the cost as $1 per tree. BankPurely, please increase the number of trees for opening an account!
Att   |     |   Comment #8
Not rate chasing with savings accounts. Did that in the past and have found that after a few months they drop the rates like a rock. You have to constantly check the rate you are getting. Sticking with GS bank as the rate is near the top and they have next day ACH. Also, I have my mortgage payment pulled from this account.
Nothing   |     |   Comment #9
Att. Why does one have a mortgage and chasing cd rates? Given the interest rate environment isn't one better to not have a loan? If fully retired one will need more income if one has debt. The lenders like you.
Att   |     |   Comment #10
I'd rather not have my money tied up in a house. I have a 3.5% mortgage that is tax deductible and keeps us below the highest tax bracket. The money I would use to pay off my mortgage is mostly in munis and they are paying me 4 - 5.75% tax free and I live in NY. I do have some CDS but that is my cash funds. I do own stocks and other investments. The mortgage is the only debt I have. My savings account is for emergencies and rainy day fund. So for me I don't mind the mortgage
Nothing   |     |   Comment #11
Good for you
deplorable 1
deplorable 1   |     |   Comment #12
My mortgage is 5.75% so I'm paying my mortgage off in chunks by using the Chase Slate card 0% no fee balance transfer. You can get a max of 2 $15,000 balance transfers @ 0% fee free in the first 60 days. They don't send you checks though so you have to do a BT to another credit card with no balance and then have them transfer the over payment to your bank account. This just drags out the total payment for 15 months. I'll have it paid off soon. Beats all the bs associated with refinancing and no fees or closing costs. I'm a expert on balance transfers though you really have to know what you are doing to pull this off correctly.
Att   |     |   Comment #14
What bothers me more than the mortgage payment are taxes and insurance. I pay more than $13,500 a year in property taxes.
deplorable 1
deplorable 1   |     |   Comment #15
It took me forever to find a house because I looked at property taxes and found huge differences from county to county or even city to city. I only pay $2,000 a year for a 1,500 sq. ft. house with a attached 2.5 car garage 2 full baths on a 1/2 acre lot(small but nice and only $100,000 too!). Now just down the road in the same city people are paying $10,000-$20,000 a year for a comparable house on a dinky little lot. Same thing in the other surrounding counties as well. That is one of the main reasons retiring young was a option for me. Property taxes can kill you over time. I sometimes want to move but then I look at the taxes and decide to stay put and take a vacation with the savings.
Anonymous   |     |   Comment #16
Not sure where you live but have you tried grieving your property taxes.? I did and they went down by over 2K. And for those following Trump's tax plans, he would eliminate state local and income and property taxes from itemized deductions. ( I believe this was a bill of goods sold by Paul Ryan although I have no proof other than the fact that the GOP leadership has had this in their plans even before Trump ran for President.) So it is most important to get those property taxes revised downward. Where I live after you wait at least one year, perhaps it is 2, and then you can grieve the taxes again. The lawyers for the property tax reduction companies know how to do it properly. Initially, the town declines, then it goes to an appeal and on appeal, the individual wins and the taxes go down (at least in my case).
RJM   |     |   Comment #17
I live in a state with much lower property taxes. But, I have to stay on them and go down & protest the values every year or two or they will jack it up automatically.

The entire system is designed so that people wont protest. You have to do it in person and the date & time they pick. They ignore written information sent in. But, when I go in, and state my case, I can always get it knocked down some. Not as much as I want but something. Still probably not worth the time & wear & tear.

While my property tax is low, there was so much corruption over the years that our sewer bill is way, way too high. And the water bill too.
deplorable 1
deplorable 1   |     |   Comment #18
Be careful trying to lower your property taxes. I tried to do that once and found out the reason my taxes were so low is because I'm only being taxed on 1,100 Sq. ft. and a 2 car garage. Someone apparently did a addition to the house and it was not measured correctly for tax purposes(I had no idea!). They told me I could have them come over and measure or just drop it and go. I high tailed it out of there and never tried that again! The housing crisis actually did me a favor on taxes as they were nearing $4,000 before the crash. In Michigan there is a law(proposal A) that property taxes can only increase by 5% a year or the rate of inflation. We had to add a 2% increase to the state sales tax to get it though.
Dunmovin   |     |   Comment #19
If taxes weren't properly imposed, some states can retroactively assess and collect them. And, when selling property the required disclosures must be carefully reviewed.
Bogey   |     |   Comment #20
Our state doesn't impose property taxes. It is our local municipalities and the school district that impose property taxes. And the ever increasing school taxes due to wasteful spending, are forcing the elderly on fixed incomes out of the homes at the worse possible times in the lives.

The cost of education continues to increase while the quality of education decreases!
deplorable 1
deplorable 1   |     |   Comment #28
Update on transfers: There now is a option for speed transfers which are next day! There is a $2,000 limit on these transfers and $0 fee. I don't know yet if this limit can be raised or not by calling. This makes this account very useful as a hub account for fast transfers.