BankPurely and iGObanking Up Money Market Account and CD Rates


Deal Summary: PurelyMoneyMarket (2.25% APY) and iGOmoneymarket (2.25% APY), $25k min/$500k max, new money, new accounts only. 12-month PurelyCD (2.65% APY) and 12-month iGOCD (2.65% APY), $1k minimum deposit.

Availability: Nationwide (internet banks)

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.

2.25*%$25k-iGObankingiGOmoneymarket (New Money Only)
Rates as of January 17, 2019.
Rates as of January 17, 2019.

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.

12-Month CDs

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.

0.15%$1k-iGObanking12 Month iGOCD
Rates as of January 17, 2019.
2.65%$1k-BankPurely12 Month PurelyCD
Rates as of January 17, 2019.

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, 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.

Bank Overview

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, 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 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 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.

Related Pages: money market accounts, 1-year CD rates, nationwide deals, Internet banks

RJM   |     |   Comment #1
This 2.25% rate will be common by year end. By march, I bet there will be liquid accounts paying 2.75%.

Just hope the 3-5 year CD rates increase too.

This deal has a significant gotcha in that it pays no interest on balances under $25k.
deplorable 1
deplorable 1   |     |   Comment #5
They also have the slowest ACH transfer times that I have ever encountered at any bank. Unless they have changed ACH transfers can take up to 7 days if a weekend falls in there. It was so bad I closed my account with them a while back when they refused to bump up rates for existing customers.
Mikey1   |     |   Comment #7
Sneaky way of affecting the interest rate.
TheOne   |     |   Comment #8
I'm going to call you out -- in writing here. BS! No way in heck are we going to be up at 2.75% for liquid accounts by next March. That's a lot of wishful thinking. The market feels completely ripe for a massive crash soon -- definitely before March 2019. If we have a real crash in the market and the economy tanks, we won't be tightening but rather losing up the money supply. Rates may well be lowered in stead of being raised.
RJM   |     |   Comment #9
I would prefer a crash,would prefer to be much more invested in the market.

Since you are omnipotent, please do me a favor and time the crash to the maturation of my larger CDs. Feb 5th would be good for me. After that, 3/27 and 4/17.

dollarsncents   |     |   Comment #10
Nothing like preferring a market crash and ignoring all the working and retired people relying on their 401 Ks to finance their goals in life.
RJM   |     |   Comment #11
I said I expect higher rates, its not a bold prediction, its nearly certain. An anonymous poster who apparently thinks he can accurately predict rates, stock prices and economic activity says otherwise and Im a bad guy for saying I would buy stocks if the market went lower?

If I was delusional enough to think I could accurately predict the stock market and economic activity, that would apparently be ok with you?
Since when am I responsible for all working and retired people?
deplorable 1
deplorable 1   |     |   Comment #12
Look there is no evidence of a market crash and lower rates coming anytime soon. All that talk is due to the wishful thinking of the media/Democrats/liberals who want Trump to look bad for the mid terms for purely political reasons. All economic data is currently pointing in the opposite direction. RJM's prediction is quite reasonable and accurate. We already have 2.25% on many liquid accounts and after the next FED hike is is reasonable to assume we will start seeing 2.5% on a few liquid accounts. There is a high probability of another rate hike in December which should push some liquid accounts to 2.75% early in 2019. I predict the FED will hike rates 3-4 times in 2019 and maybe then take a pause depending on economic conditions and the inflation rate at that time.
Nothing   |     |   Comment #13
And, if you believe that why aren't "you" putting your funds into long term CDs?
deplorable 1
deplorable 1   |     |   Comment #14
@Nothing: If you are directing that question at me it is because I'm expecting 5% CD's by the end of 2019 and that may be the best time to lock them in. Until then I will be staying short. If inflation spikes higher it may not be time to lock in long term CD's until 2020. We will have to wait and see how everything shakes out with the economy, the stock market, trade negotiations/trade wars and the mid term elections etc. Right now rising inflation seems like a likely scenario.
Nothing   |     |   Comment #15
To some it may appear, in part/also, that “you” are buying in to some of the media, etc. that is stated
dollarsncents   |     |   Comment #16
Or doing a wise analysis, looking at all possibilities before committing to long term personal financial decisions. The best that we all can do with whatever information is available at the time. Nobody knows what the future really holds.........
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Availability: Nationwide (internet banks)

Since BankPurely and iGObanking are both internet divisions of Flushing Bank, it seemed to make sense to write one blog post about the money market accounts (MMA) both banks are offering. The MMAs (PurelyMoneyMarket and iGOmoneymarket) are both currently earning 2.00% APY on balances of $25k and above. No interest is earned for balances under $25k, but there are no monthly maintenance fees for a...

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Availability: Nationwide (internet bank)

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