BankPurely Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Low opening amount required and no fees
  • Checking account earns interest
  • High-interest rates on accounts
  • No set balance to earn highest rates

Cons:

  • No business accounts offered
  • MMA has high opening balance
  • Not a wide variety of accounts
  • Accounts opened through another website

What You Need to Know

To open a BankPurely savings and checking account only requires $1. After the initial deposit, there is no amount required to keep in the account. There are no monthly maintenance fees. The BankPurely CDs only require $1,000 to open. There are four different CD terms available.

CheckingPurely account earns interest. The interest rates are competitive with other online checking accounts. The rates are much higher than your typical brick and mortar checking account rates. Free bill pay and mobile check deposits are available with the CheckingPurely account. There is no monthly fee or amount required to keep in the account.

All the accounts at BankPurely offer competitive interest rates. The account rates are much higher than your typical brick and mortar bank rates. They are competitive with other online-only accounts.

Any amount in the BankPurely accounts earns the highest interest rates offered. There is no specific amount required to earn competitive rates. Your balance will earn the highest interest rate, no matter what amount. The savings and checking account only need $1 to earn those rates. The CDs require $1,000. The MMA does require a higher amount of $25,000 to open and earn interest.

There are no business accounts currently offered through BankPurely. The only accounts are personal deposit accounts.

The money market account through BankPurely has a high opening required amount. The amount to open the account is $25,000. This account earns competitive interest rates. You receive an ATM card attached to the account.

BankPurely offers personal deposit accounts. There is only one savings account, one checking account, and one money market account offered. BankPurely does offer CDs, but there are only four different terms available. The CD terms are 12 months, 24 months, 36 months, and 60 months.

BankPurely is powered through iGObanking.com. To open a BankPurely account, you will be transferred to the iGObanking.com website. All the online banking functions are available under the iGObanking.com brand. Your account is through BankPurely, but the technology is through iGObanking.com. You will not see the BankPurely logo when you are opening an account. It is the right place to open the account as long as you see the iGObanking.com logo.

Cool Things

Plant-It-2020

For every account opened BankPurely plants one tree. This applies to checking and savings accounts, CDs, and their money market account. The trees are planted in New York state through the nonprofit of Plant-It-2020. Along with planting trees, BankPurely has a minimal carbon footprint. There are no branch locations. Everything is digital. The monthly statements are paperless.

MoneyManager

This is a free tool BankPurely offers to their customers. This program allows you to view your account activity and monitor your spending. You can create a budget, set goals, and receive alerts on your accounts. You can access MoneyManager from the website or the mobile app.

History

BankPurely is an online division of Flushing Bank. Along with BankPurely, iGObanking.com is a division of Flushing Bank. These divisions are FDIC insured.

BankPurely was first launched on Earth Day, April 22, in 2016. It was first unveiled at the New York Green Festival Expo. It was not open for customers until October 3, 2016. BankPurely wanted to get back to community banking online.

The founders of BankPurely wanted to bring the community banking experience to online banking. BankPurely accounts are entirely online. They are lessening the carbon footprint of their customers. They plant a tree for each account opened. They are working to revitalize the community spirit to online banking customers.

Giving Back

For each account opened BankPurely plants a tree. Plant-It-2020 plants the trees in the state of New York. BankPurely works to lower the carbon footprint of their customers. They have received the PayItGreen seal of approval. This seal is given to companies who are eco-friendly.

BankPurely supports a variety of different charities. These charities focus on human and eco-related causes.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. BankPurely is FDIC insured through Flushing Bank. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By an ATM card, debit card, or by bill pay. You can also transfer money electronically between accounts.

Does this bank offer mobile banking?

Yes. The mobile app is available through iGObanking.com. Through the app, you can transfer funds between BankPurely and iGObanking.com accounts. You can see your statements and monitor activity. You can pay bills and upload check deposits.

Is this a good bank?

The interest rates for BankPurely are competitive. There are no monthly fees. There are no branch locations. Everything for the account is online.

Is this bank free?

Yes. There are no monthly maintenance fees for any BankPurely accounts. There is no minimum balance required to keep in the accounts.

Is this bank secure online?

BankPurely takes precautions to protect your information and money. They offer Secure Sockets Layer security protocol. They have a three-tiered approach to the application process. There is also a security analyzer which monitors login attempts.

Does this bank offer competitive interest rates?

Yes. Interest rates for BankPurely accounts are competitive with other online-only accounts. They are much higher than your typical brick and mortar banks.

Can I use this bank for my business accounts?

No. BankPurely currently does not offer any business accounts. Only personal deposit accounts are available.

How is the online bank different from the online banking my bank offers?

The interest rates are much higher than your typical brick and mortar banks. Everything for your account is online. There are no branch locations.

Do their checking accounts pay interest?

Yes. BankPurely has one checking account, and it earns interest. The interest earned is competitive with other online-only checking accounts. The minimum balance to open the account is $1.

How do I reach customer service?

Through email, mail, phone.

Does this bank offer bill pay?

Yes. BankPurely offers free bill pay with their CheckingPurely account. You can access bill pay through MoneyManager on the app or the website.

Can I deposit cash?

No. Cash cannot be deposited into BankPurely accounts. Deposit money by electronic transfer, direct deposits, or uploading a check. You can also mail in a check or wire money into the account.

How long do transfers take?

Deposits made through Flexible Deposit take three business days to become available.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into BankPurely accounts.

Bank Contact Information

BankPurely
c/o iGObanking.com
P.O. Box 9000554
East Meadow, NY 11554

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