This online bank offers simple, high-yield personal banking products but has no in-person support.
Shopping around for a financial provider can be tedious. You want your bank to take care of your hard-earned funds while offering the account features that suit your personal banking needs.BankPurely offers FDIC-insured savings and checking accounts, ATM cards and surcharge-free ATM access. You’ll get competitive rates, no maintenance fees and a tree planted with the Plant-It-2020 program for every account you open.
What personal banking products does BankPurely offer?
- SavingPurely. Get a competitive 1.9% APY, no maintenance fees and access to over 55,000 surcharge-free ATMs worldwide with this online savings account.
- CheckingPurely. With a $1 minimum deposit, you’ll get online banking, free bill pay, no maintenance fees and a 0.75% APY.
- PurelyCDs. A $1,000 minimum deposit is required, but you’ll get up to a 2.87% APY on terms that range from 12 to 60 months.
- PurelyMoneyMarket. You’ll need an opening deposit of at least $25,000, but you’ll receive a 2.4% APY, an ATM card, mobile banking and online account management.
How does BankPurely compare to other banks?BankPurely is a relative newcomer to the banking industry, officially opening for business in October 2016. It doesn’t appear on the list of the top 50 bank holding companies by deposits in the US. In fact, neither does its parent company, Flushing Bank.
Flushing Bank’s slogan, “Small enough to know you, large enough to help you,” seems like a good fit for its online division, BankPurely. This online-only provider offers the perks of a larger institution but doesn’t boast the figures of the nation’s financial heavyweights.
With no official branches to its name, BankPurely certainly doesn’t contend with the nation’s big names like JP Morgan, Bank of America and Wells Fargo, each with over 4,000 bank branches apiece.
Why should I open an account at BankPurely?
In addition to offering mobile banking and access to over 55,000 surcharge-free ATMs, some of BankPurely‘s other benefits include:
- No maintenance fees. There are no monthly maintenance fees associated with BankPurely‘s checking or savings accounts.
- High rates. Across all accounts, BankPurely boasts competitive interest rates to help you grow your funds.
- Plant a tree. For every account opened, BankPurely plants a tree with Plant-It 2020 in New York state.
What should I look out for?
Though BankPurely offers several perks, there are still some potential drawbacks to be aware of:
- Limited support. Since BankPurely is an online bank, its customer service is limited to telephone and email support.
- ATM fees. If you use an ATM outside of BankPurely‘s network, you’ll pay a $1.50 fee to access your cash.
- Limited transactions. As with most others, its savings account is limited to six transactions a month. Should you exceed this limit, BankPurely will close your account.
What do regulators and customers say?
Neither the Better Business Bureau nor Trustpilot had enough customer reviews to give BankPurely a formal rating. In fact, online reviews of this provider are scarce.
Of the small handful of BankPurely customer reviews online, most indicate that BankPurely accounts are easy to use and that the mobile and web banking platforms are hassle-free.
Some customers felt that the account activation process took too long, as they had to wait for their account PIN to arrive by mail. Others complain that reaching customer service by phone is tedious and lengthy.