This green company offers a whopping 1.90% APY and an extensive network of ATMs to connect you to your savings.
As banking goes digital, there are more and more options for online accounts. This is great for consumers — online savings accounts can help you save up by offering high interest rates. But with so many options out there, how are you supposed to choose?
We check out an online savings account with an environmentalist twist from BankPurely to help you find the right choice.
What are the benefits of a savings account with BankPurely?
BankPurely’s online savings account comes with several competitive advantages that can help you save:
- No minimum balance. You’ll earn interest on your balance, no matter how small.
- No fees. Pay no maintenance charges or associated fees to own this account.
- High 1.90% APY. BankPurely’s APY is significantly higher than offers you’ll find at your local bank or with other online savings accounts.
- Wide ATM network. Access your money easily at any of 55,000 surcharge-free ATMs worldwide.
- Plant a tree. For every savings account opened, BankPurely plants one tree with Plant-It 2020 in New York state.
What should I look out for?
For green banking on the go, the BankPurely savings account is a solid option. But you’ll want to keep a few potential drawbacks in mind.
- Domestic wire transfer fee. You’ll pay a $15 fee on all domestic wire transfers.
- ATM fee. If you go outside the BankPurely ATM network, you’ll pay a $3 fee to withdraw cash.
- Limited monthly transactions. Like most high-interest savings accounts, monthly transactions top out at six monthly.
Compare with other savings accounts
How do I open an account?
1. Go to BankPurely’s website and click Open an Account.
2. Click Open an Account on the resulting page to get started with your application.
3. Review the list of required information and click Continue. Then select the SavingPurely account.
4. Select the SavingPurely account type you’re interested in and then Continue.
5. Complete the required fields with your full name, personal contact information and other details and submit your application.
Eligibility
- Be a US citizen
- Be at least 18 years old
- Have a valid Social Security number or taxpayer ID
- Have a physical US address
Required information
To open a BankPurely savings account, you’ll need to provide:
- Your Social Security number
- Your current home address and a previous home address, if you’ve lived at your current address for fewer than two years.
- Your current US bank account and routing number.
How do I deposit or withdraw my money?
BankPurely might be an online-only bank, but it offers several convenient ways to access your funds:
- Online deposit. Transfer funds electronically to and from an externally linked bank account up to six times monthly.
- Direct deposit. Set up direct deposit into your BankPurely online savings account using your account number and BankPurely’s routing number.
- Mail a check. Make the check payable to yourself and mail it to BankPurely c/o iGObanking.com, P.O. Box 9000554, East Meadow, NY 11554.
- Wire transfer. Set up a wire transfer to any account held with another US financial institution for a $15 fee.
- Mobile deposit. Snap a picture of your check with your mobile device and upload the photo to your online account.
How do I get in touch with customer service?
You can contact BankPurely’s customer service in two different ways:
- Phone. Call 888-432-5890 Monday through Sunday, 7 a.m. to 11 p.m. ET.
- Email. Fill out the secure online form on BankPurely’s website to receive a reply by email within 1-2 business days.
Bottom line
BankPurely’s online savings account offers high-interest savings that are among the most generous on the market. Add to that extensive no-fee ATM access backed by green sensibilities. But you’ll need to make sure that a six-transaction limit each month will suit your situation.