This green company offers a whopping 1.30% 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 is BankPurely?
BankPurely is an online bank and division of Flushing Bank, headquartered in Lake Success, New York. It offers FDIC-insured savings and checking accounts, ATM cards and surcharge-free ATM access.
If you’re interested in going green, BankPurely could be for you. It’s PayItGreen certified, which means it’s as close to paper-free as possible. It also works in partnership with Plant-It 2020 to plant a tree in New York State for every new account.
Why should I get an online 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 1.30% 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.
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 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.
How do I sign up?
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. and select the SavingPurely account.
4. Select the SavingPurely account you’re interest in and then Continue.
5. Complete the required fields with your full name, personal contact information and other details and submit your application.
What information is required?
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.
Bottom line
BankPurely’s online savings account offers high-interest savings that are among the most generous on the market. Add to that an 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.