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BankPurely PurelyMoneyMarket review
A high APY and a high minimum deposit from an eco-friendly bank.
BankPurely is the sustainability-focused arm of New York’s Flushing Bank. Its PurelyMoneyMarket account offers a strong 1.9% APY, but its minimum initial deposit of $25,000 won’t be a fit for everyone.
1.90%
APY
$0
Fee
$25,000
Minimum deposit to open
What are the benefits of BankPurely PurelyMoneyMarket?
This account offers surcharge-free access to over 55,000+ ATMs worldwide, a mobile banking app and the following benefits:
- Competitive APY. BankPurely’s PurelyMoneyMarket offers a 1.9% APY, which accumulates monthly and is much higher than the average savings account.
- Mobile check deposit. Deposit your checks any time through the mobile app by snapping a pic and submitting it.
- Small carbon footprint. BankPurely avoids using paper whenever possible.
- Environmentally friendly. This bank is PayitGreen-approved by the NACHA — a group of financial services that educates consumers about the benefits of paperless bills and statements.
- Philanthropic. BankPurely supports a variety of charities focused on human and environmental causes.
What should I look out for?
While the benefits are enticing, there are a few potential drawbacks depending on your circumstances:
- Minimum deposit. When you apply to open a PurelyMoneyMarket account, be ready to deposit at least $25,000 just to get started.
- Maintain daily balance. To enjoy the 1.9% APY, you’ll need to maintain a minimum balance of at least $25,000 in the account.
If you’re not sure PurelyMoneyMarket is right for you, compare other money market options before making a final decision.
Compare with similar savings and money market accounts
How do I open an account?
The application should take about 10 minutes to complete:
- Go to BankPurely’s website, scroll down to PurelyMoneyMarket, and select Maximize Your Money Mojo.
- Select Open an Account Now, then select Open an Account. This will bring you to the iGObanking website. Select Continue.
- Under Money Market Accounts, choose Purely MoneyMarket.
- Under Account Options, select whether you’d like to enable direct deposit or a debit card.
- Accept the disclosures and agreements. Then, fill out some information about yourself. Review the information and submit your application.
Eligibility
To open a savings account with BankPurely, you’ll need to meet the following eligibility criteria:
- Be a US Citizen.
- Be at least 18 years old.
- Have a Social Security number.
- Deposit $25,000 to open the account.
Required information
Have the following information ready before applying for your BankPurely savings account:
- Social Security number.
- Primary home address.
- US driver’s license or valid state ID.
- Bank account number and routing number of the account you plan to use to fund your savings account.
How do I deposit or withdraw my money?
BankPurely is an online-only bank, so your deposits and withdrawals are done remotely. However, their iGObanking mobile app provides easy transfer and check deposit.- Online deposit. Transfer money electronically to and from an external account.
- Mobile check deposit. Use the app to scan and deposit checks.
- ATM withdrawal. Access to 55,000 ATMs through the AllPoint Network.
- Debit card. Request a Mastercard iGOdebitcard for ATM withdrawal and to make secure purchases.
How can I get in touch with customer service?
Customer service accessibility is limited, so you’ll need to be comfortable with phone communication.
- By Phone. 844-878-7359
- Online form. Send a question or comment with an online submission.
What other savings options does BankPurely offer?
In addition to the PurelyMoneyMarket account, BankPurely offers:
- SavingPurely. No monthly fees or maintenance charges, but at 1.8%, the APY is slightly lower than that of the PurelyMoneyMarket account.
- PurelyCDs. Guaranteed interest rate for the length of your term with a $1,000 minimum deposit.
- CheckingPurely. No monthly fees, $1 initial deposit and a relatively competitive rate of 0.75% APY.
Bottom line.
If you can comfortably handle the $25,000 minimum deposit, PurelyMoneyMarket’s competitive 1.9% APY could net you at least $600 per year in interest.
But the high barrier to entry and required minimum balance may not make it the best option if you’re just starting out on your savings journey.