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 2.1% APY, but its minimum initial deposit of $25,000 won’t be a fit for everyone.
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 2.1% 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 2.1% APY, you’ll need to maintain a minimum balance of at least $25,000 in the account.
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.
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.
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 1.9%, 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.
If you can comfortably handle the $25,000 minimum deposit, PurelyMoneyMarket’s competitive 2.1% APY could net you at least $600 per year in interest. Not sure if this is the right account for you? Compare other money market options before making a final decision.