BankPurely Review 2024

BankPurely is a digital banking arm of Flushing Bank. Headquartered in Uniontown, New York, the online bank’s vision is rooted in offering socially conscious banking solutions. According to its website, the bank is geared toward “ethical consumers with greater awareness about environmental and social issues.”

This BankPurely review focuses primarily on the digital bank’s accounts and services and how they stack up to other banking institutions. Keep reading to learn more about BankPurely to find out if this bank is right for you.

Account details and annual percentage yields (APYs) are accurate as of January 2021.

Account Basics

Checking

BankPurely offers only one checking account option: CheckingPurely. The online checking account comes with a complimentary debit card for point of sale purchases and surcharge fee-free access to more than 55,000 AllPoint ATMs worldwide. Other features of this account include:

• $100 minimum deposit to open an account
• No monthly fees
• Online and mobile account access

BankPurely doesn’t offer paper checks, which goes along with its mission to decrease its carbon footprint. However, you can transfer money through your online account or the mobile app. You can also connect your checking account’s debit card to the Zelle app to transfer funds to other people.

Savings

SavingPurely is the online bank’s only savings account. The interest-bearing account earns 1.50% APY. Opening a savings account also gives you access to a complimentary ATM card and the surcharge fee-free Allpoint ATM network.

BankPurely’s savings account is almost identical to its checking account. It requires a $100 minimum deposit to open a savings account and there are no monthly fees attached. Savings account holders have access to the same online and mobile banking services as checking account holders.

Socially conscious customers will love that the bank plants a tree for every savings account opened with the online bank.

Money Market Account

BankPurely customers also have access to the PurelyMoneyMarket account. Money market accounts typically offer popular features of both checking and savings accounts. Since there is little differentiation between BankPurely’s different account options, the money market account’s features already resemble both accounts.

One difference between BankPurely’s money market accounts and other accounts is that the money market account earns a higher 0.50% APY.

The other significant difference is its minimum balance requirement to earn the elevated rate: You’ll need to keep a hefty $25,000 balance to earn interest. Those funds must also be from new money, meaning you can’t transfer over existing funds from other BankPurely accounts to meet the requirement. As with the other accounts, you get access to an ATM card, surcharge fee-free ATMs and online and mobile banking.

BankPurely plants a tree each time a new money market account is opened.

CDs

BankPurely only offers one certificate of deposit: the 12-month PurelyCD. Despite being the only offering, it’s strong enough to land BankPurely on Forbes Advisor’s list of the Best 1-Year CD Rates.

This one-year CD requires a minimum balance of $1,000. It features a competitive 0.60% APY. As with the other accounts, BankPurely plants a tree each time a new CD is opened.

There are no monthly maintenance fees associated with the PurelyCD account. If you choose to pull your funds out before maturity, you may be subject to early withdrawal penalties of six months’ simple interest on the amount withdrawn that’s subject to penalty. CDs automatically renew once they reach maturity. When a CD reaches maturity, there’s a seven-day grace period during which you can do nothing and let it renew or withdraw your funds without penalty.

Access on the Go

You can access your BankPurely accounts via online banking and the mobile app, and can also create alerts to monitor your banking activities.

BankPurely’s mobile app is available for iOS and Android. Through the mobile app, customers can:

• Check account balances and transaction history
• Pay bills
• Deposit checks (up to $1,500 per day)
• Transfer funds
• Send secure messages

A high-quality mobile app is something you should expect from an entirely digital bank. However, BankPurely’s mobile app does not yet have a rating on Google Play, while it only has one 3-star rating (out of 5) on the App Store.

Pros

• No monthly fees
• Free debit or ATM card and extensive surcharge fee-free ATM network
• Eco-friendly banking
• Competitive rates on most accounts

Cons

• High deposit requirement to earn interest on its money market account
• Only one CD term available

How BankPurely Stacks Up

BankPurely isn’t the flashiest online bank around. While it does offer competitive rates, there are higher-paying savings and checking accounts available at other online banks. If you consider yourself a socially conscious consumer, BankPurely does provide a way to access the best of digital banking, while positively impacting the planet along the way.

One of the digital bank’s best rates is reserved for its money market account, but it also has the largest deposit requirement. You can find similar rates at other banks without the steep minimum required by BankPurely. As mentioned, BankPurely offers only one CD term, but it’s well worth the consideration if you’re looking to earn a competitive rate and can afford to leave some funds untouched for a year.

Frequently Asked Questions (FAQs)