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BankPurely is a digital banking arm of Flushing Financial institution. Headquartered in Uniontown, New York, the net financial institution’s imaginative and prescient is rooted in providing socially acutely aware banking options. In response to its web site, the financial institution is geared towards “moral customers with higher consciousness about environmental and social points.”
This BankPurely overview focuses totally on the digital financial institution’s accounts and companies and the way they stack as much as different banking establishments. Preserve studying to be taught extra about BankPurely to seek out out if this financial institution is best for you.
Account particulars and annual proportion yields (APYs) are correct as of January 22, 2021.
Account Fundamentals
Checking
BankPurely affords just one checking account possibility: CheckingPurely. The web checking account comes with a complimentary debit card for level of sale purchases and surcharge fee-free entry to greater than 55,000 AllPoint ATMs worldwide. CheckingPurely is an interest-bearing account that earns 0.25% APY on all balances. Different options of this account embrace:
- $100 minimal deposit to open an account
- No month-to-month charges
- On-line and cellular account entry
BankPurely doesn’t provide paper checks, which matches together with its mission to lower its carbon footprint. Nevertheless, you may switch cash via your on-line account or the cellular app. You can even join your checking account’s debit card to the Zelle app to switch funds to different individuals.
Financial savings
SavingPurely is the net financial institution’s solely financial savings account. The interest-bearing account earns 0.25% APY. Opening a financial savings account additionally provides you entry to a complimentary ATM card and the surcharge fee-free Allpoint ATM community.
BankPurely’s financial savings account is nearly similar to its checking account. It requires a $100 minimal deposit to open a financial savings account and there are not any month-to-month charges connected. Financial savings account holders have entry to the identical on-line and cellular banking companies as checking account holders.
Socially acutely aware prospects will love that the financial institution vegetation a tree for each financial savings account opened with the net financial institution.
Cash Market Account
BankPurely prospects even have entry to the PurelyMoneyMarket account. Cash market accounts usually provide common options of each checking and financial savings accounts. Since there may be little differentiation between BankPurely’s completely different account choices, the cash market account’s options already resemble each accounts.
One distinction between BankPurely’s cash market accounts and different accounts is that the cash market account earns the next 0.50% APY.
The opposite important distinction is its minimal stability requirement to earn the elevated fee: You’ll have to hold a hefty $25,000 stability to earn curiosity. These funds should even be from new cash, that means you may’t switch over present funds from different BankPurely accounts to satisfy the requirement. As with the opposite accounts, you get entry to an ATM card, surcharge fee-free ATMs and on-line and cellular banking.
BankPurely vegetation a tree every time a brand new cash market account is opened.
CDs
BankPurely solely affords one certificates of deposit: the 12-month PurelyCD. Regardless of being the one providing, it’s robust sufficient to land BankPurely on Forbes Advisor’s checklist of the Best 1-Year CD Rates 2021.
This one-year CD requires a minimal stability of $1,000. It encompasses a aggressive 0.60% APY. As with the opposite accounts, BankPurely vegetation a tree every time a brand new CD is opened.
There are not any month-to-month upkeep charges related to the PurelyCD account. Should you select to tug your funds out earlier than maturity, you might be topic to early withdrawal penalties of six months’ easy curiosity on the quantity withdrawn that’s topic to penalty. CDs routinely renew as soon as they attain maturity. When a CD reaches maturity, there’s a seven-day grace interval throughout which you are able to do nothing and let it renew or withdraw your funds with out penalty.
Entry on the Go
You may entry your BankPurely accounts through on-line banking and the cellular app, and can even create alerts to watch your banking actions.
BankPurely’s cellular app is on the market for iOS and Android. By means of the cellular app, prospects can:
- Test account balances and transaction historical past
- Pay payments
- Deposit checks (as much as $1,500 per day)
- Switch funds
- Ship safe messages
A high-quality cellular app is one thing it’s best to count on from a wholly digital financial institution. Nevertheless, BankPurely’s cellular app doesn’t but have a score on Google Play, whereas it solely has one 3-star score (out of 5) on the App Retailer.
Professionals
- No month-to-month charges
- Free debit or ATM card and in depth surcharge fee-free ATM community
- Eco-friendly banking
- Aggressive charges on most accounts
Cons
- Excessive deposit requirement to earn curiosity on its cash market account
- Just one CD time period obtainable
How BankPurely Stacks Up
BankPurely isn’t the flashiest on-line financial institution round. Whereas it does provide aggressive charges, there are higher-paying financial savings and checking accounts obtainable at different on-line banks. Should you think about your self a socially acutely aware shopper, BankPurely does present a approach to entry the perfect of digital banking, whereas positively impacting the planet alongside the way in which.
One of many digital financial institution’s finest charges is reserved for its cash market account, but it surely additionally has the biggest deposit requirement. You’ll find related charges at different banks with out the steep minimal required by BankPurely. As talked about, BankPurely affords just one CD time period, but it surely’s properly definitely worth the consideration should you’re seeking to earn a aggressive fee and might afford to depart some funds untouched for a yr.
Ceaselessly Requested Questions (FAQs)
Is BankPurely FDIC insured?
Sure, BankPurely is FDIC insured underneath the umbrella of Flushing Financial institution (FDIC# 58564). The federal authorities protects your cash as much as $250,000 per depositor, for every account possession class (shared throughout all Flushing Financial institution divisions), within the occasion of a financial institution failure.
Does BankPurely have a cellular banking app?
Sure, BankPurely’s cellular app is on the market for each iPhone and Android gadgets. The cellular app permits for mobile check deposit and different on-the-go banking duties.
How do I contact customer support at BankPurely?
You may get assist with BankPurely through safe message (cellular app), e-mail or cellphone at 844-878-7359. Telephone assist hours are Monday via Sunday from 7 a.m. to 11 p.m. ET.
Does BankPurely have ATMs?
Sure, you may entry your BankPurely accounts at greater than 55,000 surcharge fee-free Allpoint ATMs worldwide.
How do I open an account with BankPurely?
You may simply open a BankPurely account on-line via the financial institution’s web site. You’ll be requested to offer some private info to confirm your identification and exterior financial institution info to fund your account.
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