Posted by William Charles on May 3, 2017
Savings Accounts

Published on May 3rd, 2017 | by William Charles

8

BankPurely Offering 1.30% APY Rate – New Highest Basic Savings Rate

Offer at a glance

  • Interest Rate: 1.30% APY
  • Minimum Balance: None, $1 to open
  • Maximum Balance: None listed
  • Availability: Nationwide
  • Direct deposit required: None
  • Additional requirements: None
  • Hard/soft pull: Soft 
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • BankPurely is a new online only bank (division of Flushing Bank) that is offering a 1.30% savings account called Saving Purely. They will also plant a tree on your behalf (All trees planted through Plant-It-2020 will be planted in New York State).

saving purely

Avoiding Fees

This account has no monthly fees

Our Verdict

I do like companies with an environmentally friendly focus, but I think cost cutting (no paper statements) marketed as environmentally friendly is a bit funny. At the end of the day they are currently offering the highest interest rate on a basic savings account, it’s a new bank so we don’t know how likely they are to change rates but saving rates are on the uptick so I’d be somewhat surprised if they did decrease rates in the short term. Most people will be better off opening a new savings account with a sign up bonus (or a checking account) than getting an increase of a few fractions of a percentage.

Hat tip to reader WheelinDealin



8 Responses to BankPurely Offering 1.30% APY Rate – New Highest Basic Savings Rate

  1. culinarykid92 says:

    I just opened a Synchrony Account after looking into everything, and just had my initial deposit clear. Bummer. Though Synchrony has been around awhile and has had a stable rate. Probably for the best. I will be interested to see what happens in the next year or so.

  2. Colum says:

    They are also offering 0.75% on checking.

  3. JASON says:

    Account open successfully. DP:

    Hard/soft pull: soft
    ChexSystems: Yes
    Credit card funding: No. ACH and check only.

    “must be a U.S. citizen or U.S. resident alien to open your account with us online.”
    “For electronic funding, you will need your current U.S. bank account and routing number”
    “U.S. checking or savings account to fund your new account(s)”
    SavingPurely =1.30% APY*
    CheckingPurely =0.75% APY*
    As a new iGObanking.com user you will receive the following:

    “An email confirming your application for a new account
    A welcome letter
    Your custom PIN in the mail within 5 business days.
    Your debit card will arrive in 7 – 10 business days.
    An internet banking specialist will contact you to discuss your Direct Deposit needs”

    • JASON says:

      Promotion code is automatically filled in. You will see you full account number at the end of account opening process.

      PLEASE NOTE their wording indicates rate is subject to change without prior notice. For your reference, Alliant bank is currently offering 1.05% fixed for saving account.

      Still not able to tell whether my account will be closed later due to too many Chex inquiries

    • JASON says:

      For setting up online account, it looks like you have to wait for the PIN first:

      “The custom pin will allow you to login to your account for the first time. After you receive your custom pin in the mail you may login to your account by going to http://www.iGObanking.com. In the Online Banking Login section enter your social security number in the Username box and your custom pin in the password box.

      After you login for the first time you will be required to change your username and password.”

  4. Ian says:

    Why not just increase the rate to Flushing Bank’s online igobanking Savings account?! That’s been around.

    • Matt says:

      This way they can *not* pay their existing customers more money but attract more deposits from others.

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