BankPurely Review: Checking, Savings, CD and Money Market Accounts
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Updated on Wednesday, July 1, 2020
BankPurely’s checking account option
CheckingPurely account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.25% | None |
- Minimum opening deposit: $1
- Monthly account maintenance fee: None
- ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
- ATM fee refund: Only on surcharges from Allpoint machines
- Overdraft fee: $30
This checking account is a great option for someone wanting to earn interest on their checking funds without having to worry about monthly fees and minimum balance and deposit requirements. While the account does not offer out-of-network ATM refunds, you shouldn’t have to worry about that, as you will have access to more than 55,000 Allpoint Network ATMs around the world. Other account benefits and features include a complimentary Mastercard iGodebitcard, online and mobile app access, free online bill pay and mobile check deposit. As an added bonus, to go along with its philanthropic support of human and eco-related causes, BankPurely will plant a tree in New York for every checking account opened.
How BankPurely’s checking account compares
With its lack of fees and balance requirements, and its ability to earn interest, BankPurely’s checking account is a definite contender for some of the best checking accounts out there. While its interest rate isn’t the highest available, it’s not on the low side, either. This account also has an easy-to-navigate mobile app and online user interface, which is key for any online bank. If you’re especially keen on going green and supporting environmental causes, this account’s paperless characteristics and planting trees bonus will likely appeal to you as well.
BankPurely’s savings account option
SavingPurely account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.25% | None |
- Minimum opening deposit: None
- Minimum balance to earn APY: None
- Monthly account maintenance fee: None
- ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
- ATM fee refund: Only on surcharges from Allpoint machines
- Overdraft fee: $30
As with BankPurely’s checking account, the savings account is a hassle-free savings option with no monthly fees or balance requirements that also offers a decent interest rate. Other benefits include access to the surcharge-free Allpoint ATM network (which has more than 55,000 ATMs worldwide), a complimentary ATM card, easy-to-navigate online and mobile app access and mobile check deposit capabilities. Falling in line with its support of eco-friendly causes, BankPurely will also plant a tree for every savings account opened. Lastly, as with all savings accounts, this account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.
How BankPurely’s savings account compares
The perks that come with BankPurely’s savings account, such as its lack of fees and minimal requirements and its user-friendly online banking capabilities, definitely allow it to compete with some of the best available online savings accounts. Still, there are higher rates from other online banks out there, so if that’s a high priority, we encourage you to review our list. However, if you’re also particularly passionate about supporting environmental causes, then this account might be for you.
BankPurely’s CD rates
PurelyCDs
| Term | APY | Minimum deposit requirement |
|---|---|---|
| 12 months | 1.00% | $1,000 |
| 24 months | 0.15% | $1,000 |
| 36 months | 0.15% | $1,000 |
| 60 months | 0.15% | $1,000 |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: 6 months’ worth of interest on amount withdrawn if original maturity is more than 1 and less than 3 years; 1 year’s worth of interest on the amount withdrawn if original maturity at least 3 years and less than 7 years.
BankPurely’s CDs rates are guaranteed for the term length you select, which can be for 1, 2, 3 or 5 years. Once your CD reaches maturity, you will have the option to adjust the term, add additional funds, open another CD with the bank, as well as withdraw your funds. These CDs also allow for easy online management, and as with its other products, the bank will plant a tree for every new CD that’s opened.
How BankPurely’s CD rates compare
Although BankPurely’s minimum deposit is pretty average compared with come of the best CD options out there, most of its rates simply aren’t as high — in fact, the rate currently decreases from the 24 month to the 36 month options, but then goes back up for the 60 month option. Even if you are drawn to the bank’s ties to green causes, we still suggest doing your research while considering a product that’s a bit more competitive.
BankPurely’s money market account option
PurelyMoneyMarket account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.75% | $25,000-$74,999.99 |
| 0.75% | $75,000-$99,999.99 |
| 0.75% | $100,000 |
- Minimum opening deposit: $25,000
- Minimum balance to earn APY: $25,000
- Monthly account maintenance fee: $15 if balance falls below $25,000
- ATM fee: None on ATMs that are part of the Allpoint network; no charge from BankPurely on out-of-network ATMs, though the ATM owner may charge a fee
- ATM fee refund: Only on surcharges from Allpoint machines
- Overdraft fee: $30
BankPurely’s money market account allows users to earn interest on balances of $25,000 and up. If you open this account, you’ll want to make sure your balance never falls under that $25,000 mark (which happens to also be the minimum deposit amount) to avoid the monthly service charge, anyway. Although this account is separated into four separate tiers on the bank’s website, there are currently no differences between the tiers that earn interest, as they earn the same rate, assuming your account has the minimum balance of $25,000. Since this is a savings account, certain transactions are limited to six per month, per Federal Reserve Regulation D. Finally, as with BankPurely’s other accounts, this account comes with online and mobile banking capabilities, mobile check deposit and the planting of a tree.
How BankPurely’s money market account compares
With its competitive rate, BankPurely’s money market account is definitely up there with the best of the best — it’s even on our list of the best money market rates and accounts available. Its minimum balance to earn the rate is a bit higher than other accounts on the list, but its rate still beats others. Where BankPurely’s money market account does lose points, however, is the fact that it does incur a monthly fee if you withdraw money and fall below that minimum balance requirement.
How to get BankPurely’s banking products
You can easily open BankPurely’s checking, savings, money market and CD account products online. To do so, you’ll need your Social Security number, a government-issued ID such as a U.S. driver’s license, and a current bank account and routing number to fund your account. If you’re applying for a joint or beneficiary account, you’ll need the other party’s name, Social Security number and form of identification as well.
Overall review of BankPurely’s banking products
While none of BankPurely’s products offer the highest rates out there, they’re all still pretty good. Having already made our “best-of” list, we say the bank’s money market account is the standout product, which offers a high rate if you don’t let the balance dip below the minimum requirement. If environmental causes are near and dear to your heart, the many conveniences this online-only bank offers make these accounts worth your while.
