BankPurely's PurelyMoneyMarket: 3.95% APY for Big Balances

If you've got a quarter of a million dollars sitting in a low-yield account, you might want to check out BankPurely's PurelyMoneyMarket. It's paying 3.95% APY right now, and it's available to anyone in the U.S. The catch? You need at least $25,000 to open and maintain the account. But if you can swing that, it's a solid rate from an FDIC-insured, environmentally conscious bank.

What BankPurely Is All About

BankPurely isn't your typical big bank. They focus on ethical consumers—people who care about environmental and social issues. The bank is fully online and FDIC insured, so your money is safe up to the federal limit. They also have a tree-planting initiative: for every new email that signs up, they'll plant a tree in New York. It's a nice touch if you're into the green angle.

The 3.95% APY and What It Takes to Get It

The headline rate is 3.95% APY, which is competitive for a money market account. But you need to maintain a daily balance of at least $25,000 to earn that rate. The account has no monthly fee and no early termination fee listed, so it's pretty straightforward. Just remember that the APY is variable—it dropped from 4.00% to 3.95% recently, so it can change again.

How to Open and Fund Your Account

Opening an account is done online and takes just a few minutes. You'll need to provide your name, address, phone, email, and either a Social Security number or Tax ID. Then you fund the account with at least $25,000 via electronic transfer from another bank or an internal account. There's no credit inquiry—just a soft pull—so it won't affect your credit score.

• Fill out the online application with your personal details.
• Fund the account with $25,000 or more.
• Keep at least $25,000 in the account daily to earn the APY.

The ACH Transfer Situation: Slow and Limited

Here's where BankPurely falls short: ACH transfers are not its strong suit. Pushing money out is capped at $15,000 per day and $50,000 per month, and transfers take 3-4 days to complete. Pulling money in is faster with a $100,000 daily limit and no monthly cap, but it still takes 3-4 days. If you need to move money frequently, this could be a hassle. Many people use a separate hub account—like SoFi or CIT Bank—to handle transfers, and then link BankPurely to that.

Perks and Drawbacks: What Else You Should Know

Beyond the rate, BankPurely offers a complimentary ATM card, free e-mail statements, and easy online account management. The account is FDIC insured, so you get peace of mind. However, the high minimum balance is a barrier for many savers. And the slow ACH transfers might be a dealbreaker if you like to move money around often. Also, there's no mention of check-writing or other features you might expect from a money market account, so it's pretty bare-bones.

• Pros: Competitive APY, no monthly fees, FDIC insured, eco-friendly mission.
• Cons: $25,000 minimum, slow ACH transfers, limited features.

Should You Bother?

If you have $25,000 or more to park and you don't need to touch it frequently, BankPurely's PurelyMoneyMarket is a decent option. The rate is above average, and the bank's ethical stance might appeal to you. But if you need easy access to your cash or you're constantly transferring money between accounts, look elsewhere. It's also worth checking if the rate is still competitive compared to other online banks—rates change often. Just do your homework before committing.

Bottom Line

• BankPurely pays 3.95% APY on balances of $25,000 or more.
• The account is FDIC insured and has no monthly fees.
• ACH transfers are slow (3-4 days) and have daily/monthly limits.
• Consider using a separate hub account for transfers if you need flexibility.
• The APY is variable and may change.

Common Questions