BankPurely: Plant Trees When You Bank (Review)

BankPurely is a division of New York’s Flushing Bank that targets sustainability-minded customers. Learn if it’s the best eco-friendly option for you.

SustainFi August 9, 2021

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Rating: Good (4.1 / 5)

Pros

  • One tree will be planted for every savings, CD, and money market account opened
  • Competitive APYs

Cons

  • No branches
  • Low app rating
  • No public commitment not to fund fossil fuels
  • No certifications like B Corp, CDFI, or GABV

Summary

Impact areasClimate change
Minimum balance$0 ($100 to open an account)
Account maintenance fees$0
Interest• CheckingPurely: 0.25%
• SavingPurely: 0.25%
• Money market: 0.50% (requires a $25,000 minimum balance)
• PurelyCDs (12-month): 0.55% (requires a $1,000 minimum deposit)
ATMs• 55,000 free in-network ATMs nationwide
AppLow app rating
Accounts offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
LocationsNone

What is BankPurely?

BankPurely is an online bank created for those who care about the environment. It’s a division of Flushing Bank, a community bank based in New York. According to Mighty Deposits, Flushing Bank has a great track record investing in the local community.

BankPurely differentiates itself from other sustainable banks by promising to plant trees when you open an account. The bank will plant one tree in New York State for each savings, CD, or money market account opened. (It is working with nonprofit Plant-It 2020.)

According to its website, BankPurely is “specifically crafted for ethical consumers with greater awareness about environmental and social issues.” The bank has the following mission statement:

  • Cultivating prosperity
  • Aligning with the Greater Good
  • Inspiring sustainable lifestyles
  • Revitalizing community spirit

However, BankPurely has not publicly committed to not funding fossil fuels. Nor has it joined any socially responsible certification programs like GABV or B Corp.

BankPurely offers checking and savings accounts, money market accounts, and certificates of deposits, all with competitive rates.

CheckingPurely Checking Account

APY0.25%
Minimum balance$0 (minimum deposit of $100 to open)
Monthly service feeNone

BankPurely offers a single checking account option, CheckingPurely. The account comes with a MasterCard debit card, and the ATM network of around 55,000 locations is wide. There are no fees and no minimums, except the $100 opening deposit.

CheckingPurely accounts currently pay a 0.25% APY, a competitive rate.

The account doesn’t offer paper checks, in line with the environmental mission.

Note that BankPurely does not plant trees when new checking accounts are opened.

SavingPurely Savings Account

APY0.25%
Minimum balance$0 (minimum deposit of $100 to open)
Monthly service feeNone

BankPurely also offers a single savings account, SavingPurely. The bank promises to plant one tree in New York State for each savings account opened through its partnership with Plant-It 2020. (Plant-It 2020 is a nonprofit 501(c)(3) foundation dedicated to planting, maintaining, and protecting trees worldwide.)

The savings account also comes with a debit card, giving you access to the 55,000 in-network ATMs. There are no fees and no minimums, except the $100 opening deposit. The 0.25% APY for the savings account is the same as for the checking account.

PurelyMoneyMarket Money Market Account

APY0.50%
Minimum deposit$25,000
Monthly service feeNone

Money market accounts are like savings accounts with a debit card. They are a good emergency fund option.

The PurelyMoneyMarket account requires a $25,000 minimum deposit but pays a higher APY, 0.50%, than BankPurely savings and checking accounts. A tree will be planted for each new account opened.

PurelyCDs Certificates of Deposit (CD)

BankPurely offers a 12-month Certificate of Deposit, which pays a 0.55% APY.

To open the CD, you need a $1,000 minimum deposit. BankPurely will also plant a tree for each PurelyCD account opened.

CD TermAPY / Interest Rate
12 months0.55%

Data as of 8/9/2021

BankPurely locations

BankPurely has no branch locations.

BankPurely mobile app

The app is rated 3 out of 5 in the Apple Store, and there is only one review.

Is BankPurely safe? Are deposits FDIC-insured?

Yes, your deposits are insured for up to $250,000.

💰 Takeaway

  • BankPurely markets itself as a bank for customers who care about the environment
  • We like competitive APYs, no minimums or account maintenance fees, and that the bank plants trees for every savings, money market, or CD account you open
  • The bank’s parent, Flushing Bank, has a good track record investing in the community in New York State
  • However, BankPurely has not publicly committed to not funding fossil fuels with customer deposits (we will update this review should that change)

BankPurely alternatives

If you are looking for a bank that has publicly committed to not using customer deposits to fund oil and gas projects, consider Aspiration. Aspiration is the best-known green bank, offering a savings account that pays up to 1% APY.

Other fossil free options include Amalgamated Bank and neobank Ando Money.

🔔 Interested in other sustainable bank accounts? Check out our guide.

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Monthly fee

 $0

Monthly fee

$0

Monthly fee

Pay What Is Fair

APY

1.01%

APY

0.55%

APY

Up to 1.00%