An online bank is offering a treat for savers and environmentalists alike: Earn the top nationally available savings account rate -- and have a tree planted in your honor.
BankPurely, an online division of New York state's Flushing Bank, pays 1.3 percent APY on its SavingPurely account. That's 5 basis points higher than the next best nationally available offers from DollarSavingsDirect and PurePoint Financial. A basis point is one-hundredth of a percentage point.
The savings account includes these features:
- No monthly fees or maintenance charges
- No minimum balance requirement
- A free ATM card
- Surcharge-free use of more than 55,000 ATMs worldwide (through the Allpoint ATM network)
- Online and mobile app access
As with any savings account, rates may change without notice. A $1 minimum deposit is required to open the account. You may be charged a fee if you have insufficient funds, returned deposited items or make non-Flushing Bank ATM withdrawals and balance inquiries.
How to sign up for SavingPurely
The SavingPurely account is available nationwide, but account holders must:
- Be at least 18 years old
- Have a Social Security number
- Have a valid ID (passport, license, etc.)
- Have access to the internet
If the yield on this savings account doesn't appeal to you, consider opening a CD account to earn a higher rate of return.
Flushing Bank created BankPurely in 2016 with a mission to give ethically minded consumers a place to put their money. The bank will plant a tree in New York state for every savings or checking account it opens and has been certified by the National Automated Clearing House Association for its efforts to provide customers "with the least paper possible" through the promotion of online bill pay and electronic statements.
How safe is BankPurely?
Although BankPurely is new, its parent company is not. Flushing Bank has earned four out of five stars on Bankrate's lastest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.
Flushing also runs another online division called iGObanking.com, which has a history of offering solid savings rates for long stretches.
Flushing Bank, iGObanking.com and BankPurely all are part of a single FDIC-insured bank. If you have multiple accounts with these banks, keep in mind the deposit insurance cap is shared across each account.