What BankPurely does

BankPurely is a digital-only consumer banking division of OceanFirst Bank, N.A. (formerly Flushing Bank), operating entirely through online and mobile channels with no physical branch locations. Its deposit product suite comprises SavingPurely, CheckingPurely, PurelyMoneyMarket, PurelyCDs, and PurelyIndexMoneyMarket, all delivered through a unified online and mobile banking platform that supports 24/7 account access, bill pay, Zelle person-to-peer payments, mobile check deposit, SMS text banking, and Touch ID authentication on supported iPhones. Customer correspondence is handled via a P.O. Box in East Meadow, NY, while the bank itself is regulated by the New York State Department of Financial Services and the FDIC. The brand is differentiated by a mission-driven environmental positioning: an official partnership with Cool Effect commits BankPurely to donate up to 5 tonnes of carbon offsets and plant a tree for each new qualifying customer relationship, with donation amounts tiered by aggregate account balance from $1,000 to $500,000+.

The product architecture is built around standard retail deposit mechanics, with variable-rate savings, tiered-balance money market accounts, a fixed-rate CD ladder, and a noninterest-bearing checkless checking account. Two products — PurelyInsuredMoneyMarket and CheckingPurely Plus — have been discontinued. The headline product differentiator is the Purely Insured Deposit Program, operated with Stable Custody Group II LLC (a subsidiary of Reich & Tang Deposit Networks), which sweeps deposits above the standard $250,000 FDIC limit across multiple FDIC-insured banks to extend coverage up to $2,750,000; this capability is embedded within the indexed money market product. Physical cash access is delivered through the Allpoint surcharge-free ATM network of more than 55,000 machines in all 50 states, and person-to-person payments run on Zelle via Early Warning Services, LLC. There are no disclosures of in-house AI, machine learning, or data-driven personalization capabilities; technology is positioned as secure, accessible, and convenient rather than intelligent.

BankPurely's revenue model follows the standard retail bank template: net interest income on customer deposits deployed into loans and securities, supplemented by account and transaction fees (stop payment, paid check copies, wire transfers, ATM surcharges, and a 1% fee on international debit card transactions). Pricing is low-fee and accessible — no monthly maintenance fees on CheckingPurely, no minimum balance on SavingPurely, and $1,000 minimum on CDs. Distribution is direct-to-consumer and exclusively digital, relying on the website (bankpurely.com) for top-of-funnel acquisition and the mobile app for ongoing engagement, with no disclosed social media, paid media, or partnership-driven acquisition programs beyond the Cool Effect co-marketing arrangement. The customer base is segmented into two broad personas: environmentally conscious consumers seeking values-aligned banking, and digital-first consumers who prefer branchless, 24/7 banking. On June 2, 2026, parent Flushing Bank merged into OceanFirst Bank, N.A., making BankPurely a division of a substantially larger regional bank and putting the franchise into a transition and integration phase.

Name

BankPurely

Legal name

BankPurely (a Division of Flushing Bank, Member FDIC)

Website

https://bankpurely.com

Company type

Private

Founded year

2017

Operating status

Operating

Short description

BankPurely is a digital-only consumer banking division of OceanFirst Bank, N.A., offering online savings, checking, money market, and CD products differentiated by a Cool Effect carbon-offset partnership and extended FDIC sweep coverage up to $2,750,000.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Digital Retail Banking (Online & Mobile) (FSABAAAF)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• Online savings accounts
• Certificate of deposit products
• Money market accounts
• Digital banking platform

Headquarters

HQ city

Albany

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income: BankPurely earns interest income from lending activities, using customer deposits to fund loans and other credit products. The bank offers various deposit accounts including checking, savings, money market, and CDs.
2. Account and Transaction Fees: Various fees including stop payment fees ($20), photocopy of paid check ($6), return mail handling ($10), wire transfer fees ($15 domestic in), ATM fees, and point-of-sale transaction fees for international cards (1% of transaction).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

BankPurely is an online-only digital bank offering consumer deposit products including savings (SavingPurely), money market (PurelyMoneyMarket, PurelyIndexMoneyMarket), checking (CheckingPurely), and certificates of deposit (PurelyCDs) accounts. The bank operates exclusively through digital channels with no physical branches and pairs its financial products with an environmental mission — donating to carbon emission reduction programs through its Cool Effect partnership and planting trees for each new customer relationship.

Product overview

BankPurely is a digital banking division of OceanFirst Bank (formerly Flushing Bank) offering a suite of deposit and checking products through online and mobile channels. The core product portfolio includes SavingPurely® (savings account), PurelyMoneyMarket® (money market account), PurelyCDs® (certificates of deposit), and CheckingPurely® (checking account), along with PurelyIndexMoneyMarket (index-linked money market). These products are accessible through a unified Online and Mobile Banking platform providing 24/7 account management, fund transfers, bill pay, Zelle® payments, and mobile check deposit. Certain products have been discontinued including PurelyInsuredMoneyMarket and CheckingPurely® Plus.

Differentiator

Problem solved

Functional benefit

Brands

• SavingPurely®: Savings account product with competitive rate, no fees, and no minimum balance requirement.
• PurelyMoneyMarket®
• PurelyCDs®
• CheckingPurely®
• PurelyIndexMoneyMarket
• PurelyInsuredMoneyMarket

Products and services

• SavingPurely Online savings account offering a competitive variable interest rate with no fees, no minimum balance requirement, and no monthly maintenance charge. Interest compounds daily and is credited monthly. Available to U.S. consumer customers opening accounts online through the BankPurely website or mobile app.
• PurelyMoneyMarket Online money market account offering a variable interest rate tiered by account balance (three tiers: $1,000–$24,999.99, $25,000–$99,999.99, and $100,000+), combining features of a savings account and a CD. Available to U.S. consumer customers through digital channels.
• PurelyCDs Certificates of Deposit offered as a digital deposit product with a fixed term (e.g., 12-month term at 3.85% APY), minimum opening deposit of $1,000, and automatic renewal at maturity. Available to U.S. consumer customers through online account opening.
• CheckingPurely Noninterest-bearing, checkless online checking account with a $100 minimum opening deposit, no low balance fee, and unlimited transactions. Includes a BankPurely Visa debit card and access to 55,000+ surcharge-free Allpoint ATMs. Available to U.S. consumer customers.
• PurelyIndexMoneyMarket Online money market account whose variable interest rate is linked to the Bloomberg FDTR Index, with a 3-month rate lock and no account opening fees. Available to U.S. consumer customers opening accounts through digital channels.
• Online and Mobile Banking BankPurely's digital banking platform providing 24/7 account access through web, iOS, and Android applications. Includes features such as Touch ID authentication, SMS text banking, mobile check deposit, internal and external fund transfers, person-to-person Zelle payments, and online account opening for the bank's deposit products. Available to U.S. consumer customers.

Quantifiable outcome

• Up to 5 tonnes of carbon emissions reduced per customer relationship plus one tree planted for each new customer who opens a CheckingPurely account with $1,000 minimum and another BankPurely account

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• OceanFirst BankcoreStrategic or Co-development Partner · 2 June 2020BankPurely is now operating as a division of OceanFirst Bank following the merger of Flushing Bank into OceanFirst Bank, effective June 2, 2026. All references to Flushing Bank now refer to OceanFirst Bank N.A. as successor by merger.
• Cool EffectcoreStrategic or Co-development PartnerOfficial partnership between BankPurely and Cool Effect focused on reducing carbon emissions. BankPurely donates up to 5 tonnes of carbon reduction plus plants a tree for each new customer relationship. This is a flagship environmental initiative that differentiates BankPurely as a mission-driven bank.
• Stable Custody Group II LLC (R&T Deposit Solutions)coreTechnology or IntegrationOperates the Purely Insured Deposit Program as administrator, sweeping deposits exceeding $250,000 across multiple FDIC member banks to provide extended FDIC coverage up to $2,750,000. Stable is a subsidiary of Reich & Tang Deposit Networks, LLC.
• AllpointcoreTechnology or IntegrationATM network partnership providing BankPurely customers surcharge-free access to over 55,000 ATMs across all 50 states in the United States.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationBankPurely offers Zelle person-to-person payment services, allowing customers to send and receive money quickly using email addresses or mobile phone numbers. Zelle and related marks are owned by Early Warning Services, LLC.

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Marcus by Goldman Sachs: Marcus is Goldman Sachs' online consumer bank offering high-yield savings and CDs, no fees, and a digital-first experience. It directly competes with BankPurely for deposit customers seeking competitive rates without a branch relationship.
• Discover Bank: Discover Bank offers online savings, money market, and CD products with no minimum fees. It is a comparable digital deposit franchise targeting the same fee-sensitive, online-first retail customer.
• Ally Bank: Ally is a leading direct/online consumer bank offering savings, checking, money market, and CDs. It is the most established digital-only retail bank in the U.S. and the benchmark for a no-branch deposit franchise like BankPurely.
• Capital One 360: Capital One's 360 Performance Savings and CD products offer a digital-first deposit experience with competitive rates. It is a direct competitor in the no-fee, online savings and CD segment.
• American Express Personal Savings: American Express Personal Savings is an online high-yield savings offering from AmEx targeting affluent retail customers. It is a comparable online deposit-only product with a strong brand.
• iGObanking: iGObanking is a sister digital division of the same parent (formerly Flushing Bank, now OceanFirst Bank), offering online savings and CDs. It is the most directly comparable peer because of identical ownership and product overlap.
• Chime: Chime is a digital consumer banking platform offering fee-free checking and savings via mobile. It targets the same digital-first, value-conscious retail customer as BankPurely.
• Synchrony Bank: Synchrony Bank is a large online deposit franchise offering savings, money market, and CDs. It competes with BankPurely in the online high-yield savings and CD categories.
• CIT Bank: CIT Bank operates primarily online with a focus on high-yield savings, money market, and CDs. It is a direct competitor in the digital deposit-only banking space.
• SoFi Bank: SoFi is a digital-first financial institution offering savings, checking, CDs, plus lending and investing. It is a comparable mission-adjacent, mobile-first brand competing for the same digital-first retail customer.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BankPurely