Frequently Asked Questions
Purpose is a financial technology company and a public benefit corporation working to accelerate the shift to a more transparent economy. Our goal is to help individuals improve the quality of their lives and at the same time have a positive impact on the world around them. Our community resources and financial products help consumers and businesses make more sustainable choices in support of a common good economy.
When greenwashing is used to sell products, shoppers aren’t getting what they pay for, and genuinely green companies lose out. At the same time, when shoppers have simple, trustworthy information about what they’re buying, greenwashing doesn’t stick. That’s why at Purpose Finance, we collect and distribute data that can be used to motivate and incentivize people and companies to take part in a common good economy. Our goal is to make information accessible on every company you transact with by surfacing real environmental, social and governance data. We also provide real-time personalized insights spotlighting good actors relevant to you. To keep our advice unbiased, we don't accept payment from companies for reviews or product placement.
Banks use your deposits to make loans to industries, companies and projects that may not align with your values. And if you’re like most people in the US, your money is likely in a bank that is funding fossil fuels, factory farming and other destructive industries or projects. Choosing a bank that aligns with your values is one of the most impactful moves you can make. Banks that act with transparency and consideration for their impact have the power to influence exponential positive change. At Purpose, we believe that banks should be discerning in where their deposits go. That's why money kept with Purpose is divested from fossil fuels, deforestation, palm oil, factory farming, animal testing, predatory lending, private prisons, tobacco and weapons.
As part of our mission to celebrate a more ethical and sustainable lifestyle, we help our members discover established and up-and-coming brands that have been vetted by a third party certifier as meeting a rigorous set of sustainability or social impact criteria (and typically both). We also give our users access to the best cash back offers and deals from mission aligned brands. Brands are not affiliated with nor pay to participate in the Good Business Coalition.
See the full list of brands here.
We offer a variety of financial services for consumers and businesses, with a focus on powering a transparent economy.
The Purpose checking account comes with baked-in impact data and insights that help you align your money with your values. Plus, you'll get:
- A rewards debit card with up to 20% cash back on all brands in the Good Business Coalition. See the full list here.
- Up to 2.50% Annual Percentage Yield (APY) on all money deposited in your Purpose account, with no monthly withdrawal limits². APYs are variable and subject to change. See our rate sheet for details.
- Easy access to 55,000 fee-free ATMs nationwide (ATM locator). You can also use your Purpose card with any other external ATM network. ATM fees may apply.
- Mobile check deposit.
- A ridiculously user-friendly app.
- Always-on customer support.
Purpose banking has no account fees or other hidden fees (See details here) and opening an account will never impact your credit score. We think you'll never want to bank any other way.
Our business checking offering is coming soon. Sign up for the waitlist here.
Since the Purpose card is a debit card, there is no interest charged for using the card and no impact on your credit score when opening an account or using your Purpose card.
All deposits are FDIC insured up to $250,000 per individual at Piermont Bank, Member FDIC and all card transactions are protected by Mastercard zero-liability guarantee². You’ll never be responsible for any unauthorized activity on your account. If your card gets stolen or lost, you can immediately freeze your card in the app.
The Business Growth Lab is a free service for small businesses that can benefit from financing and support in growing their purpose-driven business. At every step of growth, our process helps businesses bake-in sustainability into their operations and reach a mission-aligned audience.
- Free assessments for qualifying preferential and interest-free loans
- Thousands of dollars in exclusive perks
- Deals and discounts on qualifying business services
- Evaluation for the Good Business Coalition
- Free resources to help you grow your business and reach a mission-aligned audience
If you have any questions or suggestions for us, we’d love to hear from you. Just shoot us an email at firstname.lastname@example.org and we promise to get back to you within one business day.
Purpose is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Purpose Mastercard® Debit Card is issued by Piermont Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Spend everywhere Mastercard® debit cards are accepted.
¹ Annual Percentage Yield (APY) as of November 1, 2022. APYs are variable and subject to change. Fees may reduce earnings. See our current rate sheet for details.
² Conditions and exceptions apply — see account agreement for details.