Socially just policies, certified fossil-free

0

Overall bank rating

Advantages and disadvantages

Annual Percentage Yield (APY)

0.25% to 0.30% APY

Minimum deposit amount

$100

Annual Percentage Yield (APY)

0.25% to 0.30% APY

Minimum deposit amount

$100

Advantages
  • earn interest
  • No monthly maintenance fees
  • Amalgamated Bank will donate the equivalent of half the interest you earn to the charity of your choice
  • Overdraft protection available
The inconvenients
  • Minimum opening deposit of $100
  • $34 overdraft fee
  • $2.50 out-of-network ATM fee
More information
  • Branches in San Francisco, New York and Washington, DC; You can also open an account online only
  • Access to over 40,000 free ATMs through the Allpoint network
  • Amalgamated Bank will match half the interest you’ve earned on your account and donate it to a participating non-profit organization of your choice.
  • Free overdraft protection that lets you link your checking account to an Amalgamated Bank savings account
  • Earn 0.25% APY if you have an account balance below $2,500
  • Earn 0.30% APY if you have an account balance over $2,500
  • Interest compounded daily and deposited monthly
  • FDIC insured

The Amalgamated Bank Give-Back Chequing Account is a robust interest-earning chequing account with no monthly service fees. This account is different from other checking accounts because Amalgamated Bank matches the equivalent of half of the interest you earn on the account and allows you to donate that amount to a partner charity of the institution.

You can donate to one of the following progressive organizations:

Annual Percentage Yield (APY)

0.45% APY

Minimum deposit amount

$100

Annual Percentage Yield (APY)

0.45% APY

Minimum deposit amount

$100

Advantages
  • No monthly maintenance fees
  • Credit card available
  • Amalgamated Bank will donate half of the interest you earn to the charity of your choice
  • Earn a higher interest rate than the average traditional savings account at physical banks
The inconvenients
  • Minimum opening deposit of $100
  • Other online banks may offer a higher interest rate
More information
  • Branches in San Francisco, New York and Washington, DC; You can also open an account online only
  • Access to over 40,000 free ATMs through the Allpoint network
  • Amalgamated Bank will match half the interest you’ve earned on your account and donate it to a participating non-profit organization of your choice.
  • Interest compounded daily and deposited monthly
  • FDIC insured

The Amalgamated Bank Give-Back Savings Account has the same structure as the Amalgamated Bank Give-Back Chequing Account – the most notable difference is that the Savings Account pays a slightly higher interest rate.

You will earn 0.45% APY on your entire account balance, and Amalgamated Bank will always donate the equivalent of half of the interest you earn on the account to one of the partner organizations mentioned above. above.

How the merged bank works

Amalgamated Bank is a socially responsible financial institution. It has four branches open in Washington, DC and the New York area (the San Francisco branch is currently closed). Amalgamated Bank also offers online-only checking and savings accounts. To open an online-only account, you must be over 18 and have US ID.

Customers have access to more than 40,000 ATMs free of charge through the Allpoint network.

Customer support is available via live chat from 9 a.m. to 5 p.m. ET on weekdays. Or, you can call customer service from 8 a.m. to 8 p.m. ET on weekdays or from 9 a.m. to 2 p.m. ET on Saturdays.

The bank’s mobile app is rated 2.8 stars out of 5 in the Google Play Store and 2.3 stars out of 5 in the Apple Store.

Amalgamated Bank is FDIC insured, so up to $250,000 is protected in individual bank accounts and $500,000 for joint bank accounts.

Social and environmental impact of the merged bank

Amalgamated Bank supports many social and environmental initiatives, such as immigrant rights, LGBTQ+ rights, women’s rights, and environmental justice.

Amalgamated Bank has pledged not to invest in fossil fuel projects. According to the bank’s website, 24% of its loans are solely focused on climate protection and property-rated clean energy financing.

As part of the Amalgamated Foundation’s Hate is Not Charitable campaign, the bank has also awarded $35 million in grants to organizations that support Black communities and communities of color.

Amalgamated Bank has been certified by the following organizations for its social and environmental impact:

  • Global Alliance for Banking Values ​​(GABV): GABV is made up of an international network of mission-driven banks focused on social impact and environmental sustainability. Banks are assessed to see if they meet certain standards for membership.
  • B Corporation: B Lab is a global nonprofit network that issues B Corp certification to companies that meet high standards of social and environmental performance, accountability, and transparency.
  • Green America: Green America is a nonprofit organization dedicated to environmental justice. The organization certifies companies that advocate social change and meet their green business standards.
  • Bank.Green (Fossil Free Certified): To receive Fossil Free certification by the voluntary organization Bank. Green financial institutions must commit to financing fossil-free businesses and projects, now and in the future.

Reliability of merged bank and BBB rating

The Better Business Bureau rates companies based on responses to customer complaints, honesty in advertising, and transparency in business practices.

The merged bank has a A+ rating of the BBB.

However, a good BBB rating does not guarantee that you will have a perfect relationship with a bank. You’ll want to talk to the bank’s customers or read online customer reviews of Amalgamated Bank to see if it’s right for you.

Amalgamated Bank has not been involved in any recent public controversy.

Bank merged against Ando

Amalgamated Bank is featured in our guide to the best eco-friendly banks. We compared Amalgamated Bank to two other eco-responsible banks featured in our guide: Ando and Atmos Financial.

You’ll want to consider specific bank account features, as these can help determine which bank is best for you.

The Ando expense account allows you to receive your paycheck up to two days earlier. If you use an Ando debit card to purchase household items or personal goods, you’ll also earn 1.5% cash back.

If you open the Amalgamated Bank Give-Back Chequing Account or the Amalgamated Bank Give-Back Savings Account, Amalgamated will donate the equivalent of half the interest you earn to a cause.

Bank merged into Atmos Financial

If you’re looking strictly for a high interest rate, you’ll probably prefer Atmos Financial over Amalgamated Bank.

The Atmos Financial Climate-Positive Savings Account pays out 1.50% APY if you make monthly donations of $1 or more to an Atmos partner nonprofit. When you open the Atmos Financial Climate Savings Account, Atmos calculates the carbon impact your account balance, which you can view on the platform’s mobile application.

Merged Bank Remittance Savings Account pays 0.45% APY regardless of your balance. Amalgamated Bank’s checking and savings accounts stand out because Amalgamated donates the equivalent of half the interest you earn to a nonprofit organization with which it is associated.

Frequently Asked Questions

You can open a checking or savings account online only from anywhere in the United States. To apply for an account, you must be at least 18 years old and have a valid US ID and Social Security number.

Amalgamated Bank supports the following social and environmental initiatives:

  • climate justice
  • immigrant rights
  • LGBTQ+ rights
  • gun safety
  • criminal justice
  • workers’ rights
  • reproductive rights
  • right to vote
  • racial justice
  • economic justice

A socially responsible bank will also often obtain certification or designations to ensure that it meets certain social and environmental impact standards or commitments. Amalgamated Bank is a certified B Corp and GABV member. The bank is also Green America and Fossil Free certified.

Amalgamated Bank can be a good choice if you want to do business with a mission-driven financial institution that supports sustainability and social justice. Many national banks investing billions in fossil fuel projects and companies, but Amalgamated has committed not to invest in fossil fuel projects.

It might also be worth exploring if you want to avoid monthly service charges on a checking or savings account.

Yes, Amalgamated Bank is FDIC insured. When a bank is federally insured, your money is protected. If a bank closes, your money will either be deposited at another FDIC-insured financial institution or you will receive it in the form of a check.

Share.

Comments are closed.