Amalgamated Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

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Updated on Thursday, October 1, 2020

Amalgamated Bank’s checking account options

Online Checking

This interest-bearing checking account has no monthly maintenance fees and comes with added protections on your debit card.

APY

Minimum Balance Amount

0.10%

none

0.20%

$2,500

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free at Amalgamated Bank and Allpoint ATMs, $1.50 for out-of-network ATMs
  • ATM fee refund: Up to two domestic transactions per month
  • Overdraft fee: $10

This checking account is best for those who intend on using the account for their everyday banking. This tiered checking account comes with mobile banking and an enhanced Mastercard debit card. Some of the perks include: price guarantee, satisfaction guarantee and extended warranty for qualified purchases. Most of these only allow up to four claims per year.

Account holders are also eligible to participate in the Donate The Change program, which supports a bank-selected non-profit organization every time you make a purchase with your debit card. Once you open an account and receive your debit card, Amalgamated Bank will donate 10 cents (up to $200) every time you make a $10 debit card purchase. Currently, the bank is supporting The Solutions Project, a nonprofit supporting clean energy solutions.

How to get the Online Checking account

You can only apply for this checking account online. To do so, head over to Amalgamated Bank’s site and complete an application form. You’ll need to provide personal information such as your name, address, a government-issued ID and your Social Security number. Then you’ll need to fund the account.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Give-Back Checking

The bank’s contribution of an amount equal to half the interest you earn to an organization of your choosing is a key feature of this account.

APY

Minimum Balance Amount

0.10%

none

0.15%

$2,500

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Free at Amalgamated Bank and Allpoint ATMs, $1.50 for out-of-network ATMs
  • ATM fee refund: Up to two domestic transactions per month
  • Overdraft fee: $34

This checking account is great for those who are looking for an everyday checking account and an opportunity to help fund worthy progressive causes. While the Online Checking account has a philanthropic component, the Give-Back account lets you choose from a list of participating organizations and the bank will donate the equivalent of half of the interest you earn on your behalf. You can review the list of organizations account holders can select by heading to their site.

Other features of the account include free mobile banking and an enhanced Mastercard debit card. This card gives some consumer perks such as satisfaction guarantee, extended warranty and price guarantee for qualified purchases, usually up to four claims each year.

How to get the Give-Back Checking account

First, you’ll need to decide which organization you want to support by heading to their product page. You’ll find a description of current organizations you can support and under each one is a link to apply for the checking account. You’ll need to fill out an application with your personal details such as your name, address, government-issued ID and Social Security number. Afterwards, you’ll need to fund your account.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Convenience Checking+

Minimal interest, but you can waive the monthly maintenance fee.

APY

Minimum Balance Amount

0.01%

none

0.05%

$500

0.05%

$1,000

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: Free at Amalgamated Bank and Allpoint ATMs, $1.50 for out of network ATMs
  • ATM fee refund: Up to two domestic transactions per month
  • Overdraft fee: $34

This account is a step up from the standard Convenience Checking account, but it doesn’t offer as high of a rate as the Online Checking account. You do get access to mobile banking, an enhanced Mastercard debit card – offering consumer protections for qualified purchases such as extended warranty and price guarantee.

There’s also the Donate the Change program, where Amalgamated Bank will donate $0.10 to a nonprofit organization every time you make a $10 debit card purchase. Right now, that organization is The Solutions Project, a nonprofit that helps to change the landscape of clean energy sources by bringing leaders together to help fund projects.

Although there is a monthly maintenance fee, you can get that waived if you make a recurring qualifying direct deposit each month. You also get one overdraft charge waived per year.

How to get the Convenience Checking+ account

This account can only be opened in person at a branch. Click here to find one closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Convenience Checking

This account doesn’t earn any interest and can only be opened at a branch.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: Free at Amalgamated Bank and Allpoint ATMs, $1.50 for out of network ATMs
  • ATM fee refund: Up to two domestic transactions per month
  • Overdraft fee: $34

This checking account is best for those who want to use their checking account for frequent transactions and are willing to forego earning interest for the convenience.

There are some perks to the account. For example, you can waive the monthly maintenance fee if you make a qualifying direct deposit each month, such as your salary or Social Security benefits. Also, every 12 months you’ll get one overdraft fee waived. And, mobile banking is free.

You will get the enhanced Mastercard debit card which comes with protections such as extended warranty and price guarantee for qualified purchases. It also gives you the opportunity to participate in Amalgamated Bank’s Donate the Change program.

How to get the Convenience Checking account

You can only open this account in person. Click here to find a branch closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Affordable Checking

A step up from the Access Checking account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $0
  • ATM fee: Free at Amalgamated Bank and Allpoint ATMs, $1.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This checking account is a small step up from the Access Checking account in that you do get check writing capabilities and overdraft protection. Account holders also get a Mastercard debit card and free mobile banking.

Because you don’t earn any interest, you’re better off with one of the other account options, such as Online Checking which doesn’t require a monthly maintenance fee either.

How to get Affordable Checking account

You can only open an Affordable Checking in person. You can head over to their locations page to find a branch near you.

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on Amalgamated Bank’s secure website

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How Amalgamated Bank’s checking accounts compare

As far as rates go, most of their products are on par with some of the best offerings out there. Like many of its competitors, Amalgamated Bank requires no opening minimum balance or monthly maintenance fees. These checking accounts are also unique in that it offers you a chance to give back to a nonprofit organization.

However, for those seeking the highest APYs on the market, you’ll want to look at our list of the current best online checking accounts.

Amalgamated Bank’s savings account options

Online Savings

A simple online savings account with no monthly maintenance fees.

APY

Minimum Balance Amount

0.40%

none

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

This is a great account for those who want a free savings account earning a competitive rate. However, that rate is promotional and may change after the first 12 months. Afterwards, the bank may change the APY at their discretion.

Account holders get free online and mobile banking, including mobile check deposit and Touch ID login if your phone’s compatible. While there’s no ATM access, you can link this account to a checking account to transfer money.

Federal Reserve Regulation D mandates that savings accounts are limited to six withdrawals a month. Amalgamated Bank charges an excessive withdrawal fee of $5 per withdrawal if you make more than six.

How to get an Online Savings account

Head over to Amalgamated Bank’s website and fill out an online application form, which should take around 10 minutes. The form requires you to fill in personal details such as your name, employment information, Social Security number and state-issued ID. You’ll then be asked to fund your account.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Give-Back Savings

A simple online savings account with no monthly maintenance fees.

APY

Minimum Balance Amount

0.30%

none

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None for Allpoint and Amalgamated Bank ATMs. $1.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

Just like the Give-Back checking account, this savings account lets you choose from a list of participating organizations and Amalgamated Bank will donate the equivalent of half of the interest you earn on your behalf.

Account holders also get an ATM card for cash withdrawals, up to a maximum of $500 per day. Because this is a savings account, you’re limited to six non-ATM withdrawals per month as mandated by Federal Reserve Regulation D. If you exceed that limit, you’ll be charged an excessive withdrawal fee of $5 per transaction.

How to get the Give-Back Savings account

First decide which organization you want to support on their product page and click on the corresponding link to apply for a account under each organization. You’ll be taken to an online application form where you can fill in details, including your name, address, employment information, Social Security number and government-issued ID. You’ll then be asked to fund your account.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Convenience Savings

You’ll get a better deal with the online savings account options.

APY

Minimum Balance Amount

0.01%

None

0.05%

$100

  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is pretty much a bare bones savings account and you’re probably better off with Amalgamated Bank’s Online Savings account option if you’re looking for better rates. There’s no ATM access and you’re limited by federal regulation D to six withdrawals a month. If you make more than that in a month, you’ll be charged $5 for each.

How to get the Convenience Savings account

You can only open this account in person. You check their locations page or call customer service to find a branch near you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

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How Amalgamated Bank’s savings accounts compare

Both savings accounts are pretty much on par with what’s currently being offered out there. Although some of their competitors offer slightly higher rates, Amalgamated Bank requires a comparatively low minimum opening deposit. Plus, these accounts offer you the opportunity to donate to worthy causes, whereas other banks may not.

You can always check our list of the current best rates on the market to nab your best deal on a savings account.

Amalgamated Bank’s CD rates

Fixed rate CDs

Earn a guaranteed rate of return though with less than stellar rates.

Term

APY

3 months

0.50%

6 months

0.10%

7 months

1.05%

12 months

0.30%

24 months

0.35%

36 months

0.40%

60 months

0.45%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • Between 3 to 12 months – 90 days interest
    • Between 13 and 30 months- 180 days interest
    • 31 months or more – 270 days interest

This fixed rate CD is best for those who don’t have a lot of money to invest and want a guaranteed rate of return on their cash. Interest is compounded differently depending on the length of your term. If you have an account that matures in a year or less, there isn’t compounding and interest will be credited upon maturity. Accounts with terms of more than a year will have interest compounded yearly and credited at maturity. You can choose to have interest credited to another Amalgamated Bank account or kept in the CD.

You’ll receive a notice before your CD is set to mature. When it does, you’ll have a 10-day grace period in which you can close the account, make additional deposits or renew it for another term. Otherwise, your CD will automatically be renewed.

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on Amalgamated Bank’s secure website

Member FDIC

Jumbo CD

This CD offers shorter term options for a big balance, but at the cost of low rates.

Term

APY

14 days

0.25%

30 days

0.25%

60 days

0.25%

3 months

0.50%

120 days

0.60%

150 days

0.60%

6 months

0.60%

210 days

0.60%

270 days

0.60%

12 months

0.85%

  • Minimum opening deposit: $250,000
  • Minimum balance amount to earn APY: $250,000
  • Early withdrawal penalty: Depends on length of term:
    • Less than 61 days – all interest
    • 3 to 12 months – 90 days interest
    • 13 to 30 months – 180 days interest
    • Over 30 months – 270 days interest

This CD is best for those who have a large amount of money and want a guaranteed rate of return on it in a short-term investment vehicle. However, there are better rates elsewhere. In fact, even with the bank’s longer term the fixed rate CD is the better deal.

Interest earned isn’t compounded and is credited to your account when it matures. The account won’t be automatically be renewed, so you can either close the account, make withdrawals or make additional deposits.

How to get Amalgamated Bank’s CDs

You can only open a CD account at a branch. Click on this link or call customer service to find a location closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

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How Amalgamated Bank’s CD rates compare

Unfortunately, these rates fall short in comparison to what other banks and credit unions are offering. Amalgamated Bank’s competitors also offer low minimum opening deposits and different account terms. With the jumbo CDs, these rates are pretty low, though they do offer short term options. If you’re after the best APYs – no matter how much you intend on depositing – you’re better off looking at our list of the current best CD rates available.

Amalgamated Bank’s money market account options

Money Market account

A simple money market account that doesn’t offer anything out of the ordinary.

APY

Minimum Balance Amount

0.05%

none

0.10%

$25,000

0.15%

$50,000

0.15%

$100,000

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 if at an in-network or Allpoint ATM. $1.50 per transaction for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

While the rates for the money market account aren’t anything to write home about, you do get ATM access, even if that is limited to a maximum of $500 in cash withdrawals. If having ATM access is important, this account could be a great option. Otherwise, Amalgamated Bank’s savings accounts are a better option as they have higher rates.

You’re limited to six withdrawals a month as per Federal Reserve Regulation D. If you make more than that, you’ll be charged $5 per withdrawal.

How to get Amalgamated Bank’s money market account

You can only open a money market account at a local branch. Click on this link to find a location closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

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How Amalgamated Bank’s money market account compares

The money market account rates here fall way short in comparison to other online banks and credit unions. Others offer rates almost five times that of Amalgamated Bank’s and have low minimum opening deposit amounts. Some even offer ATM cards with higher withdrawal limits than this bank does.

In short, you’re better off opening an account somewhere else. You can do some comparison shopping using our list of the current best available money market rates.

Amalgamated Bank IRA options

IRA CD rates

Get a fixed rate of return with this conservative investment option.

Term

APY

3 months

0.10%

6 months

0.15%

7 months

1.05%

12 months

0.30%

18 months

1.11%

24 months

0.35%

36 months

0.40%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on term of CD:
    • 3 to 12 months – 90 days interest
    • 13 to 30 months – 180 days interest
    • 31 months or more – 270 days interest

This account is best for those looking for a conservative retirement account option. Any interest you earn is compounded and credited monthly. Account holders can choose to keep interest in the CD or deposited into another Amalgamated Bank account when it matures or as it’s credited to your account.

You’ll get a notice when your CD is set to mature. Upon maturity, you’ll get a 10-day grace period in which you can withdraw your funds, renew for another term or make additional deposit or allow it to be automatically renewed by doing nothing.

Because this is an IRA account, you may have to pay taxes and penalties imposed by the IRS, depending on your age. However, you won’t be penalized by Amalgamated Bank if you’re over 70 ½ and make an early withdrawal, but only if you’re depositing the funds into another Amalgamated Bank account.

How to get Amalgamated Bank’s IRA CDs

You can only open an IRA CD account at a local branch. Click on this link to find a location closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

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How Amalgamated Bank’s IRA CD rates compare

The promotional rates as well as the 36-month IRA CD are slightly lower than the other offerings out there, but the other terms fall way short when looking at our list of the top IRA CD rates. However, other competitors require higher minimum opening deposits so you’ll need to do some comparison shopping to see if you’re able to meet those amounts. If you can, then you’re better off looking elsewhere.

IRA savings account

A simple IRA savings account that lets you set aside money for retirement.

APY

Minimum Balance Amount

0.10%

$10

  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA savings account is best for those seeking a retirement account that won’t tie their funds to a time deposit account like the IRA CDs. The minimum balance amount is pretty low, but do be aware that the IRS limits how much you can deposit into the account each year.

Because this is a savings account, you may be limited to six withdrawals a month as mandated by Federal Reserve Regulation D. Also, you may be subject to tax penalties by the IRS if you’re under the age of 59 ½.

How to get Amalgamated Bank’s IRA savings account

You can only open an IRA CD account at a local branch. Click on this link to find a location closest to you.

SEE DETAILS Secured

on Amalgamated Bank’s secure website

Member FDIC

Overall review of Amalgamated Bank’s banking products

Overall, Amalgamated Bank’s products aren’t all that stellar. Their CD rates are significantly less than other online competitors, but their promotional accounts are ok since they’re only slightly lower than the highest rates out there. Their IRA accounts aren’t that great either, and there are much better options elsewhere.

Where the bank shines is their savings accounts, as the rates are fairly competitive compared to others. There’s no monthly maintenance fees, minimum balance amounts and you can get ATM access with the Give-Back account. The checking account is also unique in that it offers you the opportunity to contribute to charitable causes without needing to donate your own funds.

Another shortcoming with Amalgamated Bank’s products is that not all of its products can be opened online. Unless you live near a branch, you’re pretty much out of luck when it comes to the CD, IRA and money market accounts.

If you want a great rate for a savings account and a basic checking account that offers ATM refunds, Amalgamated Bank has you covered. Otherwise, it’s probably a good idea to see what others have to offer.

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