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Amalgamated Bank Amalgamated Bank Give-Back Checking Account could be an excellent choice if you'd like to bank with a mission-driven institution — it even ranks as one of Personal Finance Insider's top eco banks. Amalgamated Bank supports multiple social and environmental initiatives, and it's received several certifications to ensure it meets high standards and commitments.
Amalgamated Bank Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Checking | 4 |
| Savings | 4 |
| Trustworthiness | 5 |
| Total | 4.25 |
Amalgamated Bank Pros and Cons
| Pros | Cons |
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Amalgamated Bank Give-Back Checking Account
no monthly service fee
0.55% to 0.60%
$100
- Earns interest
- No monthly maintenance fees
- Amalgamated Bank will donate the equivalent of half the interest you earn to charity of your choice
- Overdraft protection available
- $100 minimum opening deposit
- $34 overdraft fee
- $2.50 out-of-network ATM fee
- Branches in San Francisco, New York City, and Washington, DC; You can also open an online-only account
- Access to over 40,000 free ATMs through the Allpoint network
- Amalgamated Bank will match the equivalent of 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 0.55% APY if you have an account balance under $2,500
- Earn 0.60% APY if you have an account balance over $2,500
- Interest compounded daily and deposited monthly
- FDIC insured
The Amalgamated Bank Give-Back Checking Account is a solid interest-earning checking account with zero monthly service fees. This account stands out from other checking accounts because Amalgamated Bank matches the equivalent of half the interest you earn on the account and lets you donate that amount to a charity partnered with the institution.
You'll be able to donate to one of the following progressive organizations:
- Roosevelt Institute
- UltraViolet
- Netroots Nation
- American Constitution Society for Law and Policy
- Color of Change
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Amalgamated Bank Give-Back Savings Account
no monthly service fee
0.75%
$100
- No monthly maintenance fees
- ATM card available
- Amalgamated Bank will donate the equivalent of half the interest you earn to the charity of your choice
- Earn a higher interest rate than the average traditional savings account at brick-and-mortar banks
- $100 minimum opening deposit
- Other online banks may offer a higher interest rate
- Branches in San Francisco, New York City, and Washington, DC; You can also open an online-only account
- Access to over 40,000 free ATMs through the Allpoint network
- Amalgamated Bank will match the equivalent of 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 Checking Account — the most notable difference is the savings account pays a slightly higher interest rate.
You'll earn 0.75% on your entire account balance, and Amalgamated Bank will still donate the equivalent of half the interest you earn on the account to one of the partnered organizations mentioned above.
How Amalgamated Bank Works
Amalgamated Bank is a socially responsible financial institution. It has four open branches in Washington, DC, and the New York City area (the San Francisco branch is currently closed). Amalgamated Bank also has online-only checking and savings accounts. To open an online-only account you must be over the age of 18 and have a US ID.
Customers have access to over 40,000 surcharge-free ATMs through the Allpoint network.
Customer support is available through live chat from 9 a.m. to 5 p.m. ET on weekdays. Or, you may call customer service from 8 a.m. to 8 p.m. ET on weekdays or 9 a.m. to 2 p.m. ET on Saturdays.
The bank's mobile app is rated 2.8 out of 5 stars in the Google Play store and 2.3 out of 5 stars 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 Amalgamated Bank
Amalgamated Bank supports numerous 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 fuels projects. According to the bank's website, 24% of its lending is solely focused on climate protection and property-assessed clean energy financing.
Through the Amalgamated Foundation's Hate is Not Charitable campaign, the bank has also given $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 evaluated to see if they meet certain standards to become a member.
- B Corporation: B Lab is a global non-profit network that issues a B Corp Certification to companies that fulfill high standards of social and environmental performance, accountability, and transparency.
- Green America: Green America is a non-profit organization dedicated to environmental justice. The organization certifies businesses that advocate for social change and meet their Green Business Standards.
- Bank.Green (Fossil free certified): To receive a Fossil Free Certification by the volunteer organization Bank. Green, financial institutions must commit to financing zero fossil fuel companies and projects now and in the future.
Amalgamated Bank Trustworthiness and BBB Rating
The Better Business Bureau rates companies based on responses to customer complaints, honesty in advertising, and transparency about business practices. Amalgamated Bank has an A+ rating from the BBB.
Amalgamated Bank hasn't been involved in any recent public controversies.
How Amalgamated Bank Compares
Amalgamated Bank vs. Atmos Financial
If you're strictly searching for a high interest rate, you'll likely favor Atmos Financial over Amalgamated Bank.
The Atmos Financial Climate-Positive Savings Account pays 2.40% APY if you make monthly donations of $1 or more to a non-profit organization that's partnered with Atmos. When you open the Atmos Financial Climate-Positive Savings Account, Atmos also calculates the carbon impact of your account balance, which you can see on the platform's mobile app.
The Amalgamated Bank Give-Back Savings Account pays 0.75% APY regardless of your balance. Amalgamated Bank checking and savings accounts stand out because Amalgamated gives the equivalent of half the interest you earn to a non-profit organization that it's partnered with.
Amalgamated Bank vs. Clean Energy Credit Union
Clean Energy Credit Union only allows certain people to become members. You must be an employee or volunteer at Clean Energy Credit Union, Our Climate, or 350 Colorado; join a non-profit organization or association from this list; or have an immediate family member or household member who meets one of the requirements previously listed.
Both institutions have pledged not to invest in fossil fuel projects, and they both make eco-friendly loans. Your choice could come down to which type of account you want. Clean Energy Credit Union pays more on its high-yield checking account, and it offers a money market account and certificates. Meanwhile, you'll earn a higher savings account rate with Amalgamated Bank.
Clean Energy Credit Union Review
Why You Should Trust Us: How We Reviewed Amalgamated Bank
We rate bank accounts on a scale from one to five stars. For Amalgamated Bank's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Amalgamated Bank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Amalgamated Bank FAQs
You can open an online-only checking or savings account from anywhere in the US. 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
- anti-violence gun safety
- criminal justice
- workers' rights
- reproductive rights
- voting rights
- racial justice
- economic justice
A socially responsible bank will also often get certification or designations to make sure it meets certain standards or commitments toward social and environmental impact. Amalgamated Bank is a Certified B Corp and GABV Member. The bank is also Green America certified and Fossil Free certified.
Amalgamated Bank may be a good fit if you'd like to bank with a mission-driven financial institution that supports sustainability and social justice. Many national banks invest billions in fossil fuel projects and companies, but Amalgamated has pledged not to invest in fossil fuel projects.
It also might be worth exploring if you want to avoid monthly service fees 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 shuts down, your money will either be deposited at another FDIC insured financial institution or you will receive it in form of a check.
