Amalgamated Bank has a generous money market bank bonus that not only pays you an incentive bonus based on the amount you deposit but it also pays interest, currently 3.50% APY. It’s a one-two punch in a money market account that makes it a really appealing offer.
But who is Amalgamated Bank and are they someone you should consider banking with? We dive in and share the details of this offer.
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Who is Amalgamated Bank?
Amalgamated Bank is most than your typical commercial bank, they are a certified B Corporation with a focus on sustainability, progressive causes, and social justice. This also includes environmental and social responsibility. They are net-zero and powered 100% by renewable energy.
They’ve been FDIC insured since 1923 under FDIC Cert# 622. They have just 6 domestic locations in three states but they’re nationwide – anyone can open an account with them.
How to get up to $250 from Amalgamated Bank
The bonus from Amalgamated Bank is easy to get – simply open a new money market account and fund that account with new money. The amount of the bonus is based on how much you fund the account with.
Then, maintain the opening deposit requirement for 90 consecutive calendar days and you will receive the bonus. The amount you earn is based on this table:
|Deposit Amount||Cash Bonus||APY|
|$10,000 – $24,999.99||$100||3.50% APY|
|$25,000 – $49,999.99||$150||3.50% APY|
|$50,000 – $99,999.99||$200||3.50% APY|
|$100,000 or more||$250||3.50% APY|
This is only worth doing if you can deposit at least $10,000 to get the bonus. If you don’t, then you won’t get a bonus and you won’t earn the higher interest rate.
This offer is available nationwide.
(Offer expires 5/26/2023)
How does this offer compare?
It’s a decent offer especially since you don’t have to change your direct deposit. The 90 days is about standard and then the higher interest rate is a nice little bonus. While the rate isn’t one of the highest we’ve seen (our list of high yield savings accounts is much better), it’s competitive such that you aren’t losing much keeping your money there.
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!