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 5.25% APY for the first six months.
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.
Table of Contents
🔃Updated May 2024: Updated this to indicate the bonus has expired.
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 [EXPIRED]
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 | 5.25% APY |
| $25,000 – $49,999.99 | $150 | 5.25% APY |
| $50,000 – $99,999.99 | $200 | 5.25% APY |
| $100,000 or more | $250 | 5.25% 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 for six months.
This offer is available nationwide.
(Offer expires 4/30/2024)
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.
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 6/18/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
