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.
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🔃Updated April 2024: Updated with latest promotional offer which is set to expire on April 30th, 2024. The terms are the same as last year’s offer, though the promotional interest rate is higher now.
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 | 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.
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
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® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more 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!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
