Amalgamated Bank Review 2026: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Amalgamated Bank is the largest B Corp Certified bank in the U.S. This is a third-party designation that reflects a serious commitment to creating positive social and environmental change. Created in 1923 to serve a clothing workers’ union, the New York City-based bank now serves a wide customer base, including hundreds of unions, such as those representing teachers and firefighters.
Amalgamated offers solid online checking accounts, savings accounts and certificates of deposit, nearly all of which earn interest. You can access accounts through its website, mobile apps, a fee-free nationwide ATM network, and five branches across New York City, San Francisco and Washington, D.C. The bank also provides impact investing, or values-driven investing, and doesn’t support fossil fuel companies.
» Learn more about socially responsible banks
No monthly fees on some savings and checking accounts.
Large, free, nationwide ATM network.
Expensive overdraft fees.
Limited branch access.
Product reviews
Checking
No monthly fee as long as you set up a monthly direct deposit. The account requires at least one monthly qualifying direct deposit into your account, otherwise you’ll pay $10. Qualifying direct deposits include a paycheck, a pension, a Social Security payment or some other form of recurring monthly income. Keep in mind that there’s also a minimum opening deposit of $100, but there are no minimum balance requirements.
Modest interest rate. Maximum Impact Checking earns interest, though you’ll need a balance of $1,000 or more to earn the highest rate of 0.30% APY. Balances below $1,000 earn just 0.10% APY. Checking accounts usually have minimal (if any) interest, so the modest rate is a nice-to-have.
Big ATM network. Customers have access to over 40,000 fee-free ATMs in the Allpoint network, including a small fraction that allow cash deposits. Maximum Impact Checking customers also get two out-of-network domestic ATM fees waived per statement cycle.
» COMPARE: Best checking accounts
Amalgamated Bank Maximum Impact Checking
Savings
No monthly fee and a modest interest rate. Balances under $100 earn a rate of 0.11% and balances $100 and over earn a rate of 1.05%. The account has a minimum opening deposit of $100, so it’s worth it to maintain that amount as a minimum in order to earn the highest rate.
» Looking for higher rates? Check out the best high-yield savings accounts
Amalgamated Bank Maximum Impact Savings
Certificates of deposit
Decent rates but not competitive with many online banks. Amalgamated Bank’s CD rates for terms from six months to five years are solid compared to national averages but are not in the same league as the best CD rates that online banks and credit unions have.
Low opening minimum. You need to deposit at least $500, which is a lower minimum than at many banks.
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 3.40% | $500 |
| 3 years | 2.95% | $500 |
| 5 years | 2.95% | $500 |
Amalgamated Bank CD
Customer experience & overdraft fees
Customer experience
Helpful website and multiple support channels: You can easily find fees, rates, ATM and branch locations on the bank website. If you have issues or questions, there are several ways to get in touch with customer support: phone, email, live chat online and one of the five branches in three major cities.
Mixed mobile app ratings: iOS and Android users both have a top-rated bank app.
Overdraft fees
Amalgamated Bank has an overdraft policy with costs on par with national banks. There’s a $34 overdraft fee per item, up to three per day. (It’s a $25 overdraft fee for customers who open an account in the San Francisco office.)
If a purchase exceeds your balance by $10 or less, the bank covers the transaction without charging a fee.
For Maximum Impact Checking customers, the bank will waive one overdraft fee every 12 months.
» Tend to overdraw your account? See our list of best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
Frequently asked questions
Is Amalgamated Bank in Zelle’s network?
Yes, the bank is part of the Zelle network for peer-to-peer transfers that can arrive within minutes.
Is Amalgamated Bank FDIC insured?
Yes, Amalgamated Bank is a member of the Federal Deposit Insurance Corporation, which provides FDIC insurance. This means you get your money back (up to $250,000) if a bank fails.
Where are Amalgamated Bank’s headquarters located?
Its headquarters are in New York City.