Climate First 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
Climate First Bank is a Florida-based community bank with deposit accounts that support the LGBTQ community as well as environmental causes. Established in 2021, the bank offers several checking accounts with no monthly maintenance fees, including one with a high interest rate, and savings accounts with high interest rates, too.
Its certificates of deposit online have a limited range of terms, and its offerings include a unique type of CD. The bank’s deposit accounts are available online and nationwide, along with its solar and other loans.
As its name suggests, the bank is committed to doing its part to curb climate change. The bank is Fossil Free Certified, meaning that it doesn’t invest in or finance fossil fuels. Climate First Bank is a B Corp company, having earned one of the most rigorous certifications that socially responsible banks can undertake.
Due to its expensive overdraft policy, Climate First Bank is one of the lowest-rated financial institutions for overdrafts among those reviewed by NerdWallet.
No monthly fees on checking accounts.
Competitive rates on savings.
Large, free, nationwide ATM network.
Overdraft buffer.
Expensive overdraft fee.
High minimum opening deposit for checking accounts.
Product reviews
Checking
Four options, each with no monthly fees: None of Climate First Bank's checking accounts charge a maintenance fee. However if you want to receive paper statements instead of free electronic ones, there’s a $5 monthly fee. All accounts require a $50 minimum deposit to open.
High-interest checking: We rated Impact Checking, which has features we deemed the most notable, including a super competitive APY on any balance. To be eligible for that rate, you’ll need to set up a monthly recurring direct deposit of at least $500 within the first 90 days.
Big ATM network, interest rate and donation component: Customers have access to tens of thousands of fee-free ATMs in three third-party networks: Allpoint, MoneyPass and the much smaller Publix’s Presto! brand.
Notable mentions: Pride Checking and Regeneration Checking. Pride Checking customers can use their preferred name and pronouns, which can provide a more inclusive banking experience particularly for trans, gender non-conforming and non-binary customers. The bank makes a $100 donation to an LGBTQ-focused nonprofit if an account receives at least $750 in direct deposits within 90 days of opening. The interest rate is fairly low, though many checking accounts don’t earn any interest.
For people inclined to support efforts to curb climate change, the Regeneration Checking account has a similar interest rate and similar $100 donation feature as Pride Checking but supports an environmental cause instead. The donation goes to Project Regeneration, a nonprofit whose mission inspired the bank’s CEO Ken LaRoe when opening Climate First Bank.
» COMPARE: Best checking accounts
Climate First Bank Impact Checking
Savings
The account has no monthly fee and a high rate of 4.01% annual percentage yield, with no minimum balance requirement and no monthly fee. In contrast, the national average rate for a regular savings account is just 0.38%. The minimum to open the account is $50, but the strong APY makes it compelling to deposit more.
Climate First Bank Super Duper Savings Account
Certificates of deposit
Limited but solid options. The bank offers no-penalty CDs with a decent rate, though not as competitive as many online banks that have the best CD rates. There aren’t many CD options online to choose from and no rates longer than 24 months. The opening minimum of $500 is reasonably low.
» COMPARE: Best no-penalty CD rates
A unique type of CD is available. Climate First offers a Flex CD, which has more flexibility than your standard CD, with features inspired by — but more limited than — add-on CDs, no-penalty CDs and bump-up CDs. (See more about types of CDs.) First, the Flex CD lets you add money in increments of $100 up to half of the original CD deposit during the CD term. Second, you can make one partial withdrawal up to half the original CD deposit without penalty. And third, you can request one rate increase if newly issued Flex CDs have a rate increase during your term. Flex CDs have a $500 minimum requirement to open.
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 6 months no-penalty | 4.07% | $500 |
| 8 months | 4.54% | $500 |
| 9 months no-penalty | 4.69% | $500 |
| 1 year | 4.50% | $500 |
| 1 year no-penalty | 2.91% | $500 |
Climate First Bank 12 Month No-Penalty CD
Customer experience & overdraft fees
Customer experience
Some rate and fee information isn’t upfront. Before applying, you aren’t able to view certain account rates or overdraft fees on the bank’s website. Details on branches, ATMs and contact information are easy to find, though.
Solid customer support. The customer service phone line is only available during weekdays from 9 a.m. to 5 p.m. ET. Outside of that, you can message the bank, but there’s no live online chat for support.
Web experience
StrongMobile apps
Highly ratedPhone support
Monday through Friday, 9 a.m. to 5 p.m. ETBranches
3Overdraft fees
High fees. Climate First has an overdraft policy on par with, if not slightly more expensive, than some national banks. A nonsufficient funds fee costs $38.45 per instance, up to a maximum of five per day for personal accounts. If you opt into an overdraft protection program, which provides transfers from savings to checking accounts when overdrafts occur, the fee is $10 per transfer. This expensive overdraft program contributes to why Climate First Bank has one of the worst overdraft ratings out of all the financial institutions that NerdWallet covers. Some banks offer overdraft alternatives without fees.
There’s one small saving grace: If a purchase exceeds a checking balance by $5 or less, the bank doesn’t charge an overdraft fee.
» 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.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
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