Amalgamated Bank Review: Checking, Savings and CDs
- +1
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.
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 over 1,000 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
Savings
Three options with no monthly fees: Amalgamated Bank has three regular savings accounts: Online Savings, Convenience Savings and Give-Back Savings. None has monthly fees, but each differs in rates and other ways. For example, Convenience Savings can be opened only in a branch. We rated the Give-Back Savings account due to its unique offering.
Decent rate plus donation component: Give-Back Savings has a fairly low rate, 0.40% annual percentage yield, when compared with high-yield savings accounts at online banks and credit unions. There’s an opening minimum of $100. As the account’s unique feature, Amalgamated matches half the annual interest you earn and donates the amount to a social justice organization of your choice from a pool of five. The organizations include the Roosevelt Institute, UltraViolet, Netroots Nation, Color Of Change and the American Constitution Society.
Amalgamated Bank Give-Back Savings
Checking
Four options, three with no monthly fees: Online Checking, Affordable Checking and Give-Back Checking don’t charge a maintenance fee. The branch-only Convenience+ Checking has a $10 fee, waived with a monthly direct deposit. All accounts have check writing and three earn interest. We rated the Give-Back Checking account due to its unique offering.
Big ATM network, modest rate and donation feature: Customers have access to over 40,000 fee-free ATMs in the Allpoint network, including a small fraction that allow cash deposits. Like Give-Back Savings, the Give-Back Checking earns interest — rare among checking accounts — and the bank donates the equivalent of half the interest you earn in a year to one of the organizations above. The rate is decent for a checking account, which usually has minimal (if any) interest.
» COMPARE: Best checking accounts
Amalgamated Bank Give-Back Checking
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 CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 3.15% | $500 |
| 3 years | 2.70% | $500 |
| 5 years | 2.70% | $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, X (Twitter) and one of the five branches in three major cities.
Mixed mobile app ratings: iOS users have a top-rated bank app while Android users rate the bank app below 4 stars, on average.
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 five 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.
» 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.
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.