Climate First Bank Review: Checking, Savings and CDs

Three options with no monthly fees: Checking, Pride Checking and Regeneration Checking don’t charge a maintenance fee, while Interest Checking does. However, for all accounts, if you want to receive paper statements instead of free electronic ones, there’s a $5 monthly fee. All accounts require $50 to open. We rated Pride Checking, which has features we deemed the most notable.

Big ATM network, interest rate and donation component: Customers have access to more than 41,000 fee-free ATMs in two third-party networks, MoneyPass and the much smaller Publix’s Presto! brand. Pride Checking customers can use their preferred name and pronouns, which can provide a more inclusive banking experience particularly for trans 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.

Notable mention: Regeneration Checking. For people inclined to support efforts to curb climate change, this 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.

The account has a monthly fee but a decent rate of 3.81% annual percentage yield. The national average rate for a regular savings account is 0.43%. And the $5 monthly fee can be waived by keeping a daily minimum balance of at least $200. The minimum to open the account is $50.

Limited but solid options. The bank offers several no-penalty CDs with rates comparable to yields even among online banks, which often have the best CD rates. But there aren’t many CD options online to choose from and no rates longer than 25 months. The opening minimum of $500 is reasonably low.

» COMPARE: Best no-penalty CD rates

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.

Limited access to 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.