Amalgamated Bank has received certifications by the Global Alliance for Banking Values, B Corporation, Green America, and Bank. Green.
Amalgamated Bank; Insider
The bottom line: Amalgamated Bank Give Back Checking Account could be an excellent choice if you’d like to bank with a mission-driven institution. Amalgamated Bank supports multiple social and environmental initiatives, and it’s received several certifications to ensure it meets high standards and commitments.
Overall bank rating
FeatureInsider rating (out of 5)Checking4Savings3.75Trustworthiness5Total4.25
Pros and cons
ProsCons
Socially responsible bank with multiple certifications for social and environmental impact
No monthly service fees
Amalgamated Bank donates to charities if you have the Give-Back Checking or Give-Back Savings accounts
Interest-earning checking account
Joint bank accounts available
Banking experience depends on where you live (Online-only checking and savings accounts; branches in San Francisco, New York City, and Washington, DC)Other online institutions may pay higher interest rates or have free overdraft protectionPoor mobile app ratings
Amalgamated Bank Give Back Checking Account
The Amalgamated Bank Give Back Checking Account is a solid interest-earning checking account with zero monthly service fees. This account stands out from other checking accounts because Amalgamated Bank matches the equivalent of half the interest you earn on the account and lets you donate that amount to a charity partnered with the institution.
You’ll be able to donate to one of the following progressive organizations:
Roosevelt InstituteUltraVioletNetroots NationAmerican Constitution Society for Law and PolicyColor of Change
Amalgamated Bank Give-Back Savings Account
The Amalgamated Bank Give-Back Savings Account has the same structure as the Amalgamated Bank Give Back Checking Account — the most notable difference is the savings account pays a slightly higher interest rate.
You’ll earn Amalgamated Bank Give-Back Savings Account on your entire account balance, and Amalgamated Bank will still donate the equivalent of half the interest you earn on the account to one of the partnered organizations mentioned above.
How Amalgamated Bank works
Amalgamated Bank is a socially responsible financial institution. It has four open branches in Washington, DC, and the New York City area (the San Francisco branch is currently closed). Amalgamated Bank also has online-only checking and savings accounts. To open an online-only account you must be over the age of 18 and have a US ID.
Customers have access to over 40,000 surcharge-free ATMs through the Allpoint network.
Customer support is available through live chat from 9 a.m. to 5 p.m. ET on weekdays. Or, you may call customer service from 8 a.m. to 8 p.m. ET on weekdays or 9 a.m. to 2 p.m. ET on Saturdays.
The bank’s mobile app is rated 2.8 out of 5 stars in the Google Play store and 2.3 out of 5 stars in the Apple store.
Amalgamated Bank is FDIC insured, so up to $250,000 is protected in individual bank accounts and $500,000 for joint bank accounts.
Social and environmental impact of Amalgamated Bank
Amalgamated Bank supports numerous social and environmental initiatives, such as immigrant rights, LGBTQ+ rights, women’s rights, and environmental justice.
Amalgamated Bank has pledged not to invest in fossil fuels projects. According to the bank’s website, 24% of its lending is solely focused on climate protection and property-assessed clean energy financing.
Through the Amalgamated Foundation’s Hate is Not Charitable campaign, the bank has also given $35 million in grants to organizations that support Black communities and communities of color.
Amalgamated Bank has been certified by the following organizations for its social and environmental impact:
Global Alliance for Banking Values (GABV): GABV is made up of an international network of mission-driven banks focused on social impact and environmental sustainability. Banks are evaluated to see if they meet certain standards to become a member.B Corporation: B Lab is a global non-profit network that issues a B Corp Certification to companies that fulfill high standards of social and environmental performance, accountability, and transparency.Green America: Green America is a non-profit organization dedicated to environmental justice. The organization certifies businesses that advocate for social change and meet their Green Business Standards. Bank.Green (Fossil free certified): To receive a Fossil Free Certification by the volunteer organization Bank. Green, financial institutions must commit to financing zero fossil fuel companies and projects now and in the future.
Amalgamated Bank trustworthiness and BBB rating
The Better Business Bureau rates companies based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Amalgamated Bank has an A+ rating from the BBB.
A strong BBB rating doesn’t guarantee you’ll have a perfect relationship with a bank, though. You’ll want to talk to bank customers or read online customer reviews of Amalgamated Bank to see if it’s a good match.
Amalgamated Bank hasn’t been involved in any recent public controversies.
Amalgamated Bank vs. Ando
Amalgamated Bank is featured in our best environmentally friendly banks guide. We compared Amalgamated Bank to two other eco-friendly banks featured in our guide: Ando and Atmos Financial.
Amalgamated Bank
Ando
Certifications
Certified B Corp, GABV Member, Green America certified, Fossil Free certified
Certifications
Certified B Corp, Fossil Free Certified
Savings APY
Amalgamated Bank Give-Back Savings Account
Savings APY
Ando Savings Account
Amalgamated Bank Give-Back Checking AccountAndo Spending Account
You’ll want to take into consideration specific bank account features, as they may help determine which bank is a better fit for you.
The Ando Spending Account lets you receive your paycheck up to two days early. If you use an Ando debit card to purchase household items or personal goods, you’ll also earn 1.5% cashback.
If you open the Amalgamated Bank Give-Back Checking Account or Amalgamated Bank Give-Back Savings Account, Amalgamated will donate the equivalent of half the interest you earn to a cause.
Amalgamated Bank vs. Atmos Financial
Amalgamated Bank
Atmos
Certifications
Certified B Corp, GABV Member, Green America certified, Fossil Free certified
Certifications
1% for the Planet, Fossil Free certified (Pending B Corp certification)
Savings APY
Amalgamated Bank Give-Back Savings Account
Savings APY
Atmos Financial Climate-Positive Savings Account
Amalgamated Bank Give-Back Checking AccountAtmos Financial Cash Back Checking
If you’re strictly searching for a high interest rate, you’ll likely favor Atmos Financial over Amalgamated Bank.
The Atmos Financial Climate-Positive Savings Account pays Atmos Financial Climate-Positive Savings Account if you make monthly donations of $1 or more to a non-profit organization that’s partnered with Atmos. When you open the Atmos Financial Climate-Positive Savings Account, Atmos also calculates the carbon impact of your account balance, which you can see on the platform’s mobile app.
The Amalgamated Bank Give-Back Savings Account pays Amalgamated Bank Give-Back Savings Account regardless of your balance. Amalgamated Bank checking and savings accounts stand out because Amalgamated gives the equivalent of half the interest you earn to a non-profit organization that it’s partnered with.
Frequently asked questions
Who can open an account at Amalgamated Bank?
You can open an online-only checking or savings account from anywhere in the US. To apply for an account, you must be at least 18 years old and have a valid US ID and social security number.
What makes Amalgamated Bank a socially responsible bank?
Amalgamated Bank supports the following social and environmental initiatives:
climate justiceimmigrant rightsLGBTQ+ rightsanti-violence gun safetycriminal justiceworkers’ rightsreproductive rightsvoting rightsracial justiceeconomic justice
A socially responsible bank will also often get certification or designations to make sure it meets certain standards or commitments toward social and environmental impact. Amalgamated Bank is a Certified B Corp and GABV Member. The bank is also Green America certified and Fossil Free certified.
Is Amalgamated Bank a good bank?
Amalgamated Bank may be a good fit if you’d like to bank with a mission-driven financial institution that supports sustainability and social justice. Many national banks invest billions in fossil fuel projects and companies, but Amalgamated has pledged not to invest in fossil fuel projects.
It also might be worth exploring if you want to avoid monthly service fees on a checking or savings account.
Is Amalgamated Bank FDIC insured?
Yes, Amalgamated Bank is FDIC insured. When a bank is federally insured, your money is protected. If a bank shuts down, your money will either be deposited at another FDIC insured financial institution or you will receive it in form of a check.