Atmos Financial is an online banking platform focused on climate justice.
Marianne Ayala/Insider
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The bottom line: You might like Atmos Financial if you want to support climate justice and earn a competitive interest rate on a high-yield savings account at the same time. The Atmos Financial Climate-Positive Savings Account pays Atmos Financial Climate-Positive Savings Account if you make monthly donations of at least $1 to an eco-friendly non-profit organization.
Overall bank review
FeatureInsider rating (out of 5)Checking4.25Savings4.25Trustworthiness5Total4.5
Pros and cons
ProsCons
Environmentally friendly banking platform with several green certifications
Deposits go toward efforts to fight climate change
Earn up to Atmos Financial Climate-Positive Savings Account on a high-savings account
Cash-back checking account
No physical locationsNo joint bank accountsCan’t deposit cash No checkbook
Atmos Financial Cash Back Checking
Atmos Financial Cash Back Checking may be a good choice if your goal is to avoid common bank charges like monthly service fees or overdraft fees.
It also might stand out to you if you frequently use your debit card. You could earn up to 5% cash back on debit card purchases at sustainable stores and restaurants listed here.
Atmos Financial Climate-Positive Savings Account
The Atmos Financial Climate-Positive Savings Account is a great high-yield savings account because it doesn’t have minimum balance requirements or monthly maintenance fees.
It’s also good if you want to earn a competitive interest rate. The Atmos Financial Climate-Positive Savings Account pays Atmos Financial Climate-Positive Savings Account if you choose to make monthly donations of at least $1 to a non-profit organization partnered with Atmos Financial.
How Atmos Financial works
Atmos Financial is an online banking platform focused on climate justice.
The online banking platform currently offers online-only high-yield savings accounts and cash-back checking accounts for individual owners. You may open an Atmos account from anywhere in the US, as long as you are at least 18 years old.
The online banking platform doesn’t have any physical branches, but customers with a cash-back checking account have free access to over 55,000 ATMs in the Allpoint network.
Customer support is available over the phone or through video conference from 8 a.m. to 6 p.m. PT on weekdays and 10 a.m. to 2 p.m. PT on Saturdays.
The Atmos Financial mobile app has 4.7 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000 through Atmos Financial’s partner bank, Evolve Bank & Trust.
How Atmos Financial fights climate change
Many big banks invest billions in fossil fuel projects and companies, but Atmos Financial focuses on only lending to climate-positive projects and supporting climate justice.
When you open an Atmos account, Atmos calculates the carbon impact of your account balance, which you can see on the platform’s mobile app. You’ll also be able to donate to sustainable non-profit organizations through the platform’s savings account or get cash-back perks when you use your checking account’s debit card at sustainable stores and restaurants.
Atmos Financial has received certifications and designations from the following organizations for its environmental impact:
1% for Planet: Companies that join 1% of the Planet have pledged to turn over 1% of annual gross sales to non-profit organizations listed on the global network’s website.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.
The banking platform has also applied to become a Certified B Corp. B Lab — the global non-profit network that issues B Corp Certifications — is currently reviewing the platform to see if it meets high standards of social and environmental performance, accountability, and transparency.
Atmos Financial trustworthiness and BBB rating
Atmos Financial hasn’t been involved in any recent public controversies.
We also include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency.
Atmos Financial hasn’t been reviewed by the BBB yet. However, its partner bank, Evolve Bank & Trust, received an A+ rating from the BBB.
A great BBB rating doesn’t necessarily mean you’ll have a smooth relationship with a company. Consider talking to current customers or reading online customer reviews to see if Atmos Financial may be right for you.
Atmos Financial is featured in our best environmentally banks guide. We compared Amalgamated Bank to two other eco-friendly banks featured in our guide: Amalgamated Bank and Spring Bank.
Atmos Financial vs. Amalgamated Bank
Deciding between these two eco-friendly options might ultimately depend on what you’re looking for in a bank account.
You’ll earn a higher interest rate through the Atmos Financial Climate-Positive Savings Account than the Amalgamated Bank Give-Back Savings Account. Notably, 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.
However, if you’d like to have the option to overdraw from your account, you may prefer Amalgamated Bank. Atmos Financial will deny a transaction if you don’t have enough money in your account.
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.
Atmos Financial vs. Spring Bank
Choosing between Atmos Financial and Spring Bank may depend on where you live.
Atmos Financial is an online-only banking platform. It doesn’t have any physical branches. Spring Bank is a local institution with two branches in the New York City area. If you don’t live near a branch, you may still open an Spring Bank account online.
You’ll also want to look at individual bank accounts to see which ones appeal to you more.
The Spring Bank Savings Account pays a high interest rate as long as you have at least $100 in your account. Meanwhile, 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 participating non-profit organization.
You might lean more toward Spring Bank if you’re considering opening a CD. Atmos Financial doesn’t offer any; it only offers high-yield savings accounts and checking accounts.
Frequently asked questions
Is Atmos Financial a bank?
Atmos Financial is an online banking platform, not a bank. However, it is partnered with a financial institution. Evolve Bank & Trust provides banking services.
Who can open an Atmos account?
You may open an Atmos account from anywhere in the US. To apply for an account, you must be at least 18 years old and use your social security number.
What makes Atmos Financial a socially responsible banking platform?
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. Atmos Financial is Fossil Free Certified and has joined 1% of the Planet by pledging to turn over 1% of annual gross sales to non-profit organizations.
Is Atmos Financial FDIC insured?
Atmos Financial bank accounts are FDIC insured through its partner bank, Evolve Bank & Trust.