Offer at a glance
The Offer
- Amalgamated Bank is offering a checking bonus of up to $2,000. The bonus you receive depends on the amount you deposit within 20 days of account opening and maintain the balance for 90 consecutive calendar days beginning the 21st day after account opening:
- $30,000.00 – $74,999.00, $500 bonus
- $75,000.00 – $199,999.00, $1,000 bonus
- $200,000.00 – $299,999.00, $1,500 bonus
- $300,000 or greater, $2,000 bonus
The Fine Print
- A new Online Checking or Affordable Checking customer is defined as a customer with no prior checking relationship with Amalgamated Bank within the last 90 calendar days.
- Account must be opened during May 30, 2023 – July 28, 2023. Offer may be discontinued or changed at any time prior to the expiration date without notice.
- The Online Checking account or Affordable Checking account must remain open and in good standing at the time we attempt to deposit the bonus payment.
- Please note that an account with a zero balance for more than 30 calendar days will result in your account being closed by us without prior notice, as further described in the Deposit Account Agreement.
- New money is defined as deposits not previously held by Amalgamated Bank.
- If your 20th day falls on a Non-Business Day we will count the first Business Day after your 20th Day. Amalgamated Bank business days are Monday through Friday, excluding holidays.
- Your one time cash bonus is determined by the lowest account balance during the 90 calendar day period. Please understand if your Balance falls into a lower Balance Level for even one day during the 90 calendar days, your Bonus will change (see Promotional Rate Information section). For example, if your Balance on the 20th Day is $200,000, the maximum Bonus you could earn is $1,500, as long as the $200,000 balance was maintained for the 90 calendar days. If your starting balance was $200,000 on Day 21, and fell to $150,000 during the 90 calendar day period, then the Maximum Bonus you can earn changes to $1,000.
- Upon the Bank’s determination of meeting the requirements the cash bonus will be credited to your Amalgamated Bank Online Checking or Affordable Checking account within 45 days if your account is open and has a positive balance at the time of bonus payout.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Unsure if there is any EATF or not.
Our Verdict
If we assume you have to tie up funds for ~120 days the best tier is 6.66% APY. Bonuses get worse as the tiers increase. Because of the current high yield savings accounts this is not really worth considering.
Hat tip to FRD
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