Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Nationwide
- Direct deposit required: Yes, $500 per month for two consecutive months
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: $500, Visa or Mastercard only (you can also fund a savings account with another $500, but cannot be opened at the same time as checking otherwise limited to $500 across both accounts)
- Monthly fees: None
- Early account termination fee: None mentioned
- Expiration date: January 31, 2023
- Amalgamated Bank is offering a $250 when you open a new online checking account and complete the following requirements:
- Fund your new Online Checking account with external funds
- Enroll in Amalgamated Online Banking
- Make direct deposits of at least $500 for two consecutive months by April 30, 2023
The Fine Print
- This account can only be opened online. It cannot be opened at an Amalgamated Bank branch.
- The value of the bonus may have to be reported to the IRS. Consult with your tax advisor for tax advice.
- Online checking account is considered open and eligible for promotion upon bank approval and receipt of account funding by February 15, 2023.
- Direct deposit include ACH credits of payroll, pensions or government payments payable to you. Note: that a direct deposit of less than $500 will not qualify you for the $250 bonus. All three requirements must be met by 03/31/2023. Offer is limited to one per customer and is only valid for accounts in good standing.
This account has no monthly fees to worry about.
Early Account Termination Fee
Unsure if there is any EATF or not.
Last time Amalgated offered a bonus was in 2016, so not sure how current the old data points are. Assuming this is still available nationwide this will be a popular bonus that is worth doing and we will add this to our best bank bonuses.
Hat tip to Bockrr
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
The thick plottens: Chat rep Kevin says his fellow chat rep Jeanette was mistaken when she told me the bonus would be paid by April 30. Kevin says if the requirements were met by April 30, the bonus will post by June 30. Skunks.
Has anyone received the bonus?
No, not yet. I’m expecting the bonus to be paid around June 30. People still have until the end of April to meet the DD requirement. Considering that and the fact that this bank looks like it might be 20 years outdated (online interface is garbage), I wouldn’t be surprised if they trigger one single payout for everyone who met the requirements. They probably couldn’t even figure out how to trigger individual payments as requirements are met.
Nothing for me yet. Honestly I will be shocked if it ends up paying out. Have just had a feeling the entire time with this one.
They actually called me a couple weeks ago to check in. Wanted to make sure everything was working ok. Asked to make sure that I was able to get into online banking so that I could meet the requirements for the bonus. I trust they will pay it out.
Thinking I messed this one up.
Followed the header for this offer; “Direct deposit required: Yes, $500 per month for two consecutive months” but called Amalgamated after my vacation (and most of March has passed) and they confirmed it’s ea. DD must be 500. Sucks, guess I’m closing out this account early.
Yeah it sounds like you did. Always remember to read the fine print. In this case the answer to your question was there:
“4 Direct deposit include ACH credits of payroll, pensions or government payments payable to you. Note: that a direct deposit of less than $500 will not qualify you for the $250 bonus. All three requirements must be met by 03/31/2023. Offer is limited to one per customer and is only valid for accounts in good standing.”
I’m guilty of going too fast sometimes and overlooking details at times too, though, so I can’t be too harsh on you. This banks fine print and main header on the ad don’t even match though (main header states complete by 4/30/23 and fine print states complete by 3/31/23, terrible discrepancy). Really a crap bank.
Has anyone received the bonus yet by chance? Seems like most post a couple weeks after required activities are met. Just curious if the general consensus is that it will ACTUALLY not post until end of June
Just sharing that I received a reply back from Customer service that the bonus payout will be made by June 30, 2023 as long as account has met the requirements and is active.
This link is for my benefit, but hopefully others find it useful as well.
Any DPs on payout?
$500 real DDs in January and February not sure if I should do.march
Kevin R Not sure if this counts as a DP, but my second consecutive month of real DDs was March 1, and chat rep told me yesterday to expect bonus April 30. According to the bonus offer page posted above by Nate nate, bonus will be paid by June 30, so who knows, rep might just have been reading the part that says the second DD must be posted by April 30.
Real legit DD was rejected and flagged for security reasons by my employer. Tried sending Chase rewards to try to trigger DD since I need to figure that out now. Chase cancelled my rewards redemption and their fraud line called me; my Chase card is now in review, waiting on a call back. Any transfers I’ve done which has only been opening deposit and another push from Ally, they gone through just fine. Seems anything DD so far isn’t working. Anyone else having these issues?
Any DPs on Schwab or Fidelity? What did they show up as for people that tried?
Has anyone done a real DD to this account? What does it display as? Alliant CU shows as XFER and Amex Business shows as TRANSFER. Both are listed as deposit but not sure if they work.
I have two real DDs for mine. Both came in as “[XXXX]/PAYROLL” on the transaction line, employer name is in the brackets.
Thanks, I guess I gotta keep trying other options.
Mine shows numbers and payroll company.. when i click the description is listed as “DEPOSIT”