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
Contents
The Offer
- 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.
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
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
Two consecutive months of DD by April 30, 2023 but all three steps must be completed by March 31, 2023? Huh? 🤔
Thanks, marked as expired.
If I apply today (last day) and they request ID causing a delay of a day or more will they still honor the $250 bonus or will they say it isn’t eligible cause all the supporting docs weren’t present until after today?
On the promo page, terms for footnote 3 say: “Online checking account is considered open and eligible for promotion upon bank approval and receipt of account funding by February 15, 2023”. I just applied and got the review email, so guess we’ll see.
I received this email from them immediately after being approved
“Thank you for recently opening an Online Checking account with us. We’re proud to be your bank of choice to house your hard-earned money!
Since 1923 we have been committed to one vision – economic opportunity for all. As America’s socially responsible bank, we’re dedicated to supporting sustainable organizations, advancing positive social change and advocating for social justice.
We’re net-zero and powered by 100% renewable energy, and we have a long, proud history of providing affordable access to the banking system, supporting immigrants and affordable housing, and being a champion of workers’ rights. Our goal is to continue to grow with you — our customers and clients, by providing you with the tools and resources needed to accomplish your goals.”
This makes me feel better about using them versus other banks I have seen. Props to them for putting this front and center.
Nice, this makes me feel better about taking $250 of their money and then closing my account ASAP.
Get woke, go broke.
This one went pretty smoothly for me. I applied, they asked for follow up documentation (ID, official document containing your current address) After two days, I was able to open it after the trial deposits went through. I don’t think I had the option to credit card fund though, only bank account funding.
Inquiry on Chex.
DP:
Applied online, denied. No reason given.
Whats your ?/24
Anyone know if the DDs can to be calendar month or need to be statement month?
Hey
Kevin R,
Looks like calendar and statement are the same in this case. My first two statements came out on the last business day of the month (12/30 and 01/31). My first DD was scheduled for 01/03/23, but posted on 12/30 due to the holiday. My second DD posted 02/01 as scheduled, so it’s not on the 01/31 statement. I’m guessing they will count the 02/01 and 03/01 DD’s as the first and second of two required “consecutive” DD’s. Unfortunate instance in which early posting worked to my disadvantage. 🙁
Has anyone tried linking this to Mint? Whenever I try it asks for verification but it lists two numbers that aren’t mine. My account info has the updated info and I’m entering my account/password no problem, but the verification is for two numbers I don’t know…
So I got the email to send the documents but to where there was no links. I just sent it to the sender email. When I go into the application it asks about micro transactions and reference number?
Kevin
Kevin R –
I may be a little paranoid, but I generally avoid sending any personal confidential info (like SSN, DoB, photo of drivers license, copies of bank statements etc.), over regular email due to security risks… I emailed the “AccountSupport@AmalgamatedBank.com” address and asked them about secure upload or encrypted email options. They promptly replied with secure email link that allowed me to proceed.