[Targeted] Amalgamated Bank Up To $2,000 Checking Bonus

Offer at a glance

The Offer

Direct link to 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

Useful posts regarding bank bonuses:
    William Charles
  • On May 31, 2023, 11:00
Tags: credit card fundingdirect deposit not requirednationwide bank bonusessoft pull

View Comments (43)

  • Amalgamated Bank $500 Checking Bonus DP
    - 6/17 - Application submitted and went pending
    - 6/20 - Submitted requested documents via email
    - 6/21 - Account approved / fully opened
    - 6/28 - $30K from ACH transfer posted
    - 10/16 - Withdrew $30K via ACH
    - 11/2 - $500 bonus posted

  • Is this promo by invitation only? If so, may I know how to get invited? The promo is ending on this Friday (7/28).

  • P1 approved. P2 denied because she was told "one per household" for this offer. Yet neither of us have found that condition on the fine print. Has anyone else had this issue?

  • UPDATED ANALYSIS UPDATED
    Now Includes the checking account that pays interest
    On the previous post the numbers are based on the non-interest "Affordable Checking" account.
    This list now includes the "Online Checking" Account that pays 1.05% APR in addition to the bonus.

    Still only the $30K and the $75K are worth doing. The $200K, and $300K are not worth it if you have a 5% or better account. You will come out ahead and will not lock your funds with a 5% or better savings account.

    Interest Earned on a 5% APY savings account:
    $30k, 95 days, 5% APY, Interest earned: $383.13
    $75k, 95 days, 5% APY, Interest earned: $957.82

    $200k, 95 days, 5% APY, Interest earned: $2554.20
    $300k, 95 days, 5% APY, Interest earned: $3831.29

    Use this calculator to adjust the numbers to the exact days you have the funds on deposit. Make sure you change the “Compound Frequency” to Daily, and the “Term” to days.
    https://www.omnicalculator.com/finance/

    ============================================================
    Affordable Checking DOES NOT PAY INTEREST, JUST THE BONUS
    $30k, $500 bonus, 95 days, 6.36% APR
    $75k, $1k bonus, 95 days, 5.09% APR
    $200k, $1.5k bonus, 95 days, 2.87% APR
    $300k, $2k bonus, 95 days, 2.55% APR

    ============================================================
    Online Checking, PAYS 1.05% INTEREST in addition to the BONUS
    [Funds, Bonus Earned, Days on Hold, Bonus APR + Interest rate, combined interest rate,
    interest paid, total earnings]

    $30k, $500 bonus, 95 days, 6.36% APR + 1.05% = 7.41% APR combined,
    $82.04 interest, total earnings $582.04

    $75k, $1k bonus, 95 days, 5.09% APR + 1.05% APR = 6.14% APR combined,
    $205.10 interest, total earnings $1205.10

    $200k, $1.5k bonus, 95 days, 2.87% APR + 1.05% APR = 3.92% APR combined,
    $546.94 interest, total earnings $2,046.94

    $300k, $2k bonus, 95 days, 2.55% + 1.05% APR = 3.60% APR combined,
    $820.41 interest, total earnings $2820.41

  • Bonus Analysis

    Yes I know the offer says 90-days hold, but you need time to get the money in the account.
    I added a realistic 5 extra days to be able to fund the account. Only the $500 bonus is worth doing. The $1000 is barely making money when compared to a high interest savings account paying over 5%. The $1500, and $2000 are complete money losers since you will earn much more interest on a 5% savings account.

    Interest Earned on a 5% APY savings account:
    $30k, 95 days, 5% APY, Interest earned: $383.13
    $75k, 95 days, 5% APY, Interest earned: $957.82

    $200k, 95 days, 5% APY, Interest earned: $2554.20
    $300k, 95 days, 5% APY, Interest earned: $3831.29

    Use this calculator to adjust the numbers to the exact days you have the funds on deposit. Make sure you change the "Compound Frequency" to Daily, and the "Term" to days.
    https://www.omnicalculator.com/finance/apy

    $30k, $500 bonus, 95 days, 6.36% APR
    $75k, $1k bonus, 95 days, 5.09% APR
    $200k, $1.5k bonus, 95 days, 2.87% APR
    $300k, $2k bonus, 95 days, 2.55% APR

    • as someone who is bad at math, i thank you for doing the math kind sir

      • Not bad at math, I thought amalgamated bank offered 5% + on top of the bonus you earn. Lol

        • FNBA (First National Bank of America) has good interest rates. Though nationwide it is only for CD's. If your in state you can get a checking account that current is 3.20% and 3.25% APY on the checking as long as you keep at least $1,000 in it. It is on the Hometown Checking product. Their savings account pays worse that that 3.20% checking account.

    • And when adding in the extra 1.06% the online checking offers, it works out to a slightly higher APR and around an additional $80.

    • thats great one but i see ambiguous terms. Not sure if this is worth for extra 2%.

  • Joint and multi-party account ownership only qualify for payment of the one time cash bonus. Based on that language, individual accounts do not qualify.

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