Friday, 5 June 2020

Amalgamated Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Amalgamated Bank Reviews: Checking, Savings, CD, Money Market, and IRA Accounts
22 Aug
7:39

Amalgamated Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.60%

Savings

Amalgamated Bank Online Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.00%

CD Rates

Amalgamated Bank 1 Year CD (In Branch Only)

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

1.35%

CD Rates

Amalgamated Bank 3 Year CD (In Branch Only)

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

1.45%

CD Rates

Amalgamated Bank 5 Year CD (In Branch Only)

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Amalgamated Bank’s checking account options

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How Amalgamated Bank’s checking accounts compare

As far as rates go, most of their products are on par with some of the best offerings out there. Like many of its competitors, Amalgamated Bank requires no opening minimum balance or monthly maintenance fees. These checking accounts are also unique in that it offers you a chance to give back to a nonprofit organization.

However, for those seeking the highest APYs on the market, you’ll want to look at our list of the current best online checking accounts.

Amalgamated Bank’s savings account options

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How Amalgamated Bank’s savings accounts compare

Both savings accounts are pretty much on par with what’s currently being offered out there. Although some of their competitors offer slightly higher rates, Amalgamated Bank requires a comparatively low minimum opening deposit. Plus, these accounts offer you the opportunity to donate to worthy causes, whereas other banks may not.

You can always check our list of the current best rates to nab the best deal on a savings account.

Amalgamated Bank’s CD rates

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How Amalgamated Bank’s CD rates compare

Unfortunately, these rates fall short in comparison to what other banks and credit unions are offering. Amalgamated Bank’s competitors also offer low minimum opening deposits and different account terms. With the jumbo CDs, these rates are pretty low, though they do offer short term options. If you’re after the best APYs – no matter how much you intend on depositing – you’re better off looking at our list of the current best CD rates.

Amalgamated Bank’s money market account options

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How Amalgamated Bank’s money market account compares

The money market account rates here fall way short in comparison to other online banks and credit unions. Others offer rates almost five times that of Amalgamated Bank’s and have low minimum opening deposit amounts. Some even offer ATM cards with higher withdrawal limits than this bank does.

In short, you’re better off opening an account somewhere else. You can do some comparison shopping using our list of the current best money market rates.

Amalgamated Bank IRA options

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How Amalgamated Bank’s IRA CD rates compare

The promotional rates as well as the 36-month IRA CD are slightly lower than the other offerings out there, but the other terms fall way short when looking at our list of the top IRA CD rates. However, other competitors require higher minimum opening deposits so you’ll need to do some comparison shopping to see if you’re able to meet those amounts. If you can, then you’re better off looking elsewhere.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/amalgamated-bank/

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