Bonus Qualifying Requirements
- Open a Convenience+ Checking account by June 30, 2016, either in-branch (must mention offer) or online.
- Set up recurring qualifying Direct Deposit (defined as "payroll, pension or government payments payable to you") of at least $500.
- Have at least one qualifying Direct Deposit of at least $500 post and settle within 60 days of account opening.
- Offer limited to one per customer.
- Valid only for accounts in good standing.
- $150 bonus will be deposited within 30 days of the qualifying Direct Deposit occurring.
There is no minimum deposit required to open a Convenience+ Checking account, and the $5 monthly maintenance fee can be waived with a qualifying Direct Deposit.
The monthly service fee will be waived for the first statement
cycle to allow you to receive direct deposit to your account.
There is no mention of an early termination fee on either the promotion page or the Fee Schedule.
And finally, there is no mention of the word "new" in the promotion fine print. In other words, existing and former Amalgamated Bank customers are not necessarily excluded from this promotion.
Headquartered in New York City, Amalgamated Bank offers its product line to all U.S. Citizens and Resident Aliens, 18 years or older.
Opening a Convenience+ Checking account and applying for the $150 bonus can be done online, or at any of 14 New York branches, located in Manhattan (7), The Bronx (3), Brooklyn (2), and Queens (2). Amalgamated Bank also has a California branch (Pasadena) and a branch located in the District of Columbia.
Amalgamated Bank (FDIC Certificate # 622) has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 13.14% (excellent), based on December 31, 2015 data. In the past year, Amalgamated Bank has increased its total deposits by $209.67 million, an excellent annual growth rate of 8.31%. Please refer to our financial overview of Amalgamated Bank for more details.
Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America and was New York City’s first labor bank. In the first years of operation, Amalgamated Bank instituted two innovations to help working people: the first unsecured personal loans for working families were introduced in 1924, and shortly afterward, the first foreign-exchange transfer service was initiated. The latter allowed immigrants to safely send funds to relatives in Europe, payable in dollars. Today, Amalgamated Bank is the largest majority union-owned bank in the country, holding assets in excess of $3.8 billion.
How the $150 Bonus Compares
Assuming a Convenience+ Checking account is opened with the required minimum of $500 in recurring direct deposit and is kept opened for three months to ensure the bonus being awarded:
- $1k for 90 days in a Convenience+ Checking account = $150 bonus
- $1k for 90 days in a savings account earning 1% = $2.49 interest
The above rates are accurate as of 5/13/2016.
Other Bank Promotions and Bonuses
Not eligible for Amalgamated Bank’s $150 checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.