Offer at a glance
Maximum bonus amount: $300
Availability: Nationwide
Direct deposit required: None
Additional requirements: None
Hard/soft pull: Soft
ChexSystems: Unknown
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: EATF
Household limit: None listed
Expiration date: July 22, 2023
The Offer
Amalgamated Bank is offering a $150-$300 business checking bonus when you open a new business checking account and complete the following requirements:
$150 when you open a Amalgamated Business Checking and maintain $2,500.00 every month for 3 consecutive months following one full calendar month after account opening.
$300 when you open a Amalgamated Business Checking Plus and maintain $15,000.00 every month for 3 consecutive months following one full calendar month after account opening
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business checking has no monthly fees to worry about, business plus has a $25 fee that is waived with a minimum balance of $15,000.
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
$300 bonus isn’t really worth doing as if you put the $15,000 into a 5% earning account you’d earn $187.5 anyway. The $150 bonus is worth doing. This is the first business bonus we’ve seen from Amalgamated.
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?
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Complete List Of Ways To Close Bank Accounts At Each Bank
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