Deal has ended, view more bank account bonuses by clicking here.
Update 7/23/23: Deal is back and valid until 7/31/23.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Nationwide
- Direct deposit required:Â None
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â $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:Â None
- Early account termination fee:Â EATF
- Household limit:Â None listed
- Expiration date:Â July 22, 2023
Contents
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?
- 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
Does anyone know what the 25 qualifying transactions need to be?
number of required transactions is the deal killer for me. Pass
yeah, it’s an absolutely absurd amount of required transactions, just not worth the time and effort
I think I might give it a try since it’s business accounts this time. I applied for a personal account in 12/2022. The app went under review and I got denied a day later.
25 vs 50 qualifying transactions.
No defines what qualifying is…
That’s G D right. I wonder if they’re cool with Amazon reload or Cash App reload……
seems in-branch only with an email to get a response. I lived for 30 years near the branch on 3rd Ave and 23 rd St. Moved out 20 years ago. i live 75 miles north. Would definitely not risk going to Manhattan for a measly 150.00.
Thanks Barry for sharing your. What made you move to upstate New York? Because of the high taxes and high crime in the city?
barrytuneup
you got it. It just got worse and worse! cant keep a nice car either. hardly any drug stores left. All the NYC Rite Aid’s are closed and Walgreens has also closed most stores. Al the crappy grocery stores have most items under lock and key. my friend keeps me informed as he is moving out Aug 30. https://nypost.com/2023/06/30/shoplifting-in-nyc-so-bad-that-pints-of-ice-cream-now-have-anti-left-lids/
. The $150 bonus is worth doing.
——-
After taxes, it’s more like $100.
So is it really worth enduring the opening/closing process and keeping track of the account?
I don’t think it’s worth the time.
If your tax situation is that you have to pay $50 of $150 in reported interest on a 1099-INT, then you don’t belong on this website.
For 99% of people, $150 in interest makes a difference of a few bucks on their tax return, if that.
33% tax isn’t a lot when you factor in state, local and federal at whatever your marginal rate is. A single person making $60k would be over 30%… and at 90k it’d definitely hit 33%.
33% isn’t a lot? Okay, Mr. Moneybags.
At the end of the day, your income in general will make the biggest difference on how much of a slice Uncle Sam takes away from all those bonuses.
I did P2’s taxes for 2022. The job income was only 40k. All checking bonuses came out to around $1850 and only about $175 was taken out from taxes.
obviously if the income was double, the % taken out would have been much more substantial. That’s why it’s YMMV for everyone.
When I said that 33% isn’t a lot… I was responding to someone who said that you had to be rich to pay $50 on $150 of marginal income. Again, my state and local taxes are pretty close to a flat 8%. A single payer is at 22% federally at $44k. Now, obviously, there’s exemptions andv deductions… so perhaps you only need about $58k before you’re paying 30% total.
Hence my comment that a lot of people are in fact going to be paying close to 33%.
If you are making more than $11k (after deductions), you are in the 12% tax bracket already, at 44k you are at the 22% bracket. Then there is also state taxes. You have to look at your marginal tax rate, not the overall tax rate.
THIS ^ there isn’t anyone running a well run, passthrough business (a sole p or LLC) that is paying 33% on this kind of amount of money as taxes.
Do you mean 33% is high or low for a business?
But a lot of people here have a “business”, without the tax deductions that a real business would have.
I just called them. They said that we have to open the account in branch in New York.
William Charles 
Chuck
They also ask for state registration for your business, if you want to open a account as a sole proprietor. Thanks Will
If you look at their past bonuses on DoC, some readers said that they did NOT get their bonuses on time, even with real DD. How am I supposed to let them keep my money if they don’t pay out on time?
https://www.doctorofcredit.com/amalgamated-bank-250-checking-bonus/
https://www.doctorofcredit.com/amalgamated-bank-up-to-2000-checking-bonus/
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#Amalgamated_Bank
This says you can’t fund with a credit card.
This sounds like Armageddon…..
That is correct.