[Expired] Amalgamated Bank $150-$300 Business Checking Bonus

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

The Offer

Direct link to 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.

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    William Charles
  • On July 17, 2023, 10:00
Tags: direct deposit not requirednationwide bank bonusessoft pull

View Comments (29)

    • 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.

    • 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.

  • . 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.

      • 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.

      • 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.

      • 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%.

          • 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%.

          • @guest_1655461 @guest_1655466 @guest_1655483 @guest_1655396 @guest_1655507

            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.

  • I just called them. They said that we have to open the account in branch in New York.
    They also ask for state registration for your business, if you want to open a account as a sole proprietor. Thanks Will
    @will @chucksithe

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