Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Nationwide
- Direct deposit required: Yes, $500 per month for two consecutive months
- Additional requirements: None
- Hard/soft pull: Soft
- 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: None mentioned
- Expiration date: January 31, 2023
Contents
The Offer
- Amalgamated Bank is offering a $250 when you open a new online checking account and complete the following requirements:
- Fund your new Online Checking account with external funds
- Enroll in Amalgamated Online Banking
- Make direct deposits of at least $500 for two consecutive months by April 30, 2023
The Fine Print
- This account can only be opened online. It cannot be opened at an Amalgamated Bank branch.
- The value of the bonus may have to be reported to the IRS. Consult with your tax advisor for tax advice.
- Online checking account is considered open and eligible for promotion upon bank approval and receipt of account funding by February 15, 2023.
- Direct deposit include ACH credits of payroll, pensions or government payments payable to you. Note: that a direct deposit of less than $500 will not qualify you for the $250 bonus. All three requirements must be met by 03/31/2023. Offer is limited to one per customer and is only valid for accounts in good standing.
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Unsure if there is any EATF or not.
Our Verdict
Last time Amalgated offered a bonus was in 2016, so not sure how current the old data points are. Assuming this is still available nationwide this will be a popular bonus that is worth doing and we will add this to our best bank bonuses.
Hat tip to Bockrr
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
View Comments (293)
Note for when this returns: there is now a $1 monthly fee that is waived for eStatement enrollment
Remind me never to deal with these skunks again:
- After 2 weeks of waiting for a reply to my secure message asking to close the account, I tried chatting;
- Chat rep gave me the option of visiting a branch or sending them a letter by snail mail with a copy of my D/L;
- The day after I mailed my letter, they finally replied to my secure message, saying the account would be closed in 24-48 hours. So I wasted a stamp and my time. Morons.
No bonus yet. Application was approved before the 1/31 deadline (they pulled Chex TWICE for some reason), but due to snafus (their fault) funding took a few days and account shows as opened 2/6/23. I've sent an inquiry today. made 2 regular DDs $500+ in Feb and Mar...but we'll see.
Hoping to avoid CFPB complaint...
Update: no answer from email, did online chat yesterday, they forwarded to online accounts dep't which said my DDs didn't qualify (they are regular payroll DDs from my employer). I attached the two paystubs to a reply and today they are crediting me with the $250 bonus. (First time ANY bank gave me ANY problem with my true payroll DDs!).
Has anyone successfully zeroed out and closed the account? I messaged them August 3 asking to close the account, still waiting for a reply.
Late DP, thought I already posted it; used real DDs:
01/11/2023 Opened/Funded account 100.00
02/15/2023 [Employer]/Payroll 500.00
03/01/2023 [Employer]/Payroll 500.00
03/15/2023 [Employer]/Payroll 500.00
06/29/2023 OC250 Promotional Deposit 250.00
Looking in their bonus fine print for a timeline on future bonuses
Closed my account today. Attempted to do it all via chat, but they wanted to talk to me to confirm info. Pretty painless.
@guest_1505248 Did you zero out the account before you talked with them? I tried to zero it out with an external transfer, and it sat there spinning until I finally gave up.
Thanks for this info. Did you zero it out first?
yep
Eureka! Bonus posted late yesterday, after they called to ask for proof that my DDs were from a government pension. Skunks.
I called them 3 times and today got a phone call from them to show them my paystub to prove I qualified for the bonus. At least they're trying....(and another good reminder that you should always try to use real DDs as much as possible)
I got the same phone call 7/5/23 requesting pay stubs. I emailed my pay stubs to their banking rep who verified that he received them He said he will forward my information for review.
I'd sent them a message inquiring, today they called me. Same thing, they wanted my paystub. They didn't like that it said "State of ID" as the source. I don't know why, they should be able to tell if it's a direct deposit, and that is the name of my employer. I sent them the paystub, they said they'll send it soon.
I just received mine the other day. I did not reach out – happy to see they paid out without me getting on them about it.
got the bonus - anyone know if there is an Early Account Termination Fee
I searched and could not find anything, so I am going with no ETF. Many banks are 6 months or 1 year. I think many of us are over 6 months, I am going to cancel soon after I withdraw all of my money.