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Amalgamated Bank of Chicago Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Amalgamated Bank of Chicago Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1922, Amalgamated Bank of Chicago has $939 million in assets as well as $840 million in deposits, making the institution a medium-size bank. Amalgamated Bank of Chicago, whose headquarters are in Chicago, Illinois, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave the bank a 3.8 stars out of 5, which means Amalgamated Bank of Chicago is a decent choice, but with better options out there. Amalgamated Bank of Chicago has a diversity of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Amalgamated Bank of Chicago has a fair savings rate; other popular banks have higher rates. Institutions that offer free checking as well as a high interest rate savings account are your best bet for getting the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

Amalgamated Bank of Chicago has a savings rate of 0.20%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.41% and the five-year CD earns at a rate of 0.91%, while its highest-yielding money market account has an APY of 0.05%. Given Amalgamated Bank of Chicago's below average savings rate, you should consider looking elsewhere to open savings accounts.

How Amalgamated Bank of Chicago's Savings Rates Compare

Amalgamated Bank of Chicago Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Amalgamated Bank of Chicago's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Amalgamated Bank of Chicago is a brick-and-mortar bank, with two total branches in Illinois. It also offers access to mobile and web apps for easy access and banking on the go. Amalgamated Bank of Chicago gets high praise from users for its mobile platform. The Amalgamated Bank of Chicago mobile app has been given a 5.0 out of 5 (out of 3 ratings on Apple and Android) compared to the national average of 3.8. Amalgamated Bank of Chicago's mobile app lets you control your bank accounts by looking at current statements, transferring money as well as reaching support representatives. Amalgamated Bank of Chicago gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.1
SmartAsset Average: 4.8

Amalgamated Bank of Chicago is a medium-size bank with assets totaling $939 million as well as deposits totaling $840 million. Amalgamated Bank of Chicago has a strong Texas Ratio of 19.57%, signifying that Amalgamated Bank of Chicago is in fine financial condition and far from failure. Additionally, Amalgamated Bank of Chicago is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

19.57%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Amalgamated Bank of Chicago to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $250
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.41% APY
  • 24 Month: 0.57% APY
  • 36 Month: 0.78% APY
  • 48 Month: 0.91% APY
  • 60 Month: 0.91% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Amalgamated Bank of Chicago has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Amalgamated Bank of Chicago does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Amalgamated Bank of Chicago's CD rates are fair in comparison to other U.S. banks.

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Find a Amalgamated Bank of Chicago Near Me

Amalgamated Bank of Chicago has two physical locations across the U.S.

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