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Amalgamated Bank of Chicago Review

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Amalgamated Bank of Chicago Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1922, Amalgamated Bank of Chicago has assets totaling $939 million and $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 support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated Amalgamated Bank of Chicago 3.8 out of 5 stars, indicating that it is an acceptable bank choice, but may leave you wanting more. Amalgamated Bank of Chicago has a choice 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; you can find higher rates with other banks. Institutions that offer free checking as well as a high savings APY are your best option for gaining the highest income from your deposits while having easy access to your funds.

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 0.05%, which is poor as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.36% and 0.85%, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Amalgamated Bank of Chicago's Savings Rates Compare

Amalgamated Bank of Chicago Savings 0.05 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 bank locations in Illinois. With mobile and web apps, Amalgamated Bank of Chicago makes account access straightforward, even on the go. Amalgamated Bank of Chicago receives positive scores from customers for its mobile platform. With 3 customer reviews across iOS and Android platforms, the Amalgamated Bank of Chicago mobile app rates a 5.0 out of 5 (compared to the national average of 3.8). You can utilize Amalgamated Bank of Chicago's app to control your bank accounts by checking current statements, sending and receiving money and accessing customer service. Amalgamated Bank of Chicago receives a superb consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 currently a medium-size bank owning $939 million in assets as well as $840 million in deposits. Amalgamated Bank of Chicago has a strong Texas Ratio of 19.57%, signifying that Amalgamated Bank of Chicago is in good financial shape 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 0.05% APY $250
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.36% APY
  • 24 Month: 0.57% APY
  • 36 Month: 0.71% APY
  • 48 Month: 0.85% APY
  • 60 Month: 0.85% APY
$1000 for all terms
Money Market Account 0.05% APY $1500

Amalgamated Bank of Chicago offers several deposit products like savings accounts, checking accounts and money market accounts that provide you with 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 the average U.S. bank.

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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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