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Atmos Financial Overall Bank Review
| Feature | Insider rating (out of 5) |
| Checking | 4 |
| Savings | 4 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Atmos Financial Pros and Cons
| Pros | Cons |
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Review
may be a good choice if your goal is to avoid common bank charges like monthly service fees or overdraft fees.
It also might stand out to you if you frequently use your debit card. You could earn up to 5% cash back on debit card purchases at select sustainable stores and restaurants.
Review
The is a great high-yield savings account because it doesn't have minimum balance requirements or monthly maintenance fees.
It's also good if you want to earn a competitive interest rate. The pays APY if you choose to make monthly donations of at least $1 to a non-profit organization partnered with Atmos Financial. The best high-yield savings accounts pay more, but this is a good balance between earning a high rate and using an environmentally friendly bank.
About Atmos Financial
Atmos Financial is an online banking platform focused on climate justice.
The online banking platform currently offers online-only high-yield savings accounts and cash-back checking accounts for individual owners. You may open an Atmos account from anywhere in the US, as long as you are at least 18 years old.
The online banking platform doesn't have any physical branches, but customers with a cash-back checking account have free access to over 55,000 ATMs in the Allpoint network.
Customer support is available over the phone or through video conference from 8 a.m. to 6 p.m. PT on weekdays and 10 a.m. to 2 p.m. PT on Saturdays.
The Atmos Financial mobile app has 4.6 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000 through Atmos Financial's partner bank, Evolve Bank & Trust.
How Atmos Financial Fights Climate Change
Many big banks invest billions in fossil fuel projects and companies, but Atmos Financial focuses on only lending to climate-positive projects and supporting climate justice.
When you open an Atmos account, Atmos calculates the carbon impact of your account balance, which you can see on the platform's mobile app. You'll also be able to donate to sustainable non-profit organizations through the platform's savings account or get cash-back perks when you use your checking account's debit card at sustainable stores and restaurants.
Atmos Financial has received certifications and designations from the following organizations for its environmental impact:
- 1% for Planet: Companies that join 1% of the Planet have pledged to turn over 1% of annual gross sales to non-profit organizations listed on the global network's website.
- Bank. Green (Fossil Free Certified): To receive a Fossil Free Certification by the volunteer organization Bank. Green, financial institutions must commit to financing zero fossil fuel companies and projects now and in the future.
The banking platform has also applied to become a Certified B Corp. B Lab — the global non-profit network that issues B Corp Certifications — is currently reviewing the platform to see if it meets high standards of social and environmental performance, accountability, and transparency.
Is Atmos Financial Trustworthy?
We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency.
Atmos Financial hasn't been reviewed by the BBB yet. However, its partner bank, Evolve Bank & Trust, received a B rating from the BBB. The bureau cites the high volume of customer complaints and government action taken against Evolve as the reason for the rating.
In 2022, the Department of Justice resolved allegations that Evolve engaged in discrimation based on race, national origin, and sex in its mortgage lending from 2014 to 2019. Evolve paid $1.3 million to borrowers who were affected, plus a $50,000 civil penalty.
Atmos Financial itself has not faced any legal issues or public controversies.
Atmos Financial FAQs
Is Atmos Financial a bank?
Atmos Financial is an online banking platform, not a bank. However, it is partnered with a financial institution. Evolve Bank & Trust provides banking services.
Who can open an Atmos account?
You may open an Atmos account from anywhere in the US. To apply for an account, you must be at least 18 years old and use your social security number.
What makes Atmos Financial a socially responsible banking platform?
A socially responsible bank will also often get certification or designations to make sure it meets certain standards or commitments toward social and environmental impact. Atmos Financial is Fossil Free Certified and has joined 1% of the Planet by pledging to turn over 1% of annual gross sales to non-profit organizations.
Is Atmos Financial FDIC insured?
Atmos Financial bank accounts are FDIC insured through its partner bank, Evolve Bank & Trust.
Methodology: How We Rated Atmos Financial
We rated Atmos' accounts and services using Insider's bank account methodology.
We generally look at customer support, mobile apps, and ethics when reviewing a bank. Then we look at specific factors depending on the type of account. For example, we consider overdraft fees for checking accounts and interest rates for savings accounts.
How Atmos Financial Compares
Atmos Financial vs. Amalgamated Bank
Deciding between these two eco-friendly options might ultimately depend on what you're looking for in a bank account.
You'll earn a higher interest rate through the than the . Notably, the pays APY if you make monthly donations of $1 or more to a non-profit organization that's partnered with Atmos.
However, if you'd like to have the option to overdraw from your account, you may prefer Amalgamated Bank. Atmos Financial will deny a transaction if you don't have enough money in your account.
Amalgamated Bank checking and savings accounts stand out because Amalgamated gives the equivalent of half the interest you earn to a non-profit organization that it's partnered with.
Atmos Financial vs. Spring Bank
Choosing between Atmos Financial and Spring Bank may depend on where you live.
Atmos Financial is an online-only banking platform. It doesn't have any physical branches. Spring Bank is a local institution with two branches in the New York City area. If you don't live near a branch, you may still open an Spring Bank account online.
You'll also want to look at individual bank accounts to see which ones appeal to you more.
The pays a high interest rate as long as you have at least $100 in your account. Meanwhile, the pays APY if you make monthly donations of $1 or more to a participating non-profit organization.
You might lean more toward Spring Bank if you're considering opening a CD. Atmos Financial doesn't offer any; it only offers high-yield savings accounts and checking accounts.
from All Content from Business Insider https://www.businessinsider.com/personal-finance/atmos-financial-banking-review
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