Most people depositing money into a savings account are simply looking for a safe place to keep their money. The more ambitious of us will shop around for the highest interest rate possible, which isn’t that high with current rates well under 1%.
But what if you are looking to back a cause with your deposited money? That can be a tall order to fill.
If your cause happens to be supporting a green climate, Atmos Financial could have the perfect savings account for you. They support clean energy initiates by loaning customer deposits. But that doesn't mean customers are taking unnecessary risks. Atmos deposits are FDIC insured. In this article, we'll see how Atmos links green energy to banking.
Quick Summary
- Offers a solid yield on deposits
- Supports green energy initiatives
- No fees or minimum balance
|
Atmos Financial Details |
|
|---|---|
|
Product Name |
Atmos Financial |
|
Min Deposit |
$0 |
|
APY |
Up to 0.51% |
|
Monthly Fee |
$0 |
|
Account Type |
Savings |
|
Promotions |
None |
Who Is Atmos Financial?
Atmos Financial is a fintech that loans its deposits to green initiatives. It was founded in January 2020 by Ravi Mikkelsen. Atmos isn’t a bank. It offers banking services through Synapse's bank partners, members FDIC.
“Banks lend out money, and it’s these loans that create the society in which we live,” Mikkelsen told Climate Impact Capital. “By choosing where we bank, we get to choose what type of world we live in.
What Do They Offer?
Atmos Financial offers deposit accounts that pay up to a 0.51% APY through its AtmosACTION Savings Account. There are no monthly fees or minimum deposit requirements.
While that may sound like every other bank out there, Atmos sets itself apart by loaning its deposits to clean energy initiatives. It makes money on the spread between the loan and the interest paid out to its customers.
Interest Rates
The interest rate you’ll receive is based on the amount deposited. You'll also earn an additional 0.11% if you sign up for automatic recurring monthly donations to one of the many nonprofits that Atmos supports. The table below details the current rates.
|
Account Balance |
Base Interest Rate |
With Monthly Recurring Nonprofit Donations |
|---|---|---|
|
< $9,999.99 |
0.30% |
0.41% |
|
$10,000.00 - $24,999.99 |
0.35% |
0.46% |
|
> $25,000.00 |
0.40% |
0.51% |
Atmos Financial currently offers only a savings account. Investment products are not available but the Atmos team is happy to recommend what they consider to be great climate-focused investment products.
Related: Socially Responsible Investing: Align Your Investments With Your Values
Clean Energy Initiatives
Atmos Financial loans are distributed through partner banks. Those loans go to green initiatives in the following areas:
Atmos also avoids lending money to companies that are in any of the following business segments:
Climate Impact Measurements
To get an idea of how your deposits positively impact the climate, Atmos measures impact in tons of CO2 removed per year. Below is a scale showing how much CO2 that Atmos says you can remove in a year based on your deposits:
|
Deposited Amount |
Tons Of CO2 Removed |
Equivalent Number Of Miles Not Driven Per Year |
|---|---|---|
|
$1,000 |
1 |
2,634 |
|
$2,500 |
3 |
6,585 |
|
$5,000 |
6 |
13,169 |
|
$10,000 |
12 |
26,338 |
|
$20,000 |
23 |
52,676 |
For comparison, the average American contributes 16 tons of CO2 into the atmosphere every year. That’s one of the highest CO2 contributions per person in the world.
Are There Any Fees?
Atmos Financial doesn't charge a monthly service fee and there are no minimum balance requirements. In fact, there are no fees mentioned on the site whatsoever.
However, it should be noted that the website also doesn't mention anything about fee-free ATM access. There may simply be no way to make ATM deposits or withdrawals to your Atmos account. But if you can, it's likely that you'll need to pay an out-of-network ATM fee.
|
Header
|
|
 |
 |
|---|---|---|---|
|
Rating |
|||
|
APY |
Up to 0.51% |
Up to 0.70% |
Up to 0.50% |
|
Monthly Fees |
$0 |
$0 |
$0 |
|
Min Deposit |
$0 |
$100 |
$100 |
|
Checking Account |
|||
|
FDIC Insured |
|||
|
Cell
|
How Do I Open An Account?
You can visit the Atmos Financial website to get started. The sign up process is simply and should only take about four minutes to complete.
Still have a few more questions about how the company's process works that you'd like to have answered before opening your account? No problem. Simply book a 15-minute video conference meeting with a member of the Atmos team.
Is My Money Safe?
Yes, deposited funds are FDIC insured up to $250,000 through Atmos' partner banks.
Is It Worth It?
An APY of 0.30% to 0.51% is not bad at all in today's interest rate environment. That alone could be enough to entice people to deposit their funds with Atmos. But if you also want to support the climate, Atmos Financial is the bank (or fintech in this case) for you.
There's no real drawback to using Atmos. Your money remains liquid and you get all of the benefits of a modern-day savings account. However, if maximizing APY is your top priority, know that other top banks may offer a slightly higher base rate. Compare high-yield savings accounts here >>>
Atmos Financial Features
|
Account Types |
Savings |
|
Minimum Deposit |
$0 |
|
APY |
Base Interest Rate
With Monthly Recurring Nonprofit Donations
|
|
Maintenance Fees |
$0 |
|
Clean Energy Initiatives |
|
|
Branches |
None (online-only bank) |
|
ATM Availability |
Unclear |
|
Customer Service Number |
1-866-246-7194 |
|
Customer Service Email |
hello@joinatmos.com |
|
Booking Link For Video Meeting |
https://ift.tt/3vsy23c |
|
Mobile App Availability |
None |
|
FDIC Insurance |
Yes, through Synapse bank partners |
|
Promotions |
None |
The post Atmos Financial Review: High-Yield, Climate-Focused Savings Accounts appeared first on The College Investor.
from The College Investor
Most people depositing money into a savings account are simply looking for a safe place to keep their money. The more ambitious of us will shop around for the highest interest rate possible, which isn’t that high with current rates well under 1%.
But what if you are looking to back a cause with your deposited money? That can be a tall order to fill.
If your cause happens to be supporting a green climate, Atmos Financial could have the perfect savings account for you. They support clean energy initiates by loaning customer deposits. But that doesn't mean customers are taking unnecessary risks. Atmos deposits are FDIC insured. In this article, we'll see how Atmos links green energy to banking.
Quick Summary
- Offers a solid yield on deposits
- Supports green energy initiatives
- No fees or minimum balance
|
Atmos Financial Details |
|
|---|---|
|
Product Name |
Atmos Financial |
|
Min Deposit |
$0 |
|
APY |
Up to 0.51% |
|
Monthly Fee |
$0 |
|
Account Type |
Savings |
|
Promotions |
None |
Who Is Atmos Financial?
Atmos Financial is a fintech that loans its deposits to green initiatives. It was founded in January 2020 by Ravi Mikkelsen. Atmos isn’t a bank. It offers banking services through Synapse's bank partners, members FDIC.
“Banks lend out money, and it’s these loans that create the society in which we live,” Mikkelsen told Climate Impact Capital. “By choosing where we bank, we get to choose what type of world we live in.
What Do They Offer?
Atmos Financial offers deposit accounts that pay up to a 0.51% APY through its AtmosACTION Savings Account. There are no monthly fees or minimum deposit requirements.
While that may sound like every other bank out there, Atmos sets itself apart by loaning its deposits to clean energy initiatives. It makes money on the spread between the loan and the interest paid out to its customers.
Interest Rates
The interest rate you’ll receive is based on the amount deposited. You'll also earn an additional 0.11% if you sign up for automatic recurring monthly donations to one of the many nonprofits that Atmos supports. The table below details the current rates.
|
Account Balance |
Base Interest Rate |
With Monthly Recurring Nonprofit Donations |
|---|---|---|
|
< $9,999.99 |
0.30% |
0.41% |
|
$10,000.00 - $24,999.99 |
0.35% |
0.46% |
|
> $25,000.00 |
0.40% |
0.51% |
Atmos Financial currently offers only a savings account. Investment products are not available but the Atmos team is happy to recommend what they consider to be great climate-focused investment products.
Related: Socially Responsible Investing: Align Your Investments With Your Values
Clean Energy Initiatives
Atmos Financial loans are distributed through partner banks. Those loans go to green initiatives in the following areas:
Atmos also avoids lending money to companies that are in any of the following business segments:
Climate Impact Measurements
To get an idea of how your deposits positively impact the climate, Atmos measures impact in tons of CO2 removed per year. Below is a scale showing how much CO2 that Atmos says you can remove in a year based on your deposits:
|
Deposited Amount |
Tons Of CO2 Removed |
Equivalent Number Of Miles Not Driven Per Year |
|---|---|---|
|
$1,000 |
1 |
2,634 |
|
$2,500 |
3 |
6,585 |
|
$5,000 |
6 |
13,169 |
|
$10,000 |
12 |
26,338 |
|
$20,000 |
23 |
52,676 |
For comparison, the average American contributes 16 tons of CO2 into the atmosphere every year. That’s one of the highest CO2 contributions per person in the world.
Are There Any Fees?
Atmos Financial doesn't charge a monthly service fee and there are no minimum balance requirements. In fact, there are no fees mentioned on the site whatsoever.
However, it should be noted that the website also doesn't mention anything about fee-free ATM access. There may simply be no way to make ATM deposits or withdrawals to your Atmos account. But if you can, it's likely that you'll need to pay an out-of-network ATM fee.
|
Header
|
|
|
|
|---|---|---|---|
|
Rating |
|||
|
APY |
Up to 0.51% |
Up to 0.70% |
Up to 0.50% |
|
Monthly Fees |
$0 |
$0 |
$0 |
|
Min Deposit |
$0 |
$100 |
$100 |
|
Checking Account |
|||
|
FDIC Insured |
|||
|
Cell
|
How Do I Open An Account?
You can visit the Atmos Financial website to get started. The sign up process is simply and should only take about four minutes to complete.
Still have a few more questions about how the company's process works that you'd like to have answered before opening your account? No problem. Simply book a 15-minute video conference meeting with a member of the Atmos team.
Is My Money Safe?
Yes, deposited funds are FDIC insured up to $250,000 through Atmos' partner banks.
Is It Worth It?
An APY of 0.30% to 0.51% is not bad at all in today's interest rate environment. That alone could be enough to entice people to deposit their funds with Atmos. But if you also want to support the climate, Atmos Financial is the bank (or fintech in this case) for you.
There's no real drawback to using Atmos. Your money remains liquid and you get all of the benefits of a modern-day savings account. However, if maximizing APY is your top priority, know that other top banks may offer a slightly higher base rate. Compare high-yield savings accounts here >>>
Atmos Financial Features
|
Account Types |
Savings |
|
Minimum Deposit |
$0 |
|
APY |
Base Interest Rate
With Monthly Recurring Nonprofit Donations
|
|
Maintenance Fees |
$0 |
|
Clean Energy Initiatives |
|
|
Branches |
None (online-only bank) |
|
ATM Availability |
Unclear |
|
Customer Service Number |
1-866-246-7194 |
|
Customer Service Email |
hello@joinatmos.com |
|
Booking Link For Video Meeting |
https://ift.tt/3vsy23c |
|
Mobile App Availability |
None |
|
FDIC Insurance |
Yes, through Synapse bank partners |
|
Promotions |
None |
The post Atmos Financial Review: High-Yield, Climate-Focused Savings Accounts appeared first on The College Investor.
https://ift.tt/3aMBTjJ April 29, 2021 at 10:15AM https://ift.tt/2S8DeL3
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