Atmos Financial Review: High-Yield, Climate-Focused Savings Accounts

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.

Who Is Atmos Financial?

Atmos Financial is a fintech that loans its deposits to green initiatives. It was founded in January 2020 by co-founders Ravi Mikkelsen & Peter Hellwig. 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 a savings account that pay up to 2.40% APY and a checking account that pays up up to 5% cash back on your spending at sustainable brands. Here's a closer look at what the company offers and how it supports clean energy initiatives.

High-Yield Savings

Atmos "climate-positive" high-yield savings account offers interest rates of up 2.40%. The base rate is 1.20%. But you'll earn an additional 1.20% if you sign up for automatic recurring monthly donations to one of the many nonprofits that Atmos supports.

Cash-Back Checking

Atmos recently launched a cash-back checking account as well. It offers up to 5% cash back on your purchases. Here's how much you'll earn depending on your spending category:

• Clean Energy & Electric Mobility: 2%
• Sustainable Clothing & Apparel: 2%
• Sustainable Grocery, Restaurants & Cafes: 2%
• Climate-Wise Farms, Ranches & CSAs: 5%

The checking account also offers fee-free cash withdrawals at over 55,000 Allpoint ATMs nationwide. And there's no monthly fees or minimum balance requirements.

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:

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. Its base interest is competitive with other leading online banks and if you're able to earn the additional 0.40% bonus, you'll be earning an overall rate that's really hard to beat.

The cash back option is also nice, but unless you shop at a lot of sustainable brands, you may not find as much as value in that feature. For most people, the high-yield savings account is probably what's really going to stand out. Here's a quick look at how the Atmos savings account compares to other top high-yield savings accounts available today.

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 0.40% to 0.80% 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