Amalgamated Bank is offering promotional rates on a 13-Month CD and the Hard Working Money Market account that could attract customers away from popular banks.

Amalgamated Bank is a New York City-based institution operating 27 retail branches in New York, Nevada, New Jersey, California, and Washington, D.C. and holds $4.5 billion in assets.

Amalgamated Bank is currently advertising a 13-Month CD paying 1.25% APY and money market rate of 1.10% APY. With this promotion, Amalgamated Bank is offering competitive rates that can match those of popular online banks.

13-Month Certificate of Deposit: 1.25% APY

The 13-Month CD is a non-traditional CD term at Amalgamated Bank that, despite the extra month before maturity, stands toe-to-toe with the terms of the leading 12-month CD rates.

BankCD TermAPYMinimum opening depositEarly withdrawal penalty
Amalgamated Bank13 months1.25%$5003 months of interest
Ascencia12 months1.25%$50091 days of interest
Aurora Bank12 months1.24%$1,0003 months of interest
Ally Bank12 months1.23%$060 days of interest

The product that may pose some competition is Ally Bank’s 12-Month CD which has a shorter term, low minimum opening deposit, and smaller early withdrawal penalty in exchange for a slightly lower yield.

Hard Working Money Market Account: 1.10% APY

Amalgamated Bank’s Hard Working Money Market account normally offers tiered APYs depending on the account balance. But, the bank will lock in a high rate as an introductory promotion.

BankCD TermAPYMinimum opening depositEarly withdrawal penaltyBankMoney Market AccountAPY (as of 4/21/11)Minimum opening deposit
Amalgamated Bank13 months1.25%$5003 months of interestAmalgamated BankHard Working Money Market1.10%$1,000
Ascencia12 months1.25%$50091 days of interestFlagstar DirectExpress Money Market1.11%$1
Aurora Bank12 months1.24%$1,0003 months of interestZions BankInternet Money Market1.01%$1,000
Ally Bank12 months1.23%$060 days of interest

The 1.10% APY promotional rate for the Hard Working Money Market account is guaranteed on all balances until September 30, 2011. Afterwards, the accounts follows a tiered APY that ranges from 0.25% APY to 1.00% APY (as of 4/21/11). If interest rates do not rise by then, the Hard Working Money Market account could yield disappointing earnings. Meanwhile, the rates offered by the leading money market accounts will stay for the long term.

Normally, prospective customers can open an Amalgamated Bank account through the bank’s website. But, to take advantage of any of these promotional products, customers must visit a local Amalgamated Bank retail branch, which may pose an inconvenience for those who don’t reside near a retail location.

There is no expiration date for this promotion and can be withdrawn at any time.

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