Climate First Bank Review: An environmentally conscious bank with generous APYs

All rates and fees are current as of September 9, 2024 and subject to change.

Climate First Bank

Current accounts:	Starting at $0 per month
Savings accounts:	Open with just $50
Certificate of Deposit (CD) rates:	Earn up to 5.34% Annual Percentage Return (APY)

Climate First Bank rates and products

Climate First Bank has four different checking accounts, two savings accounts, a money market account (MMA), and several types of CDs to choose from.

Checking accounts

All Climate First checking accounts are free checking accounts, meaning they do not charge a monthly fee. There is also no minimum balance requirement.

When you open your Regeneration Checking and Pride Checking account, Climate First Bank will make a $100 donation to Project Regeneration or an LGBTQ+ nonprofit, respectively. This is in lieu of a traditional checking account bonus. The other two accounts — NetZero Checking and Choice Checking — don’t come with a donation.

Note that there are direct deposit requirements to receive your $100 donation or to earn the high 5.34% Choice Checking Account APY. It’s $750 for the first 90 days for donation accounts and $500 for the Choice account.

Savings accounts

Climate First’s unique savings account option for adults is the Super Savings Account. Its 2.75% APY doesn’t quite qualify as a high-yield savings account, since the best high-yield savings accounts have interest rates above 5%. A selling point of this account is the lack of withdrawal restrictions — many other banks limit you to six withdrawals per month.

Climate First also has a Junior Savings Account for children aged 17 and under. There is no monthly service fee, but parents must be included in the account.

Climate First Bank savings rates compared to current top rates*

While Climate First Bank is a great option, some institutions offer higher interest rates. Compare the rates above with this list of competitors:

Money market account

An MMA combines the features of a savings account and current account. With this account in particular, you’ll enjoy unlimited withdrawals, debit card access and one of the bank’s highest interest rates.

The Choice Money Market account has an APY of 5.34% if you maintain a balance over $50,000, making it one of the best MMA rates. However, if your balance drops below that, you’ll only earn 0.05% APY, which is well below average.

cdeposit certificates

Climate Bank’s four term CDs are some of the best CD rates on the market right now. With a CD, you deposit your money for a set term in exchange for a fixed interest rate.

The two penalty-free CDs allow you to make a term withdrawal without paying an early withdrawal penalty. There is also a Flex CD that allows you to increase your rate once during your term. You can also make additional deposits of up to half of your original principal balance and withdraw up to half of your original deposit without penalty.

Other services offered by Climate First Bank

• Health Savings Account (HSA): If you have a minimum balance of $1,000, you can waive the $2.50 monthly fee.
• Individual Retirement Account (IRA): These are CD accounts specifically for your retirement funds.
• Personal loans: These include some unique options such as residential solar loans with 7.73% APR or personal lines of credit.
• Home Equity Line of Credit (HELOC): Climate First Bank recommends you use them to improve energy efficiency and improve your home.
• Home loans: These include mortgages and refinances with 30-, 45-, and 60-day interest rate lock-in periods.
• Car loans: Climate First Bank offers these specifically for the purchase of an electric or hybrid vehicle.
• Business banking services: Choose from checking, savings, money market, trust and CD accounts
• Cash Management: Businesses can get help with bill paying, remote filing, accounting and more.
• Commercial credits: Businesses can get Small Business Administration (SBA) loans, working capital lines of credit, construction loans, energy improvement loans, and more.

Online banking services

On the Climate First Bank website, you can open an account, make transfers, pay bills and more. Although Climate First Bank is focused in Florida, it considers itself a digital bank, so it offers robust online account features.

Climate First Bank platform and customer support

Climate First has separate apps for its personal and business customers, which should ensure your experience is tailored to your needs. Customers rate the app 4.9 stars on both the App Store and Google Play, higher than ratings for most other banks. The app lets you view your accounts and statements, make a transfer or loan payment, or make a mobile deposit.

If you contact Climate First for help, they will ask you to email or call during business hours. Its hours are 9:00 AM to 5:00 PM Eastern Time at all three locations. The bank is also closed on federal holidays.

Is Climate First Bank safe?

Climate First Bank has not had a single security incident in its three years of existence. Although he posts cybersecurity tips on his blog, he doesn’t provide information about his security protocols. Therefore, we cannot advise you if this is a safe bank.

Climate First Bank user reviews

Climate First Bank has a cumulative 4.1 out of 5 stars across its three locations on Google Maps. Reviews say that the staff is very nice and helps you immediately if there are any problems. Customers like the fact that the bank has a wide variety of account options. Many also appreciate how the bank is socially and environmentally conscious. Although the bank is not accredited by the Better Business Bureau (BBB), it has an “A” rating of 5 out of 5 stars.

Compare Climate First Bank alternatives

Climate First Bank	SoFi	Ally Bank
Best APY savings	Best APY savings	Best APY savings
5.34%	Up to 4.50%*	4.20%
Top APY Checker	Top APY Checker	Top APY Checker
5.34%	0.50%	0.25%
Top CD APY	Top CD APY	Top CD APY
5.34%	N/A	4.90%
Learn more	Learn more	Learn more
Compare more online banking alternatives	See the offer at SoFi	See the offer at MoneyLion

*SoFi Members with Direct Deposit or $5,000 or more in Eligible Deposits during the 30-Day Evaluation Period can earn 4.50% Annual Percentage Rate (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without Direct Deposit or Eligible Deposits during the 30-day evaluation period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only direct deposit SoFi members are eligible for other SoFi Plus benefits. Interest rates are variable and can be changed at any time. These rates are valid from 27.08.2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is Climate First Bank right for you?

Consider Climate First Bank if you’re looking for ways to offset your carbon footprint and be more environmentally conscious. The bank takes many steps to donate to green causes as well as reduce its impact. The fact that they offer above-average APYs, a wide variety of accounts, a large network of ATMs, and easy account access are added benefits. However, if you don’t live in Florida and want in-person branch access, you’ll need to look elsewhere.

Frequently Asked Questions