Founded in 2021, Climate First Bank is a Florida community bank focused on environmental sustainability. Not only does it offer several personal and business accounts, however it also goals to reverse the climate crisis by donating 1% of its revenue to environmental causes. In this Climate First Bank review, we’ll give attention to its personal deposit accounts.
All prices and costs are effective September 9, 2024 and are subject to vary.
Climate Protection Bank
| Current accounts: | Starting at $0 per 30 days |
| Savings accounts: | Open with just $50 |
| Interest rates on certificates of deposit (CD): | Earn as much as 5.34% annual percentage rate (APY) |
Tariffs and products of Climate First Bank
At Climate First Bank, you may choose from 4 different checking accounts, two savings accounts, a money market account (MMA), and a number of other varieties of CDs.
Current accounts
All Climate First checking accounts are free checking accounts, meaning there isn’t any monthly fee. There can also be no minimum balance requirement.
When you open either the Regeneration Checking or Pride Checking accounts, Climate First Bank will donate $100 to Project Regeneration or an LGBTQ+ nonprofit, respectively. This is in lieu of a conventional checking account bonus. The other two accounts—NetZero Checking and Choice Checking—don’t require a donation.
Please note that direct deposit is required to receive your $100 donation or to receive the high 5.34% APR within the Choice Checking Account. For the primary 90 days, the quantity is $750 for the donation accounts and $500 for the Choice Account.
Savings accounts
Climate First’s only savings account option for adults is the Super Savings Account. With an annual rate of interest of two.75%, it is not quite a high-yield savings account, as the very best high-yield savings accounts have rates of interest above 5%. One selling point for this account is the shortage of withdrawal limits – many other banks limit you to 6 withdrawals per 30 days.
Climate First also offers a savings account for minors as much as 17 years of age. There is not any monthly service fee, but parents have to be registered on the account.
Climate First Bank savings rates in comparison with current top rates of interest*
Although Climate First Bank is a superb option, some institutions offer higher rates of interest. Compare the above rates with this list of competitors:
Money market account
An MMA combines the features of a savings account and a checking account. With this account, you particularly profit from unlimited withdrawals, debit card access and one in all the bank’s highest rates of interest.
The Choice Money Market account has a 5.34% APY in case you keep a balance above $50,000, making it the most effective MMA rates. However, in case your balance falls below that, you will only earn 0.05% APY, which is well below average.
CDepositary receipts
Climate Bank’s 4 CD terms are currently amongst the very best CD rates of interest in the marketplace. With a CD, you invest your money for a set term and receive a set rate of interest.
The two no-fee CDs allow you one withdrawal per term without paying an early withdrawal penalty. There can also be a Flex CD that means that you can increase your rate of interest once in the course of the term. You may also make additional deposits as much as half your original principal balance and withdraw as much as half your original deposit without penalty.
Other services offered by Climate First Bank
- Health Savings Account (HSA): If your minimum balance is $1,000, you may waive the $2.50 monthly fee.
- Individual Retirement Account (IRA Account): These are CD accounts specifically in your retirement planning.
- Personal loans: These include some unique options resembling residential solar loans with an APR of seven.73% or personal lines of credit.
- Home Equity Line of Credit (HELOC): Climate First Bank recommends that you simply use these to enhance and modernize the energy efficiency of your house.
- Home loans: These include mortgages and refinances with 30, 45 and 60 day rate of interest fixation periods.
- Car loans: Climate First Bank offers this specifically for the acquisition of an electrical or hybrid vehicle.
- Business customers: Choose from business accounts, savings accounts, money market accounts, trust accounts and CD accounts
- Cash management: Businesses can get help with bill payments, distant deposits, accounting and more.
- Commercial loans: Businesses can take out Small Business Administration (SBA) loans, working capital loans, construction loans, energy improvement loans, and more.
Online banking
The Climate First Bank website means that you can open an account, make transfers, pay bills, and more. Although Climate First Bank is targeted on Florida, it considers itself a digital bank and due to this fact offers extensive online account features.
The Climate First Bank platform and customer support
Climate First offers separate apps for private and business customers, so that you get an experience tailored to your needs. Customers rate the app 4.9 stars on each the App Store and Google Play – greater than most other banks. The app means that you can view your accounts and statements, make transfers or loan payments, or make a mobile deposit.
To contact Climate First for assistance, you should email or call during business hours. Hours are 9 a.m. to five p.m. Eastern Time in any respect three locations. The bank can also be closed on federal holidays.
Is Climate First Bank secure?
Climate First Bank has not had any security incidents in its three years of operation. While it publishes cybersecurity tips about its blog, it doesn’t provide insight into its security protocols, so we cannot say whether it’s a secure bank.
User reviews of Climate First Bank
Climate First Bank has a complete of 4.1 out of 5 stars across its three locations on Google Maps. Reviews say that the staff could be very nice and is quick to assist if there are any problems. Customers like that the bank offers a big selection of account options. Many also appreciate how socially and environmentally conscious the bank is. Although the bank is just not accredited with the Better Business Bureau (BBB), it has an “A” rating with 5 out of 5 stars.
Compare alternatives to Climate First Bank
 Climate Protection Bank |
 SoFi |
 Bank of the Allies |
|---|---|---|
| Highest APY savings | Highest APY savings | Highest APY savings |
| 5.34% | Up to 4.50%* | 4.20% |
| Best APY for exam | Best APY for exam | Best APY for exam |
| 5.34% | 0.50% | 0.25% |
| Best CD APY | Best CD APY | Best CD APY |
| 5.34% | N/A | 4.90% |
| Learn more | Learn more | Learn more |
| Compare more Alternatives to online banks |
View offer at SoFi |
View offer at MoneyLion |
*SoFi members with direct deposit or $5,000 or more in qualifying deposits in the course of the 30-day evaluation period can earn 4.50% annual percentage rate (APY) on savings (including vaults) and 0.50% APY on checking balances. There is not any minimum direct deposit amount required to qualify for the stated rate of interest. Members without direct deposit or qualifying deposits will earn 1.20% APY on savings (including vaults) and 0.50% APY on checking balances in the course of the 30-day evaluation period. Only SoFi members with direct deposit are eligible for other SoFi Plus advantages. Interest rates are variable and subject to vary at any time. These rates are effective 8/27/2024. There is not any minimum balance requirement. For more information, visit http://www.sofi.com/legal/banking-rate-sheet.
Is Climate First Bank best for you?
If you are on the lookout for ways to offset your carbon footprint and live more environmentally conscious, consider Climate First Bank. The bank takes many steps to donate to green causes while reducing its impact. The indisputable fact that it offers above-average APYs, a big variety of accounts, a big ATM network, and straightforward account access are all added advantages. However, in case you don’t live in Florida and wish in-person branch access, you will have to look elsewhere.
Frequently Asked Questions
Is Climate First Bank reputable?
Yes, Climate First Bank is a legitimate community bank founded in 2021. It recently gave up its de novo status and is preparing to expand its operations outside of Florida.
Who is the founding father of Climate First Bank?
Ken LaRoe is the founder and CEO of Climate First Bank. LaRoe previously founded two other banks, including First GREEN Bank, the primary bank within the Eastern United States with an environmental and social mission.
How big is Climate First Bank?
Climate First Bank currently serves over 10,700 business and retail clients nationwide and has assets of over $650 million.
