Atmos Bank Review: Fund Clean Energy With Your Deposits

Atmos Financial offers climate-positive checking and savings accounts. In addition to not funding fossil fuels, the neobank makes sure that your deposits go to fund clean energy projects.

SustainFi   Updated December 3rd, 2021

Rating: Excellent (4.3 / 5)

Pros

  • 100% of deposits fund climate-positive infrastructure
  • No minimum balance
  • No account maintenance or overdraft fees
  • Attractive APY on savings accounts
  • 2-5% cash back on checking accounts
  • See the carbon impact of your money
  • Donate to nonprofits through your account

Cons

  • Earning a 0.80% APY on your savings requires making a donation
  • No APY on checking accounts
  • 2% cash back only applies to cerain brands (5% is only for several media subscriptions and ranches)
  • The neobank has a short history

Some of our posts may contain links from our affiliate partners. However, this does not influence our opinions or ratings. Please read our Terms and Conditions for more information.

Summary

CredentialsB Corp (pending), 1% for the Planet
Impact areasClean energy financing
Minimum balance$0
Account maintenance fees$0
APY• Checking account: none
• Savings account: 0.40%-0.80%
ATMs55,000 free in-network ATMs nationwide
App5.0 App Store Rating (11 reviews)
Accounts offeredChecking and savings accounts
LocationsNone

When you deposit money in your bank account, your deposits fund loans supporting various projects, from mortgages to oil and gas pipelines. If you are OK with mortgages but not oil and gas, several neobanks guarantee that your money will not go to fossil fuels. These fossil-free banks include Aspiration, Amalgamated Bank, Ando Money, and, now, Atmos Financial.

What is Atmos Financial?

Launched in January 2021 by Ravi Mikkelsen and Pete Hellwig, Atmos Financial offers checking and savings accounts. Atmos makes sure that your deposits go to fund clean energy projects, not fossil fuel companies.

Neobanks such as Atmos can offer higher rates on savings accounts because they don’t have to support brick and mortar branches or a legacy tech platform.

Atmos is a pending B Corp.

🔔 Learn more in our Q&A with Atmos co-founders.

What are your deposits with Atmos funding?

At the moment, Atmos works with its partner, Evolve Bank & Trust, to send your deposits to various FDIC-insured banks, making sure that your deposits are only funding climate-positive projects. Going forward, Atmos will be sourcing and lending to its own projects, such as rooftop solar, regenerative agriculture, and electrification.

Once your deposits are placed, Atmos will show you the carbon impact of your balances.

Atmos Financial supports:

  • Renewable Energy
  • Regenerative Agriculture
  • Electric Transportation
  • Weather Resilience
  • Building Electrification
  • Energy Efficiency Overhauls

Atmos doesn’t support:

  • Fossil Fuel Extraction
  • Clean energy projects that displace Black, Indigenous, or other Frontline Communities
  • Fast Fashion Clothing
  • Industrial Agriculture
  • Industrial Livestock Production
  • Generic Real Estate

Compare socially responsible bank accounts

Green bank that doesn't fund fossil fuels

Responsible bank that supports local communities

A green bank funding clean energy projects

Monthly fee

Pay What Is Fair

Monthly fee

 $0

Monthly fee

 $0

APY

Up to 5.0%

APY

1.01%

APY

Up to 5.0%

Atmos Checking Accounts

In September 2021, Atmos introduced checking accounts that have no fees or minimum balances. You can earn 2.0% cash back on certain consumer brands (and as much as 5% on several media subscriptions and sustainable farms.)

Checking accounts come with a physical debit card that you can use at over 55,000 ATMs free of charge.

Cash back rewards include:

  • 2% on clean energy and electric mobility (including Chargepoint and Tesla Supercharger)
  • 2% on sustainable clothing and apparel (including Allbirds and Patagonia)
  • 2% on eco-friendly home goods and personal care (including Avocado Mattress and Dr. Bronner’s soap)
  • 2% on sustainable grocery, restaurants, and cafes (including Grove Collaborative)
  • 5% on certain sustainable farms, ranches and CSAs
  • 5% on climate-focused subscriptions and media (including ImpactAlpha)

Atmos Savings Accounts

Atmos offers savings accounts for various life events and purchases like electric vehicles, college, kids, etc. Rates on these accounts are more attractive than what you would typically get from traditional banks, especially if you opt to make a donation and get a donation bonus.

Donation Bonus: Atmos will add 0.40% to your savings rate when you make monthly recurring donations to at least one Atmos-approved nonprofit, such as 1% for the Planet. 

With a donation, you can get a 0.80% APY. Compare this to the 0.01% APY many traditional banks offer.

Base Savings RateWith Donation Bonus
0.40%0.80%

To set up your account, you are invited to book a 15-min call with a member of the Atmos team.

Donating to nonprofits through your Atmos account

Atmos lets you round up your purchases or share a percentage of your APY with one of the approved nonprofits. All gifts are transferred fee-free and tracked in one place for tax purposes.

Atmos supports multiple nonprofits, including 1% for the Planet, Amazon Watch, As You Sow, and Ecotrust. You can see the full list here.

Compare socially responsible bank accounts

Green bank that doesn't fund fossil fuels

Responsible bank that supports local communities

A green bank funding clean energy projects

Monthly fee

Pay What Is Fair

Monthly fee

 $0

Monthly fee

 $0

APY

Up to 5.0%

APY

1.01%

APY

Up to 5.0%

Is Atmos safe? Are deposits FDIC-insured?

Atmos is not a traditional bank. It’s a fintech company that partners with banks to offer FDIC-insured deposits. Its current partner is Evolve Bank & Trust, an FDIC-insured institution.

All accounts are FDIC-insured for up to $250,000.

💰 Takeaway

  • It’s great to see more green banking alternatives like Atmos
  • We like that Atmos wants to use deposits for good (for example, to fund green projects), instead of merely avoiding “bad” sectors
  • However, it’s a very new fintech startup

Atmos vs. Aspiration

If you are looking for a more established fossil free bank with access to a credit card, consider Aspiration.

Aspiration offers:

  • Up to 5% APY
  • A highly rated mobile app
  • Credit cards
  • Perks like rounding your change to plant trees

🔔 Read the review of Aspiration.

Other fossil free options include Amalgamated Bank and neobank Ando Money.

🔔 Interested in comparing socially responsible banks? Check out our sustainable banking guide.

Make an impact with your money. Sign up for our newsletter