Atmos Review
Atmos is an online-only B Corp bank that makes it easy for anyone to take action toward a clean, fair, and transformed economy. With 5% cashback checking on sustainable brands and up to 0.80% APR on your entire balance, it's an excellent way to balance financial returns with making a positive impact on the world. In fact, it's our favorite climate neobank!
Let's take a look at Atmos' account features, along with some reasons you may want to sign up or pass.
Who is Atmos?
Atmos is the brainchild of Ravi Mikkelsen and Pete Hellwig. Before starting Atmos, Ravi was an organizer for ClimateLink in San Francisco, showcasing local startups building technology to increase sustainability. Meanwhile, Pete worked as VP of Regenerative Land Management & Food Systems at Amalgamated Bank—another respectable B Corp bank.
The two founded Atmos to provide permanent positive environmental and social impact by shifting money away from activities that directly harm the planet towards those that help preserve it. At the same time, they aim to flatten financial barriers and deliver exceptional banking services so everyone can participate and benefit from a carbon-free future.
Atmos provides banking services through Synapse—a high-tech banking-as-a-service platform with various FDIC member partner banks. These banking services include a cashback checking account with up to 5.00% cash back from hundreds of sustainable merchants, as well as a high-yield savings account with a 0.40% (starting) and 0.80% (if you donate to charity) APR on the full amount.
Some key account features include:
- Up to 5.00% cashback on checking.
- Unlimited fee-free withdrawals at 55,000+ ATMs nationwide.
- Deposits exclusively fund climate-positive infrastructure.
In the coming months, the company plans to launch bill pay and joint account features, too.
Why you might sign up
Atmos invests deposits into climate-positive infrastructure that accelerates the transition to a cleaner economy. For example, deposits at partner banks support renewable energy, regenerative agriculture, electric transportation, weather resilience, building electrification, and energy efficiency overhauls–no fossil fuels or generic real estate.
You can see your impact at any time in the company's impact dashboard. In particular, you'll see your daily emissions reduction in terms of pounds of carbon dioxide equivalent (CO2e). The company calculates this climate impact by assuming that 80% of deposits are deployed into utility-scale solar projects (with the remainder for capital reserves). If you want to support climate action further, you can make tax-deductible donations by rounding up your purchases and receive the highest APR on your savings account.
The company's mobile app also has five stars in the App Store with no complaints about customer service. In fact, the company's founders readily provide their email addresses on the About Us page while making it easy to book a 15-minute meeting in the footer. The high level of customer service differentiates it from competitors.
Why you might pass
Atmos has only been around since 2020, making it relatively new compared to Aspiration and older climate-focused banks. While the company has an excellent customer service reputation, customers could experience some growing pains. That said, all funds are FDIC insured up to $250,000—so deposits are completely safe as with any bank.
In addition, Atmos doesn't offer the maximum 5.00% APR that Aspiration and other climate neobanks offer. Instead, the company provides a relatively high APR that's easy to achieve without having a lot of debit card transactions or balance requirements. And, these high rates apply to the entire balance rather than just $5,000 to $10,000.
Note: Aspiration's 5.00% APR only applies to the first $10,000 and requires a $1,000 monthly spend on a debit card. Ando's 5.00% APR requires five debit card purchases, a $500 deposit, and the invitation of five friends who each have to make five purchases and deposit $100 per month.
Note: Aspiration's 5.00% APR only applies to the first $10,000 and requires a $1,000 monthly spend on a debit card. Ando's 5.00% APR requires five debit card purchases, a $500 deposit, and the invitation of five friends who each have to make five purchases and deposit $100 per month.
The bottom line
Atmos earns five stars for its active investment in climate solutions and top-notch app and customer service. While it doesn't offer the best interest rates on savings, it still beats most conventional banks by a long shot (and there are better long-term savings options elsewhere). For a climate-focused checking account, it's our favorite pick of the bunch.
Overall Rating
5out of 5 stars
Highlights
- Deposits fund renewable energy and other sustainability projects.
- Round up purchases to the nearest dollar to support climate charities.
- Visualize your impact with an easy-to-use dashboard.
Details
- APY
- 0.8%
- Minimum
- $1.00
- Cashback
- Up to 5%