Founded in 2021, Climate First Bank is a Florida community bank focused on environmental sustainability. In addition to providing multiple personal and business accounts, it has a goal of reversing the climate crisis by contributing 1% of its revenue to environmental causes. In this Climate First Bank review, we’ll focus on its personal deposit accounts.
All rates and fees are current as of September 9, 2024, and are subject to change.
Climate First Bank
| Checking accounts: | Starting at $0 per month |
| Savings accounts: | Open with as little as $50 |
| Certificate of deposit (CD) rates: | Earn up to 5.34% annual percentage yield (APY) |
Climate First Bank rates and products
Climate First Bank has four different checking accounts, two savings accounts, one money market account (MMA), and several types of CDs to choose from.
Checking accounts
All of Climate First’s checking accounts are free checking accounts, meaning it doesn’t charge a monthly fee. There’s also no minimum balance requirement.
When you open either the Regeneration Checking and the Pride Checking account, Climate First Bank will make a $100 donation to Project Regeneration or an LGBTQ+ nonprofit, respectively. This is instead of a traditional checking account bonus. The other two accounts—the NetZero Checking and the Choice Checking—don’t come with a donation.
Note that there are direct deposit requirements to receive your $100 donation or earn the high 5.34% APY on the Choice Checking account. It’s $750 in the first 90 days for the donation accounts and $500 for the Choice account.
Savings accounts
Climate First’s single saving account option for adults is the Super Savings Account. Its 2.75% APY doesn’t quite qualify it as a high-yield savings account, as the best high-yield savings accounts have interest rates above 5%. One 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 Minor Savings Account for children 17 years or younger. There’s no monthly service fee, but parents do need to be included on the account.Â
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 to this list of competitors:
Money market account Â
An MMA combines the features of a savings and checking account. For 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 a 5.34% APY if you maintain a balance above $50,000, making it one of the best MMA rates. However, if your balance falls below that, you’ll only earn 0.05% APY, which is far below average.
Certificates of deposit
Climate Bank’s four CD terms 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 one withdrawal per term without paying an early withdrawal penalty. There is also a Flex CD that lets you increase your rate once during the term. You can also make additional deposits up to half of your initial principal balance as well as withdraw up to half of your original deposit without penalty.
Other services Climate First Bank offersÂ
- 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) account: These are CD accounts specifically for your retirement funds.
- Personal loans: These include some unique options like residential solar loans with 7.73% APR or personal lines of credit.
- Home equity line of credit (HELOC): Climate First Bank recommends you use these to make energy efficiency improvements and upgrades to your home.
- Home loans: These include mortgages and refinancing with 30-, 45-, and 60-day lock-in periods for interest rates.
- Auto loans: Climate First Bank offers these specifically for the purchases of an electric or hybrid vehicle.
- Business banking: Choose from business checking, savings, money market, trust, and CD accounts
- Cash management: Businesses can get help with bill pay, remote deposits, accounting, and more.
- Commercial lending: Businesses can take out Small Business Administration (SBA) loans, working capital lines of credit, construction loans, energy improvement loans, and more.
Online banking
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 does consider itself a digital bank, so it offers robust online account features.
The 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 the ratings for most other banks. The app allows you to see your accounts and statements, make a transfer or loan payment, or perform a mobile deposit.
Contacting Climate First for help will require you to send it an email or call during business hours. Its hours are 9 a.m. to 5 p.m. Eastern time at all three locations. The bank is also closed during federal holidays.Â
Is Climate First Bank secure?
Climate First Bank has not had any security incidents in the three years it’s been around. While it does post cybersecurity tips on its blog, it doesn’t provide insight into what its security protocols are. Therefore, we can’t advise whether this is a secure bank.
Climate First Bank user reviews
Climate First Bank has a cumulative 4.1 stars out of 5 across its three locations on Google Maps. Reviews say that the staff is very nice and jump in right away to help if there are any issues. Customers like how the bank has a wide variety of account options. Many also appreciate how the bank is socially and environmentally conscious. While the bank isn’t accredited with the Better Business Bureau (BBB), it does have an “A” rating with 5 out of 5 stars.
Compare Climate First Bank alternatives
 Climate First Bank |
 SoFi |
 Ally Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 5.34% | Up to 4.50%* | 4.20% |
| Top checking APY | Top checking APY | Top checking APY |
| 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 bank alternatives |
View offer at SoFi |
View offer at MoneyLion |
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (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 either Direct Deposit or Qualifying 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 SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. 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 eco-friendly causes as well as reduce its impact. The fact that it offers above-average APYs, a wide variety of accounts, a large ATM network, and easy account access are additional perks. However, if you don’t live in Florida and want in-person branch access, you’ll have to look elsewhere.
Frequently asked questions
Is Climate First Bank legit?
Yes, Climate First Bank is a legitimate community bank that was founded in 2021. It recently exited de novo status and is preparing to scale its operations outside of Florida.
Who is the founder of Climate First Bank?
Ken LaRoe is the founder and CEO of Climate First Bank. LaRoe has previously founded two other banks, including First GREEN Bank, which was the first bank in the Eastern United States with an environmental and social mission.
How big is Climate First Bank?
Climate First Bank currently provides services to over 10,700 business and personal account holders across the country. It has over $650 million in assets.
