Consumer Payment Card News

5% Yield

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Amalgamated Bank of Chicago is offering its MasterCard customers a 5% interest rate on a saving account. The bank, which issues standard and gold MasterCards, requires cardholders to deposit a $2,500 minimum to get the special rate. The interest rate is guaranteed through the end of this year and the account is, of course, FDIC insured. Currently, money market accounts are paying less than 3%, on average. Five year CDs are now running between 4.2% and 4.8%. Historically some of the best savings rates are found among issuers of secured credit cards. Amalgamated offers secured and unsecured MasterCards with interest rates as low as 9.25% for unsecured cards, or as low as 11.00% for the secured Gold MasterCard. For more information on the special 5% savings rate call 1-800-500-0229 or email For more information on the Amalgamated credit cards visit or call 1-800-365-6565.

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