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- OneUnited Bank (Member FDIC) is the largest Black-owned bank in the US.
- You can bank in person if you live in Boston, LA, or Miami, or online nationwide.
- OneUnited has a checking account for people who may not qualify for one otherwise.
- See Insider’s picks for the best checking accounts »
- Largest Black-owned bank in USA
- Branches in CA, FL, and MA; online accounts available nationwide
- Over 30,000 free ATMs nationwide
- Waive $10 monthly service fee by maintaining a $500 balance, OR receiving 1 direct deposit per month AND making 10 debit card transactions per month
- FDIC insured
Pros
- Receive your paycheck up to 2 days early
- Doesn’t charge a fee at out-of-network ATMs, although the ATM provider may
- Overdraft protection available if you have another OneUnited account
Cons
- $50 minimum opening deposit
- $10 monthly service fee
- $15 fee each time you transfer funds for overdraft protection
You might like OneUnited BankBlack Checking if you want to receive your paycheck up to two days early, and if you qualify to waive the $10 monthly service fee. You may want to look elsewhere if you’re worried about overdrawing, though. OneUnited lets you set up overdraft protection by connecting your checking account to another OneUnited account, but you’ll stay pay $15 each time you tap into overdraft protection.
The U2 E-Checking Account works similarly to OneUnited BankBlack Checking, except it’s specifically for people who may not qualify for a regular bank account. OneUnited also has an online UNITY E-Gold Checking Account that pays 0.10% APY.
- Largest Black-owned bank in USA
- Branches in CA, FL, and MA; online accounts available nationwide
- Over 30,000 free ATMs nationwide
- Waive $5 monthly service fee every month you receive a direct deposit
- Interested compounded monthly, paid quarterly
- FDIC insured
Pros
- No monthly service fee if you set up direct deposits
- Receive a debit card
Cons
- $100 minimum opening deposit
- Must maintain $200 balance to earn APY
- Interest compounded monthly, not daily
- $5 monthly service fee if you don’t set up direct deposits
OneUnited BankBlack Savings could be a good fit if you set up direct deposits to waive the monthly fee. It’s rare for a savings account to include a debit card, but OneUnited sends you a free card with this account. This means you can quickly access your money even if you don’t have a checking account.
The interest rate is comparable to (if not slightly higher than) what you’ll earn at other brick-and-mortar banks. But you must keep a $200 balance to earn the APY, and interest only compounds monthly.
If you’re an online customer, you may want to consider opening a high-yield savings account with another bank. There are plenty of online banks that pay significantly higher rates and
compound interest
daily.
- Largest Black-owned bank in USA
- Branches in CA, FL, and MA; online accounts available nationwide
- Term lengths range from 120 days to 2 years
- Early withdrawal penalties: 3 months interest for terms under 1 year, 6 months interest for terms of 1 to 2 years
- Interest is not compounded for terms of 1 year or less; interest is compounded annually for terms over 1 year
- FDIC insured
Pros
- $500 minimum deposit
- Competitive APY
- Standard early withdrawal penalties
Cons
- Limited term length options
- Terms of 1 year or less do not compound interest
- Terms greater than 1 year only compound interest annually
You only need $500 to open a CD with OneUnited, while some banks require thousands of dollars. Interest rates are higher than what most brick-and-mortar banks pay, but OneUnited doesn’t compound interest very often — or at all, for shorter terms.
OneUnited only offers CDs with terms of two years or less, so if you’re looking for a longer term, you’ll want to go to a different bank.
OneUnited is the largest Black-owned bank in the US. It has three branches in the Boston area, four in the Los Angeles area, and one in Miami. But if you don’t live near a branch, you can bank online with OneUnited nationwide.
OneUnited has around 30,000 free ATMs around the country with the MoneyPass network. The bank won’t charge you a fee if you use an out-of-network ATM, but the ATM provider may.
The OneUnited mobile app has 4.6 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Call customer support Monday through Friday, 8:00 a.m. to 7:00 p.m. ET. Customer support is not available on weekends.
Your accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.
The Better Business Bureau gives OneUnited an A- in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
OneUnited doesn’t have a history of public scandals. It’s a Community Development Financial Institution (CDFI) that offers financial education and aid to low-to-moderate-income areas. The bank holds events to teach people in its communities about finances.
You may like banking with OneUnited if you want to use a Black-owned bank that invests resources in its communities.
We’ve compared OneUnited to two other Black-owned banks that do both in-person and online banking: Citizens Trust Bank and Liberty Bank and Trust.
OneUnited Bank review vs. Citizens Trust Bank review
If you prefer in-person banking, your choice between OneUnited and Citizens Trust will probably come down to location. OneUnited has branches in Los Angeles, Boston, and Miami, while Citizens Trust is in Atlanta.
But if you’re banking online, there are a few other ways to decide between the two banks. You may prefer OneUnited if you want to get your direct deposits up to two days early. But Citizens Trust has several types of checking accounts, so you may find one that better suits your needs.
Interest rates at each bank are similar, but Citizens Trust compounds your interest more often, which will help you earn more.
OneUnited Bank review vs. Liberty Bank and Trust review
Liberty Bank and Trust has branches in more states than OneUnited, but it has significantly fewer free ATMs. If you use ATMs often, you may want to go with OneUnited.
But if you’re after a good interest rate on savings or CDs, you might prefer Liberty. Its rates are comparable to some of the best online banks out there. But keep in mind that it compounds rates monthly, whereas you can find other online banks that compound daily.
Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.