OneUnited Bank(2023)Review: Top Checking, Savings, and CD Accounts

When it comes to finding the best banking options, OneUnited Bank is a well-recognized name. The company offers top-tier checking, savings, and CD account options, as well as a range of other benefits that can be extremely useful for customers.

In this post, we’ll take a look at what OneUnited Bank has to offer and help you decide if it’s the right choice for you.

What is OneUnited Bank?

OneUnited Bank is the largest black-owned bank in the United States and has been serving customers since 1968.  Originally established as Unity Bank & Trust in Boston, the company, the company re-branded as OneUnited Bank.

Today, OneUnited Bank has branches in Boston, Los Angeles, and Miami, as well as an online presence that makes it easy for customers to bank from anywhere. The company is FDIC-insured and has an A+ rating from the Better Business Bureau.

The company has a strong focus on empowering underserved communities and offers a range of products and services that are designed to meet the unique needs of its customer base.

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Pros & Cons of banking with OneUnited Explained

Pros of Banking with OneUnited

#1. Excellent Customer Service

OneUnited Bank is known for providing excellent customer service. The bank’s staff is knowledgeable and friendly, and they are always willing to help customers with any questions or concerns they may have.

#2. Variety of Products and Services

OneUnited Bank offers a wide range of products and services, from checking and savings accounts to loans and investment options. This makes it a great choice for customers who want to be able to find all of their banking needs in one place.

#3. A checking account has no monthly fee

The company’s checking account has no monthly fee, which can be a great benefit for customers who are looking to save money.

#4. ATMs that don’t charge fees – We’ll get you access to over 35,000 of them.

OneUnited Bank also offers a number of ATMs that don’t charge fees, which can be a major convenience for customers. With over 35,000 ATMs available through the network, you’ll be able to find one that’s convenient for you.

#4. High mobile app ratings.

OneUnited Bank has high mobile app ratings, with an average of 4.4 stars on the Apple App Store and 4.6 stars on the Google Play Store. This makes it easy for customers to bank on the go, and the app is packed with features that make banking convenient and easy.

#5. Free overdraft protection transfers.

OneUnited Bank also offers free overdraft protection transfers, which can help customers avoid costly overdraft fees.

Cons of Banking with OneUnited

While there are many pros to banking with OneUnited Bank, there are some cons to consider as well.

#1. Limited Branch Locations

OneUnited Bank has a limited number of branch locations, which can be inconvenient for customers who prefer to bank in person.

#2. Customer service is not available on weekends.

While the bank’s customer service is excellent during the week, it is not available on weekends. This can be a major inconvenience for customers who need assistance outside of normal business hours.

#3. low rates on savings and certificates of deposit.

OneUnited Bank offers some of the lowest rates on savings and certificates of deposit, which can be a disadvantage for customers who are looking to earn the highest possible interest on their savings.

#4. Transaction costs on a savings account are extremely high.

The transaction costs on a savings account are extremely high, which can be a deterrent for customers who want to make frequent withdrawals.

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Types of accounts offered

OneUnited Bank offers a variety of products and services, including checking and savings accounts, loans, and investment options. This makes it a great choice for customers who want to be able to find all of their banking needs in one place.

Let’s take a look at the different types of accounts that OneUnited Bank offers:

OneUnited Bank Black Wall Street Checking Account

OneUnited Bank’s Black Wall Street Checking Account is designed for customers who want to get the most out of their banking experience. The account has no monthly fee and offers a number of features that make it easy to manage your finances.

You can open an account with as little as $25, and you’ll get access to online and mobile banking, direct deposit, and several ATMs that don’t charge fees.

Some of the highlights of the Black Wall Street Checking Account include:

• No monthly fee
• Free online and mobile banking
• Direct deposit
• Overdraft protection
• Access to over 35,000 ATMs nationwide

In Addition, get rewards using your debit card to pay for your everyday purchases and earn points.

However, the account has a few downsides to consider. First, the interest rate is very low, and second, the transaction costs on the account are extremely high.

Apart from low-interest rates, customers will also be charged a $2 excess transaction fee for each withdrawal made from the account, after 6 Free Withdrawals per statement cycle.

Not forget, you will also be charged an additional $20 for some types of withdrawals, including online transfers after free withdrawals have been used up for the statement cycle.

Now let’s check the Pros and Cons of0 the Account:

+Pros:

• No monthly fee
• Free online and mobile banking
• Direct deposit
• Overdraft protection
• Access to over 35,000 ATMs nationwide

-Cons:

• Low-interest rate
• High transaction costs
• Minimum balance requirement

If you’re looking for a checking account that has no monthly fee and offers many features that make it easy to manage your finances, the Black Wall Street Checking Account from OneUnited Bank is a good option to consider.

However, keep in mind that the interest rate on the account is very low and transaction costs are high. You’ll also need to maintain a minimum balance to avoid fees.

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What is U2 checking with OneUnited Bank?

Second Chance Checking Accounts are offered to individuals that may have had difficulty opening a checking account in the past. OneUnited Bank offers U2 checking to help individuals get back on their feet financially.

U2 checking accounts have a $25 minimum deposit to open and offer free mobile banking, online banking, and bill pay. Customers can also access over 35,000 ATMs nationwide. Additionally, customers can use Mobile Remote Deposit Capture to deposit checks.

There is a $12 monthly account maintenance fee. However, customers can get paid up to 2 days early with direct deposit.

Here are some features of the U2 checking account:

• Minimum deposit of $25 to open
• Free mobile banking, online banking, and bill pay
• Access to over 35,000 ATMs nationwide
• Mobile Remote Deposit Capture to deposit checks
• $12 monthly account maintenance fee
• Get paid up to 2 days early with a direct deposit

OneUnited Bank is committed to helping individuals access financial services and build positive financial futures. Second Chance Checking Accounts provide an opportunity for those with past banking difficulties to establish or re-establish a relationship with a bank.

Now let’s Talk About The Pros And Cons Of the U2 E-Second Chance Checking Account.

+Pros:

• Free mobile banking, online banking, and bill pay.
• Access to over 35,000 ATMs nationwide.
• Mobile Remote Deposit Capture to deposit checks.

-Cons:

• There is a $12 monthly account maintenance fee.

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OneUnited Bank BankBlack Savings

OneUnited Bank offers a range of accounts to help customers save money, including the BankBlack Savings account. This account has a minimum opening deposit of $100 and no monthly fees. Customers can also earn interest on their balance.

However, the interest rate on the account is very low, and you have to maintain a $200 earn interest.

Here are some features of the BankBlack Savings account:

• $100 minimum opening deposit
• No monthly fees
• Earn interest on your balance
• Free online and mobile banking
• 35,000 ATMs Nationwide
• You must maintain a $200 balance to earn APY

Let’s Take A Look At The Pros And Cons Of This Account:

+Pros:

• Minimum deposit of $100 to open
• No monthly fees
• Earn interest on your balance

-Cons:

• The interest rate is very low.
• You have to maintain a $200 to earn interest.
• There’s a $5 monthly service fee if you don’t set up direct deposits.

In Summary:

The BankBlack Savings account from OneUnited Bank is a good option if you want to waive the monthly fees. The account has a minimum deposit of $100, and you can earn interest on your balance.

However, the interest rate is very low, so you may want to consider another option if you’re looking for high yields. Additionally, you must maintain a $200 balance to earn interest.

Overall, the BankBlack Savings account is a good fit if you set up direct deposits to waive the monthly fee.

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OneUnited Bank UNITY® Gold E-CD ( Certificate of Deposit)

The UNITY® Gold E-CD from OneUnited Bank is a Certificate of Deposit that offers a high yield and a competitive interest rate. The minimum opening deposit is $500 and the account can be opened online.

The interest rate ranges from 0.10% to 0.30% APY, depending on the term of the CD. However, the interest rate is fixed for the term of the CD. The Interest rate is higher than bricks and mortar banks but the account doesn’t compound interest for shorter terms.

Here are some features of the UNITY® Gold E-CD:

• Minimum opening deposit of $500
• Competitive interest rate
• The fixed interest rate for the term of the CD
• No monthly fees

Overall, the UNITY® Gold E-CD from OneUnited Bank is a good option for those looking for a high yield and a competitive interest rate.

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OneUnited Bank Credit Cards

OneUnited Bank offers secured credit cards to help customers rebuild their credit. The cards require a deposit and have a low credit limit.

OneUnited Bank secured credit cards require a minimum deposit of $250 and have a maximum credit limit of $10,000. The annual percentage rate (APR) is 17.99% and the bank charges a $39 annual fee.

But intro rates start at 9.95% for the first 6 months.

Here are the features of the OneUnited Bank Credit Cards:

• Minimum deposit of $250
• Maximum credit limit of $10,000
• APR is 17.99%
• The annual fee is $39
• The intro rate is 9.95% for the first 6 months
• No balance transfer fee
• Reports to the major credit bureaus.
• No application fee or penalty rate.
• Security deposit FDIC insured.

OneUnited Bank secured credit cards are a good option for people who have bad credit or no credit history. The deposit is refundable, so you can get your money back if you close your account. There are no rewards or welcome offers, but the low APR and annual fee make this card a good choice for people who want to rebuild their credit.

Mortgage Loan Options

Bank offers several mortgage loan options for homebuyers in Massachusetts, California, and Florida.

The mortgage loan options include:

• Single-family property
• First-time buyer loan programs
• Refinancing home loans
• Multi-family property
• Commercial property

OneUnited Bank has a variety of mortgage loan options to meet the needs of different home buyers. The interest rates and terms of the loans vary depending on the type of property and the location.

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Competitor of OneUnited Bank

The main competitor of OneUnited Bank is Citizens Bank and Liberty Bank and Trust.

Citizens Bank offers a variety of banking products and services, including checking and savings accounts, credit cards, mortgages, and loans. The bank has over 1,000 branches in 11 states and Washington D.C.

Liberty Bank and Trust offer personal and business banking products and services, including checking and savings accounts, loans, and credit cards. The bank has over 60 branches in Louisiana, Mississippi, and Alabama.

OneUnited Bank Vs.Citizens Bank

Below are the image showing the comparison of OneUnited Bank with its Citizens Bank.

As you can see, Moneyniti rates OneUnited Banks 3.75 out of 5, and Citizens Bank gets 3.1 from Moneyniti.OneUnited Banks saving interest rate is 0.10% and Citizen bank has 0.01%

OneUnited Banks checking interest rate is 0.10% and Citizen bank does not give interest on checking account

Overall, OneUnited Bank is a better choice than Citizens Bank.

OneUnited Bank Vs. Liberty Bank and Trust

Below are the image showing the comparison of OneUnited Bank with its Liberty Bank and Trust.

As you can see, Moneyniti rates Liberty Bank and Trust 3.8 while OneUnited Banks gets 3.75 from Moneyniti.OneUnited Banks saving interest rate is 0.10% and Liberty Bank and Trust vary by reign.

OneUnited Banks checking interest rate is 0.10% and Liberty Bank and Trust do give interest on checking accounts.

Overall, OneUnited is a better choice than Liberty Bank and Trust.

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OneUnited Bank Mobile Banking App.

The mobile application of OneUnited Bank has excellent reviews on both the Google Play Store and Apple App Store. The Google Play Store rating is 4.4, while the Apple App store rating is 4.6.

The Customer is satisfied with:

• The mobile app is user-friendly and easy to use.
• The customer service is excellent and responsive.
• The mobile app is secure and safe to use.
• There are no fees for using the mobile app.
• The mobile app has all the features that customers need.

However, Some customers are not satisfied because:

•  Take 10 business days to clear the check
• Very Hard to register with App
• Performance is slow and biometric login is not available

Here are the features of the OneUnited Bank mobile app:

• Check balances and transactions: customers can check their account balances and transactions history.
• Transfer money: customers can transfer money to other accounts, including external accounts.
• Pay bills: customers can pay their bills using the mobile app.
• Deposit checks: customers can deposit checks using the mobile app.
• Find ATMs and branches: customers can find the nearest ATMs and branches

Bank has an excellent mobile banking app that is user-friendly, easy to use and has all the features that customers need. The only downside is that it takes 10 business days to clear the check. Overall, the mobile banking app is a good choice for customers.

OneUnited Bank has an excellent mobile banking app that is user-friendly, easy to use and has all the features that customers need. The only downside is that it takes 10 business days to clear the check. Overall, the mobile banking app

Customer service and support

Bank offers excellent customer service and support during the week. The bank has a dedicated team of customer service representatives who are available to help customers 24 hours a day, 6 days a week.

The bank also has a Twitter account where it responds to customers quickly and provides helpful information.

However, customer service is not available on weekends.

Overall, OneUnited Bank is a good choice for customers who need customer service during the week.

Is OneUnited Bank trustworthy?

Yes, OneUnited Bank is a trustworthy bank. The bank has a good reputation and is known for its community involvement. It is also a certified Community Development Financial Institution (CDFI).

Better Business Bureau  (BBB) gives the bank an A- rating, which means that the bank is trustworthy. The bank has no history of public scandals.

OneUnited Bank is a good choice for customers who are looking for a trustworthy and reliable bank.

Who Is OneUnited Bank Best For?

OneUnited Bank is best for those who are looking for a bank that is committed to the community. This has a history of giving back to the community. They have provided financial education and resources to the underserved. They have also partnered with organizations that focus on economic empowerment.

Below is the additional reason, you should choose the bank. 

• Proximity to Branch: If you live in or near Boston, Miami, or Los Angeles where OneUnited Bank has branches, it might be easier for you to visit a branch in person than to use an online bank.
• Black-owned: OneUnited Bank is the largest black-owned bank in the United States. If you’re looking to support black-owned businesses, OneUnited might be a good choice for you.
• 2 days Early Paycheck: OneUnited offers an Early Paycheck program that allows customers to get their paycheck up to 2 days early. If you need access to your paycheck sooner, this might be a good option for you

How to Open an Account

Opening an account with OneUnited Bank is easy. You can apply online, over the phone, or in-person at a branch near you.

To open an account online, you’ll need to provide some personal information, such as your name, address, and Social Security number. You’ll also need to create a username and password.

Once you’ve opened your account, you can start using Bank’s mobile app, online banking platform, and ATM network.

How to close a OneUnited Bank account

To close your OneUnited Bank account, you’ll need to visit a branch or call customer service. You’ll need to provide some personal information, such as your name, address, and Social Security number. Once your account is closed, you’ll no longer be able to access your mobile app or online banking platform.

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Overall thoughts and OneUnited Bank Review Rating

The only downside is that the savings account comes with steep excess transaction fees. But if you make only a few withdrawals each month, it’s still worth considering this bank.

And don’t forget – they’re owned by black people, which makes them an important financial institution to support.

Have you opened an account with Black Wall Street? Let us know in the comments!

Frequently Asked Questions