OneUnited Bank Review: Checking, Savings and CDs

The Black Wall Street Checking account has no monthly fee and provides access to more than 35,000 surcharge-free ATMs across the country as part of the MoneyPass network. You need only $25 to open the account, whose name gives the nod to the historic Greenwood neighborhood of Tulsa, Oklahoma. It was a thriving community known as “Black Wall Street” before the devastating 1921 Tulsa Race Massacre.

» Want to learn about other minority-owned banks? Read more on black-owned banks and credit unions

The BankBlack Savings account scores well because its $5 monthly fee is easily waived with a direct deposit or electronic funds transfer deposit. It also has a low $25 minimum opening deposit. However, the annual percentage yield is low.

This is not the account for you if you take money out of savings several times a month. There is a $2 “charge per debit” fee for each withdrawal over six per month. In addition, some types of withdrawals, including online transfers, incur an additional $20 excess transaction fee for each transaction above six per month. Other banks charge much less.

OneUnited offers certificates of deposit with terms that range from 90 days to almost four years. The bank’s online CDs have a minimum opening deposit of $500. That’s relatively affordable — some large banks have minimum deposits of $2,500. However, the interest rates on OneUnited’s CDs are low compared to other banks.

The bank’s mobile apps get high ratings in the app stores and offer standard electronic money transfer and mobile check deposit features. OneUnited’s website also has a library of video tutorials on topics such as saving for financial goals and avoiding overdraft fees.

Customer service is available by phone for extended hours Monday through Friday but isn’t available on weekends. In addition, the bank is active on X (Twitter) and generally gives quick responses to customers who reach out on that platform.