OneUnited Internet Savings Account Now 5.25%
Jul 13, 2006 - 6:55 PM by Ken Tumin
The rate of OneUnited Bank's UNITY Internet Savings Account was raised today from 5.00% to 5.25% APY. This is now the highest rate no-minimum savings account. On June 15 it became the first no-minimum nationally-available savings account to reach 5%. There's actually a $10 minimum deposit and balance requirement to receive the APY, but I consider this essentially as a no-minimum account. I had first reported on this account back on April 22nd when the rate was 4.50%. OneUnited seems to be serious about being the rate leader.
Refer to this post for all the details about OneUnited and this savings account. A comment in that post describes the problems one of my readers experienced with OneUnited's ACH transfer system. You might be able to get around this problem by linking it from another online bank and then initiating ACH transfers from that other bank. GMAC Bank's money market account would be a good choice for this.
Refer to this post for all the details about OneUnited and this savings account. A comment in that post describes the problems one of my readers experienced with OneUnited's ACH transfer system. You might be able to get around this problem by linking it from another online bank and then initiating ACH transfers from that other bank. GMAC Bank's money market account would be a good choice for this.
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Single Ma (anonymous) - #1, Thursday, July 13, 2006 - 8:11 PM
Here is a detailed recap of my experience with One United. Horrible!!
They even have misspelled words on their website. I don't care what the APY is...when money is involved, presentation is over half the battle. I wouldn't trust them with MY money.
Read my post, consumer beware!!!
Banking Guy (anonymous) - #2, Friday, July 14, 2006 - 8:59 AM
Thanks for the info. The problems in the account opening process that you described are disturbing. Not only was it very slow, but the communication was misleading. That definitely doesn't help with the trust issue.
The other reader's comment was with regards to OneUnited's ACH transfer system. However, it was similar to your experience in the bank's slowness, bad communications, and problematic customer service.
Anonymous - #3, Sunday, July 16, 2006 - 3:47 PM
I've not had any problems yet. Opening the account was fairly standard. I received a confirmation email right away. Am waiting on verification of my linking account via penny deposits.
Anonymous - #4, Thursday, July 20, 2006 - 8:32 AM
I opened an account yesterday and had very similar problems to those detailed by single ma and the comments there. Waiting to see what happens, but at this point I'd strongly recommend against anyone using this bank. Very disappointing.
Anonymous - #5, Thursday, July 27, 2006 - 12:36 PM
I reported no problems OPENING an account, and funding it. See July 16 post. BUT ONLINE ACCESS to the account is another story. I signed up for online banking July 20, and have yet to be "approved" according to the outside tech service that the bank is using. There is a backlog of registrations for online access that is taking the bank 2 weeks to process according to the service. I've also poor experience contacting the bank directly via phone to find out when I can expect approval. I'm either put on hold indefinitely or asked to leave a message.
Anonymous - #6, Thursday, July 27, 2006 - 4:15 PM
Same with the above message. Opening the account was fairly easy.. but had problem to get online access.
Single Ma (anonymous) - #7, Friday, July 28, 2006 - 10:40 AM
An "online" bank with the highest APY for an "online" savings account but have problems providing "online" access. *sigh*
Pure genius!
Anonymous - #8, Tuesday, October 3, 2006 - 7:14 AM
I noted that posting int rate was at 5.15% and not the 5.25% I thought I signed up for and asked why via email. Answer was that I get 5.25% on funds that have remainded in the account for 1 year but until that time the rate was 5.15%
Banking Guy (anonymous) - #9, Tuesday, October 3, 2006 - 8:17 AM
Are you sure it's not a case of interest rate vs APY? Since APY depends on compounding, you won't get 5.25% from a 5.15% interest rate account until one year (after compounding takes effect).
gary (anonymous) - #10, Wednesday, October 4, 2006 - 1:56 PM
Will be closing this one out -- as soon as I can get my money out of there. Unlike some of the other commenters, I did not have any trouble opening or acessing my account-- although I noted that they are sluggish about ACH transfers. The last I submitted online was Wed, Sept 27 (and also did a transfer from Emigrant the 28th). On the 29th, the Emigrant funds were transferred to my destination account. Nothing from OneUnited. Sent them an email over the weekend to inquire as to when I might expect the transfer-- no response. I called them on Monday, Oct 2. The CSR said that the person she had to talk to was on the phone, but she left a message and would continue calling until she got through, and would call me back-- emphasizing that it would be that day (Monday, Oct 2). She didn't. It is now Oct 3, and no word (and no funds transfer). Maybe tomorrow, which will be 1 week.
Banking Guy (anonymous) - #11, Wednesday, October 4, 2006 - 6:35 PM
Gary, thanks for the info. Sounds like a pretty bad ACH system and bad customer service.
Ed (anonymous) - #12, Wednesday, January 10, 2007 - 1:42 PM
There ACH transfer system is much improved as of sometime in November. You now can schedule transfers and you have the ability to view pending, completed, canceled, and scheduled transfers online. No fees for ACH transfers in and out of the account. Perhaps you may want to try them now. I've noticed a huge improvement, however there is still just the quarterly interest deposit.
Banking Guy (anonymous) - #13, Wednesday, January 10, 2007 - 7:17 PM
Ed, Thanks for the update. Glad to see this bank has made improvements.
Anonymous - #14, Sunday, April 29, 2007 - 6:56 AM
Very slow and difficult to open an account with them ... finally gave up. when there are so many banks to choose from, why go with the bank that is slow to begin with.
Not recommended
Anonymous - #15, Sunday, November 11, 2007 - 8:04 AM
I opened a small account there in july and still have it there. Getting the account open and tranfering money in was slow. I haven't tried to transfer any money out. I am in the unity gold e savings and the 5.30% is a good rate now. Based on the comments here if I thought I was going to need the money quickly I would probally move it but since that is not the case I'll stick with them through their learning curve as long as they stick with the 5.30%. If they lower the rate to under 5% I will be gone.
Anonymous - #16, Friday, February 29, 2008 - 2:44 AM
I opened an E-saving account about a week ago and the money is already funded but I still don't have access to my account online, even though I already registered for username and pwd. I've tried to call customer service numerous times, waited for 20 minutes on the phone but could not get help from anyone. I finally gave up after 30 minutes waiting and left a voice mail message instead. No one has returned my call. I call in again the next day, the same thing happened, so I left 2 more messages but still haven't heard back from them. This is a big mistake, I forgot to read all the customer reviews before opening an account with them. Up to date, almost 2 weeks, I still haven't heard back from them despite numerous phone calls, emails. I will have to write letter them to cancel the account and get my money back ($1700, initial deposit). BUYER BEWARE!!!!!!!!!
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