Dedicated to Deposits: Deals, Data, and Discussion

5.30% Savings Account at OneUnited, Now Requires $1K

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OneUnited Bank's rate on its UNITY Gold E-Savings account has recently been raised from 5.25% to 5.30% APY. However, I noticed it changed its minimum deposit requirement. It use to only require a $10 deposit. It now requires a $1,000 minimum opening deposit and to earn the stated APY.

Comments from readers regarding this bank and this savings account haven't been favorable. Many reported problems in the account opening, with customer service and with slow ACH transfers. Refer to this post for account details and this post for comments from readers.

The Bank is FDIC insured. Their safe and sound rating at Bankrate.com has gone down since June from 4 out of 5 stars (sound) to 3 out of 5 stars (performing).


Comments
5 comments.
Comment #1 by gary (anonymous) posted on
gary
Is the UNITY GOLD account a different account from the UNITY Internet Account? I opened the latter a few months ago, but becasue of ACH and communication problems I pulled my money out (save for $50). So I wondered if my old account would go to 5.3%. I sent them an email inquiry on their secured site, and true to past form, they never responded. That part at least seems consistent. (I think they have fixed the ACH problems and delays though-- but they charge if you want an expedited transfer). So I logged onto the account and noted that I am still at 5.25%, and they did pay interest on the remaining 50 bucks, so they weren;t enforcing a $1K min for interest. Maybe they just haven't changed the old accounts over yet.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Perhaps they kept the UNITY Internet Account for the old customers, but are now only offering the UNITY GOLD account for new customers?

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Comment #3 by Anonymous posted on
Anonymous
The UNITY GOLD is different. I emailed them and got a response (~50 days later) saying the following: "If you currently have a Unity Internet Savings the account will not automatically be converted to an E-Gold Savings account. In order to open an E-Gold account, you need to apply for the new account. If you fall below the minimum balance of $1000 you will not earn any interest on the [UNITY GOLD] account." On my latest Internet Savings account statement, I was notified that the rate will change on July 26th to 5.150% (APY I'm guessing since I think the rate was already 5.15% with an APY of 5.25%).

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
50 days? I think that may be the longest reply from an email question that I've seen.

So the old Unity Gold account is only being kept for the existing customers?

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Comment #5 by Anonymous posted on
Anonymous
I'm not sure about the old UNITY GOLD account as I did not have one. It is the case that the old UNITY Internet Savings account only seems to be for existing customers. I guess UNITY GOLD is their current internet savings offering.

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