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OneUnited - Still Holding at 5.30%, And Now a $50 Bonus


OneUnited Bank
Update 2/22/08: The yield fell today to 4.60% APY.
Update 2/4/08: The yield has fallen to 5.15% APY.

OneUnited Bank is still holding the yield on its UNITY Gold E-Savings Account at 5.30% APY. I've been expecting to see them follow all the other banks with rate cuts, but they continue to hang in there with a yield that has remained at 5.30% APY since December 2006.

I just learned about another perk of OneUnited. You can receive $50 in their Cash In/Cash Out promotion. The $50 will be automatically deposited to your account within 15 days after a new recurring direct deposit occurs at least monthly over 3 consecutive months. Visa debit card transactions also qualify, but the E-Savings Account doesn't come with a Visa debit card (only an ATM card). According to their FAQ page, any OneUnited Bank customer who holds a consumer account is eligible for this promotion. If you're already have an account, you don't have to sign up. Just meet the requirements. The offer expires June 30, 2008. One offer per customer. Thanks to the commenter who mentioned finding this promo at Bankaholic.

For a full review of OneUnited and the E-Savings Account, please refer to this December account review. Some of the downsides of this account based on the website and based on comments from readers include:
  • $1,000 minimum to open and earn interest
  • Interest is credited and compounded quarterly
  • Standard ACH transfer limits: outbound: $20k/day, $40k/month, inbound: $20k/day, $100k/month
  • ACH outbound transfers have been reported to take a week or more with at least 3 days in which the money is earning no interest
  • At least 9 day hold before your initial deposited funds are available
  • Reports that they're very slow in answering their secure e-mails

There have been a few good reports, such as some responsive customer service and inbound ACH transfers taking only 3 days to complete. You'll have to decide if the downsides outweigh the high yield. The problem is that they could do a major rate cut any day. But so far, they've done the best job of any bank at mantaining the high yield.

To read more about people's experience with OneUnited, please see my previous account review. If you have had good or bad experience with them, please leave a comment.

  Tags: OneUnited Bank, savings account

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