Dedicated to Deposits: Deals, Data, and Discussion

OneUnited Cuts Online Savings Account Rate to 5.15% APY

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OneUnited Bank
I guess OneUnited Bank felt it couldn't hang on to 5.30% APY any longer. It finally cut the rate, but surprisingly, it's a modest cut of only 15 basis points. The new yield is 5.15% APY.

You have to wonder about OneUnited's strategy on this. Have they decided to do a bunch of small cuts rather than one large cut? After the recent massive Fed rate cuts, this new yield is still way above the competition.

For more details on OneUnited's online savings account, please refer to my account review, and for info on a $50 bonus, please refer to this post.

OneUnited Bank has been FDIC insured since 1982 (Certificate # 23966).

Thanks to the readers who mentioned this recent rate change.

  Tags: OneUnited Bank, savings account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
HSBC just cut the interest rate to 3.55%.

1
Comment #2 by Anonymous posted on
Anonymous
I have a friend who knows someone who works at OneUnited in California. She said the bank plans to slowly bring down their rate into the mid 4%'s, but is doing it slowly so there won't be a large run to pull out money. It is widely believed few would put their money in a bank that only credits interest quarterly if the rates are low.

And when the Fed cuts the rates even lower, with a goal of bringing the rate down to a 2% bottom, we can expect even more drops from every bank.

1
Comment #3 by moonimus (anonymous) posted on
moonimus
Glad I got in when I did with One United. I think I can live with the smaller cuts as long as it's still the top rate.

1
Comment #4 by Anonymous posted on
Anonymous
Bummer. I just completed my online app. the other day-hadn't heard back yet. Maybe I should just go down there? Any advice...

1
Comment #5 by Anonymous posted on
Anonymous
Just sent my life savings to these guys last night,hope they can be trusted.Today I seen on the BBB they have a grade "F" uh oh!

1
Comment #6 by Anonymous posted on
Anonymous
"Interest on savings is compounded and credited quarterly. Fees may reduce earnings on the account."

1
Comment #7 by Anonymous posted on
Anonymous
It is no big loss if interest is posted quarterly as long as it is same APY.

1