Dedicated to Deposits: Deals, Data, and Discussion

4.25% 5-Month CD at OneUnited Bank in Los Angeles, Miami and Boston


OneUnited Bank
Update 12/08/08: The CD rate has gone down. A reader reported this rate to be 3.75% APY as of today. Please check with the bank for the latest rates.

Update 11/29/08: OneUnited receives Cease and Desist Order from FDIC (see post).

OneUnited Bank is offering a special CD with an APY of 4.25% APY and a term of 150 days. Minimum deposit is $1,000. This special doesn't seem to be listed at the bank's website. A reader mentioned seeing this special, and I just called for additional details. According to the banking it's only available at the bank's offices. It's not available online or by mail. There are no other requirements (such as a checking account). She didn't know how long it will last. It's available as of today (11/25/08), but it could any at any time.

OneUnited also offers an online savings account that currently pays 3.75% APY with a $1,000 minimum balance. Unlike the special CD, this savings account is available online to people in any state. Refer to my OneUnited account review for details. The account has a history of high rates, but many readers have had problems with the bank's online application, the online banking and with their customer service. Refer to the account review post for all the readers' comments.

Branches are located in Los Angeles, Compton and Pasadena, California; Miami and Lauderdale Lakes, Florida; and Boston, Dorchester and Roxbury, Massachusetts.

OneUnited Bank has average financial ratings for soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1982 (FDIC Certificate # 23966).

Thanks to the reader who emailed me news of this special CD.

Related Pages: Massachusetts, California, OneUnited Bank, CD rates, Florida

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Comment #1 by Lincoln (anonymous) posted on
Boycott OneUnited Bank and any bank that pays interest quarterly instead of monthly.

If you are paid interest quarterly and you close your account before the quarterly interest credit, you lose the accumulated interest earned since the last quarterly posting.

Most banks pay interest monthly. You deserve to get your interest monthly. The banks get their interest payments from loans and credit cards monthly.

Comment #2 by Anonymous posted on
I had an account here at one time but closed it out some time ago. I just didn't like this bank in general and especially the interest being paid quarterly. I would not recommend this bank

Comment #3 by Anonymous posted on
I even had trouble closing a zero balance account. They wanted a signed letter with a copy of my Driver's License too.

My first clue with this Bank should have been with the account opening process...took way to long with snail mail with access codes. Don't even try to have a PO Box mailing address as they don't respect that either, sending everything to physical address.

I won't shed a tear if this Bank is closed. They just don't get it. When you do internet banking as a division (not a hobby) you need to support it with adequate systems and proper staffing that understand both how the system works and the Bank's policies and procedures.

OC Steve