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 Bankrate.com. 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.