OneUnited Bank

Overview / Commentary
100 Franklin St
Boston, MA 02110

OneUnited Bank prides itself on being the nation’s first Black internet bank and, at the time of this writing, the largest Black-owned bank in the United States. Headquartered in Boston, MA, the bank was originally established in 1982 as the Boston Bank of Commerce. It changed its name to OneUnited Bank in 2002, and opened its internet “branch” in 2006.

The bank focuses on gathering deposit funds in order to provide mortgage loans to urban communities. OneUnited therefore offers its personal banking customers checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). The bank provides both interest and non-interest-bearing checking accounts, including a checking account for those with poor ChexSystems reports. OneUnited’s savings and money market accounts offer better interest rates for higher account balances, and their CD terms range from 90 days to 4 years. IRAs are available as CDs, with the same range of terms. OneUnited offers its customers convenient and secure access to their funds through online and mobile banking. It also provides access to online bill payment services.

OneUnited Bank also provides business checking accounts, business savings accounts, business money market accounts, and business CDs. The business checking, savings, and money market accounts can be linked together to avoid monthly fees.

Reviews (1)

Average. What I Expected

You need to read all of their disclosures. They use a 3rd party to process their credit cards similar to many other small banks or credit unions. They approved me quickly but it still took about 30 days for the card to get to me. They do not have a minimum credit score but you must be able to afford it so they ask for your income and payments. They do not offer online debit, credit or checking to pay your bill. You have to use US Mail or your Banks bill pay system to make a payment. You have to mail them to the address on the statement which is in Tampa, Florida and most likely a payment processing center (3rd party). If you send it any where else it will be delayed or lost. The customer service people work for the 3rd party processor and not the bank.


Health Grade Components

FDIC Certificate #23966
Year Established1982
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.16%
Return on Equity - YTD1.75%
Annual Interest Income$8.9MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$637.3MM$616.4MM
LoansQ2 2022vs Q2 2021$468.3MM$412.7MM
DepositsQ2 2022vs Q2 2021$493.0MM$454.1MM
Equity CapitalQ2 2022vs Q2 2021$56.7MM$51.5MM
Loan Loss AllowanceQ2 2022vs Q2 2021$1.8MM$1.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$4.1MM$167.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0

Rates for OneUnited Bank are currently being reviewed.


OneUnited Bank Locations
Oneunited Bank100 Franklin StBoston, MA 02110
Roxbury Branch2343 Washington StreetBoston, MA 02108
79th Street Branch3275 N.W. 79th StreetMiami, FL 33147
Crenshaw Branch3683 Crenshaw BoulevardLos Angeles, CA 90016
Grove Hall Branch648 Warren StreetDorchester, MA 02121

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