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 (3)

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.

Stay Far Away From Oneunited Bank

Posted by: |

I would give this bank a negative 5-star if I could. My husband complains every month about this bank regarding a secured card he opted for to build his credit so we can purchase a home. Long story short, they only allow you to make 1 payment per month. In turn, if you need to pay your balance off for a rescore with the credit bureaus to show your score increased to get preapproval for a mortgage - this company will not be in your favor to assist you in doing so. One thing I am is an advocate for what's right. I legitimately researched the company's CEO, COO, and whoever else is at the top of the food chain. They're all on LinkedIn! You can even access their email addresses through Google. My husband reached out asking them to please allow him to pay off his balance. Do you know this so-called "black bank" sent an email stating they only allow 1 payment - even after pleading that we are trying to purchase a home? Stay far away from this bank. Go to Capital One, Credit Unions, and other reputable banks that will help whether you are black or not! I am just disgusted by their ability to even have a mission statement that does the opposite of what they are actively doing to customers. You all should be ashamed of yourselves! We will be filing a complaint with the BBB and FDIC.

Can Not Get Anyone To Help Me

Posted by: |

I have an issue with my credit card and it has been extremely frustrating trying to find someone who can help me with my issue. All they can do is connect me with someone who handles lost or stolen cards and that is NOT my issue. I have called many times and have had no luck. I would not recommend this bank even to my worst enemy.


Health Grade Components

FDIC Certificate #23966
Year Established1982
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.25%
Return on Equity - YTD3.08%
Annual Interest Income$5.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$607MM$609MM
LoansQ1 2024vs Q1 2023$438.8MM$455.5MM
DepositsQ1 2024vs Q1 2023$505.1MM$521MM
Equity CapitalQ1 2024vs Q1 2023$55.5MM$52.5MM
Loan Loss AllowanceQ1 2024vs Q1 2023$1.7MM$1.7MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$1.7MM$3.7MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Always verify rates and promotions with the bank or credit union. We are not OneUnited Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

OneUnited Bank Savings Account Rates

0.40%$10-UNITY Youth Savings
0.40%$200-UNITY Savings
0.40%$100-UNITY Plus Savings
0.40%*$100k*-UNITY E-Gold Savings - Internet
OTHER TIERS: 0.20% $1k - $25k | 0.30% $25k - $100k
0.40%*$100k*-UNITY E-Gold Savings
OTHER TIERS: 0.20% $1k - $25k | 0.30% $25k - $100k
0.20%$200-BankBlack Savings
0.20%$200-BankBlack Savings - Internet
0.15%$1k-UNITY Choice Savings

OneUnited Bank Money Market Rates

0.15%*$75k*-UNITY Money Market
OTHER TIERS: 0.05% $500 - $25k | 0.10% $25k - $75k
0.15%*$250k*-Business UNITY Choice Money Market
OTHER TIERS: 0.05% $1k - $100k | 0.10% $100k - $250k

OneUnited Bank Checking Account Rates

0.10%$100-UNITY Gold Checking
0.10%$100-UNITY E-Gold Checking
0.10%$100-UNITY E-Gold Checking - Internet
0.05%$100-UNITY Business Checking
0.05%$100-UNITY Non Profit Checking

OneUnited Bank CD Rates

1.30%$250k-UNITY Jumbo 15 Month CD
1.30%*$10k*-UNITY Gold 15 Month E-CD
OTHER TIERS: 0.90% $500 - $10k
1.30%$1k-UNITY 15 Month CD
0.30%$1k-UNITY 2 Year CD
0.30%$1k-UNITY 3 Year CD
0.30%*$250k*-UNITY Gold 1 Year E-CD
OTHER TIERS: 0.25% $500 - $250k
0.30%$500-UNITY Gold 2 Year E-CD
0.30%$250k-UNITY Jumbo 30 Month CD
0.30%$250k-UNITY Jumbo 42 Month CD
0.15%$1k-UNITY 270 Day CD
0.10%$1k-UNITY 90 Day CD
0.10%$500-UNITY Gold 120 Day E-CD

OneUnited Bank IRA Rates

0.30%$1k-UNITY 2 Year IRA CD
0.30%$1k-UNITY 3 Year IRA CD
0.15%$1k-UNITY 270 Day IRA CD
0.10%$1k-UNITY 90 Day IRA CD

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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