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OneUnited Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
OneUnited Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1982, OneUnited Bank has assets totaling $658 million and deposits totaling $373 million, ranking it as a medium-size bank. OneUnited Bank, whose headquarters are in Boston, Massachusetts, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, OneUnited Bank is a great bank that you should seriously consider, with a rating of 4.3 stars out of 5 from our team. OneUnited Bank offers the basic set of product offerings, which include savings accounts, checking accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, OneUnited Bank's ordinary checking account does not have a monthly fee. Finding a bank with free checking and a high interest rate savings account is the best bet for returning the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.20%, OneUnited Bank ranks poorly in comparison to the national average. OneUnited Bank's one-year CD earns at a rate of 0.90%, while its highest-yielding money market account earns at a rate of 0.50%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How OneUnited Bank's Savings Rates Compare

OneUnited Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

OneUnited Bank typically has extremely low fees as compared against the national average. With no monthly fee, OneUnited Bank is ideal for people who want a simple checking account. OneUnited Bank does not refund out-of-network ATM fees, meaning you will have to locate an OneUnited Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

OneUnited Bank is a brick-and-mortar bank, with five total branches in California, Florida and Massachusetts. It also offers access to mobile and web apps for an easy mobile-banking experience. OneUnited Bank's online and mobile banking platforms receive high praise from users. With 1,400 customer reviews on Apple and Android platforms, the OneUnited Bank mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). You can utilize OneUnited Bank's app to manage your accounts by monitoring monthly statements, sending and receiving money as well as reaching support representatives. OneUnited Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

OneUnited Bank is a medium-size bank and has $658 million in assets and $373 million in deposits. OneUnited Bank's Texas Ratio is 10.53%, signifying a small opportunity of failure. Additionally, OneUnited Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.53%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare OneUnited Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.4% APY $100
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.05% APY
  • 36 Month: 1.20% APY
  • 48 Month: 1.30% APY
$500 for all terms
Money Market Accounts 0.4% APY 0.5% APY $10000 $15000

OneUnited Bank offers a basic array of deposit products like savings accounts and checking accounts. OneUnited Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. OneUnited Bank's CD rates are fair in comparison to other U.S. banks.

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Find a OneUnited Bank Near Me

OneUnited Bank has five physical branches across the U.S.

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