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OneUnited Bank Review

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OneUnited Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


OneUnited Bank first started operating in 1982 with its headquarters in Boston, Massachusetts. It owns $658 million in assets as well as $373 million in deposits, making it a medium-size bank. OneUnited Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated OneUnited Bank 4.3 stars out of 5, indicating that it is a solid contender in your bank search. OneUnited Bank provides customers with a basic array of banking products, including savings accounts, checking accounts, mortgage products and credit cards. OneUnited Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, OneUnited Bank's most basic checking does not carry a monthly charge. Banks that offer no-fee checking and a high savings APY are your best option for returning the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

OneUnited Bank features a savings rate of 0.20%, which is fair as compared against the national average. Its one-year CD has a rate of 0.90%, while its highest-yielding money market account has a rate of 0.50%. Given OneUnited Bank's poor savings rate, you should think about 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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SmartAsset Average: 4.4

OneUnited Bank generally has extremely low fees compared to the national average. With no monthly fee, OneUnited Bank is perfect for those who want a basic banking experience. OneUnited Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to locate an OneUnited Bank ATM or pay the fee.

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

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 easy access and banking on the go. OneUnited Bank gets high marks from users for its online presence. The OneUnited Bank mobile app has been given a 4.5 out of 5 (with 1,400 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize OneUnited Bank's mobile app to manage your funds by checking current statements, sending and receiving funds and reaching customer service. OneUnited Bank receives an exceptional consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

OneUnited Bank ranks as a medium-size bank and has assets totaling $658 million and deposits totaling $373 million. OneUnited Bank has a strong Texas Ratio of 10.53%, signifying that OneUnited Bank is in good financial condition and unlikely to fail. 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

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 Account 0.4% APY $1000

OneUnited Bank has 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 consider other options 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 compared to the national average.

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Find a OneUnited Bank Near Me

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

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