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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
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

OneUnited Bank started in 1982 with headquarters located in Boston, Massachusetts. It owns assets of $658 million along with deposits totaling $373 million, making it a medium-size bank. OneUnited Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We ranked the bank at a 4.3 out of 5 stars, indicating that OneUnited Bank is a great bank that you should seriously consider. OneUnited Bank provides customers with an array banking products, including savings accounts, checking accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly fee. Institutions that offer no-fee checking and a high savings APY are your best option for getting the most income from your deposits while having convenient access to your money.

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. Its one-year CD earns at a rate of 0.90%, while its highest-yielding money market account has a rate of 0.50%. Given OneUnited Bank's 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 0.10 National Average 0.09 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

OneUnited Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, OneUnited Bank is ideal for those who want a simple checking account. OneUnited Bank unfortunately does not refund out-of-network ATM charges, meaning you'll have to search for an OneUnited Bank ATM or accept the withdrawal 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

4.2
SmartAsset Average: 3.7

OneUnited Bank is a brick-and-mortar bank, with five total branches in , , , , , , , , , , , , , , , , and . With mobile and web apps, OneUnited Bank makes mobile banking convenient, even on the go. OneUnited Bank gets positive scores from users for its mobile app. With 1,400 customer reviews across iOS and Android platforms, the OneUnited Bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). You can use OneUnited Bank's app to manage your finances by monitoring current statements, transferring money as well as reaching customer service. OneUnited Bank receives an outstanding consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government 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 owning assets totaling $658 million as well as deposits totaling $373 million. OneUnited Bank's Texas Ratio is 10.53%, denoting a small chance 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 0.1% APY $200
Checking Account 0.4% APY $100
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.30% APY
  • 48 Month: 0.30% APY
$500 for all terms
Money Market Accounts 0.4% APY 0.5% APY $10000 $15000

OneUnited Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. OneUnited Bank does not have the best savings rate, which means you should consider 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 as compared against the national average.

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Find a OneUnited Bank Near Me

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

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