Thursday, 22 October 2020

OneUnited Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

OneUnited Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
02 May
2:29
OneUnited Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.40%

Savings

OneUnited Bank UNITY E-Gold Savings

2.20%

Barclays Online Savings Account

LEARN MORE Secured

on Barclays’s secure website

Member FDIC

OneUnited Bank’s checking account options

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How OneUnited Bank’s checking accounts compare

OneUnited Bank only offers one interest-bearing checking account. While this rate is higher than average, it’s still not that great of an interest rate.

Furthermore, all of these accounts come with very high fees and few other perks. The bank will argue that it is possible to get the monthly fee waived for these checking accounts (except for its second-chance checking account, that is). And while that is true, that also still conveniently leaves the door open for them to charge you fees later if you aren’t able to meet the requirements each month, every month. That’s also to say nothing of the inconvenience of not being able to write a physical, paper check if you need it.

Instead, if you’re willing to do your banking online, why not choose one of these on our list of the best online checking accounts instead? These banks and credit unions won’t charge high fees and will offer you higher interest payments.

OneUnited Bank’s savings account options

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How OneUnited Bank’s savings accounts compare

OneUnited Bank’s savings accounts follow a similar pattern as its interest-bearing checking account. Its UNITY Gold Savings account offers a higher-than-average rate, but it’s still a long ways off from being what we’d really call a “good” interest rate. Its UNITY E-Style Savings account, on the other hand, currently offers a lower-than-average interest rate. If earning the highest interest rates are what’s important to you, then we’d recommend one of these on our list of the best online savings accounts instead.

Furthermore, we don’t like the fact that these accounts come with monthly fees that you’ll always need to be on the lookout for.

OneUnited Bank’s CD rates

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How OneUnited Bank’s CD rates compare

We’re sad to report that the rates OneUnited Bank offers on its CDs are far below those of other banks. CDs can be a great way to save and earn higher rates long-term, but because you are setting money aside for the long run, we always recommend seeking out the highest interest rates possible. After all, you can’t move your money without paying penalties if you change your mind later.

That’s why we recommend these top-yielding CDs instead if you’re looking for a place to stash your cash long-term. You’ll earn far more money with these CDs, so you can reach your financial goals faster than you can with OneUnited Bank.

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Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/oneunited-bank/

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