OneUnited Bank is offering a rate of 5.30 % APY on its saving account with a minimum requirement of $ 1000. OneUnited bank branches are located in California, Florida and Massachusetts, with executive offices in Boston, Los Angeles and Miami. The bank is FDIC insured with state-of-the-art technology. OneUnited Bank is very credible and had been awarded highest Bank Enterprise Award by the U.S. Department of Treasury in 2006, 2005 and 2004. However, there are maintenance charges of about $8 per month.
OneUnited Bank has a wide variety of saving accounts to choose from consumer to business products. It can include offers of a high rate with 5.3 % APY; accounts such as Gold E saving with a minimum deposit of $ 1000 or the special saving accounts for youth under 18 called the UNITY Youth Savings that only requires a minimum deposit of $10.00 and has no service charges. The bank offers great convenience to the customers which includes free online banking - where you can access your account 24 hours a day, transfer money from your account and opt for automatic saving program - and 24 hour telephone banking. Plus, there is no cheque cashing fees. However, the interest for this bank is compounded quarterly unlike Umbrella Bank’s where it is compounded daily.
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