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OneUnited

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  • #1

    OneUnited

    Hi all,

    The 'FishGiver' (DH) and I have some money put away, both an emergency fund and some money we are saving up for a home improvement project in the Spring (we hope!). We currently each have ING accounts, which are a pretty good deal compared to local banks and I like the customer service. I see that 'OneUnited' has a bit better interest rate, so I'm thinking of switching. Has anyone here experience with them? Is the service good? Any drawbacks I should know about?

    Thanks!

    Regards,
    -E!
    Tags: None
  • #2
    Re: OneUnited

    I have a few black coworkers that I've already sent this link to.

    OneUnited bills itself as the first black-owned internet bank. The rhetoric behind it may be enticing, but the rates aren't the best out there. To be fair, it's not that bad either. However, I would assume that those who end up signing up are largely interested in supporting the African-American community.

    That said, I don't have any personal experience with it, so please take it for what it's worth.

    Comment

    • #3
      Re: OneUnited

      Hi,

      Thanks for the reply. I wasn't as interested in the racial aspects of it as I was in the interest rate . If you have a suggestion of an institution with a better interest rate on an online savings account, please let me know.

      I see a lot of folks here use ING, as I am, or Emigrant, which has a bit of a bad rep and not quite so high a rate as OneUnited. Unless I'm missing something here. Thanks.

      Regards,
      Elizabeth

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      • #4
        Re: OneUnited

        WOAH! 5.25%?! When did that happen?

        I take it back, because as it stands right now, it IS the highest online rate being offered! Well, don't I feel embarrassed telling my coworkers that there were higher ones (although there were at the time!)

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        • #5
          Re: OneUnited

          Anyone else have anything to add positive or negative? I ask because I saw a blog somewhere where the person had trouble setting up the account and it took a long time to clear deposits. I could probably live with that, but there was also some issue about not being able to transfer money out, only to OneUnited accounts or something? Anyone know about this?

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          • #6
            Re: OneUnited

            5.25% is awesome I am going to look more into this bank.

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            • #7
              Re: OneUnited

              I'm also wondering about this bank. I haven't heard much about it but I do know they have one of the highest money market rates as of today. The only thing I don't like about the bank is it almost sounds like you have to be African-American to sign up for an account, which isn't the case.

              Beware though, it could be a temporary rate just to get a nice customer base and they could drop their rate quick. I prefer the banks like GMAC, etc that keep a consistent and competitive rate.

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              • #8
                Re: OneUnited


                GMAC has changed their rate three times in the past month, the latest a drop from 5.10 to 5.00. OneUnited has been consistently at the top of my rate chart since I started keeping it in June.

                I don't see any reason to not utilize the account offering.

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