Here's another bank offering an ING-type account:
Link
The 4.50%APY rate is not introductory, and you can receive an ATM card with the account if you want one.
Routing Number: 067006762
-Rate is 5.25% APY now
-not to be confused with Bank United which is another bank
-no hard inquiry for new account
-Interest credited quarterly
-Must register for online banking after you open your account (it's not automatic)
-ACH in/out is initiated via a manual form online (no automatic linking of accounts)
-You can ACH in/out to checking or savings account
-ACH takes about 3-4 days to complete
*The annual rate or interest rate and annual percentage yield (APY) or effective annual yield is effective as of March 31, 2006. $10 minimum balance to open and earn disclosed APY. All rates are subject to change daily. Interest on savings is compounded and credited quarterly. Fees may reduce earnings on the account. For more information, including how interest is calculated and fees, please review our Online Truth in Savings Disclosures or speak with our Financial Service Representatives. Please call 1-877-One-United or 877-663-8648 for current rate or further detailed information.
Question: Are there any fees?
Answer: There are no monthly maintenance fees. However, there are fees if you deposit a check with insufficient funds and other fees for services. Please review our Online Truth In Savings Disclosures.
Our branches are located in California, Florida and Massachusetts, with executive offices in Boston, Los Angeles and Miami.
OneUnited Bank: Interest on savings is compounded and credited quarterly.
ING: Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.
Don't know at what balance this would affect the effective rate, it is significantly higher than ING's current rate.
Off topic from the rate/offer, this is an interesting snippet from their site:
OneUnited Bank is fulfilling the hundred year old civil rights dream of garnering the spending power of our community and channeling it back into our community for economic development and wealth building. With your support by simply opening an FDIC insured account with great rates and becoming a Member of OneUnited Bank, we will continue to accomplish this dream everyday!
Raf2 said:Don't know at what balance this would affect the effective rate
APY includes the effects of compounding, so they have a higher interest rate in order to get the same APY since they are compounding less. APY is APY.
The only negative is the wait to get the interest payment as with a no min requirement you can pull all but a token amount out and still get your payment.
Too bad the rate isn't higher, or I'd be all over this deal.
it's not the highest, unfortunately.
however, people interested in community investing might want to check this article out: http://www.findarticles.com/p/articles/mi_m1365/is_11_33/ai_102453235
One United Bank is the nation's largest African-American owned banking institution, and it makes loans to businesses and people who can't get credit with regular banking institutions. I probably won't open an account with them, because I already have some CDs with Self-Help Credit Union, another community-development institution; Self-Help's money market rates aren't much, but their CD rates are quite competitive with the national average.
weiwentg said:it's not the highest, unfortunately.
however, people interested in community investing might want to check this article out: http://www.findarticles.com/p/articles/mi_m1365/is_11_33/ai_102453235
One United Bank is the nation's largest African-American owned banking institution, and it makes loans to businesses and people who can't get credit with regular banking institutions. I probably won't open an account with them, because I already have some CDs with Self-Help Credit Union, another community-development institution; Self-Help's money market rates aren't much, but their CD rates are quite competitive with the national average.
By making loans to people wo can't get loans due to credit issues it could mean eventually going under.
Also I assume they have some criteria and due to market demand would assume these people get charged a higher interest rate. Hence even if they do good, they may profit off of this.
So basically they are either profitting off these people by upping interest rate, or losing potential $, thereby increasing their risk.
up to 5%
Goodbye, Emigrant-Direct!
wow!! 5% Does this bank offer ach deposit and withdraws/
how come this bank isn't in the "The Daughter of The Mother" thread? nice rate especially only with $10 min balance
xpguy said:how come this bank isn't in the "The Daughter of The Mother" thread? nice rate especially only with $10 min balance
Scott posted it yesterday. It's in the QS now.
Goldenlight said:wow!! 5% Does this bank offer ach deposit and withdraws/
Here is a link to a good blog post about the account and associated fees
Interest rate is good, but you have to be willing to put up with a couple of negatives. First, they are slow to complete fund transfers. I submitted a request to transfer money into my OneUnited account on 6/28 and it did not post until 7/5. Another was submitted on 7/1 and has not posted yet (7/6). The funds were not removed from my account for the first transfer until 7/5, so it is not the case they had the money but are not posting it - they just seem to be slow.
Second, they place a hold on your account for the amount of a transfer sometime between the time they receive the request and the time the transfer is completed. This ties up the other funds in your account. If the transfer is big enough they will tie up your entire account even though some funds have been there a while. This is the result of applying the hold prior (days prior) to completing the transfer and posting it to the account. A call to OneUnited customer service revealed that I was not the only one this happened to and a promise to call back with an explanation. The latter promise to call back was made on 7/3, but has not been fulfilled as of 7/6.
I agree, getting money out of this bank is very slow. At least 7 days from the time you requested. Getting through to customer support can get hairy too, I recommend calling after 6PM EST.
5.25% APY now
LK238 said:Interest rate is good, but you have to be willing to put up with a couple of negatives. First, they are slow to complete fund transfers. I submitted a request to transfer money into my OneUnited account on 6/28 and it did not post until 7/5. Another was submitted on 7/1 and has not posted yet (7/6). The funds were not removed from my account for the first transfer until 7/5, so it is not the case they had the money but are not posting it - they just seem to be slow.
I think the 4th of july holiday probably added to the slowness of the transfers.
I initiated an ACH withdraw on 7/17 in the morning and it posted on my other bank's account on 7/20 so it looks like 3 business days
xpguy said:LK238 said:Interest rate is good, but you have to be willing to put up with a couple of negatives. First, they are slow to complete fund transfers. I submitted a request to transfer money into my OneUnited account on 6/28 and it did not post until 7/5. Another was submitted on 7/1 and has not posted yet (7/6). The funds were not removed from my account for the first transfer until 7/5, so it is not the case they had the money but are not posting it - they just seem to be slow.
I think the 4th of july holiday probably added to the slowness of the transfers.
I initiated an ACH withdraw on 7/17 in the morning and it posted on my other bank's account on 7/20 so it looks like 3 business days
I don't think the holiday is the explanation. Requested another transfer to OneUnited on 7/11 during business hours, posted 7/17. Transfers from the same source to ING take 1 day.
Yikes, I wouldn't consider going to one of the branches. They are in Compton on Crenshaw Blvd, and in Massachusetts in Roxbury. Is this a gangsta-owned bank or what? 
"In the past two years, we have financed over $350 million in loans, including churches, affordable housing, office buildings and retail stores - most in low to moderate income communities such as South Central, Compton, Liberty City and Roxbury."
Opened up an account here... during the account verification, one of the options was to give them my login name and password to my funding bank account for instant verification! That sounded a little too risky for me, so just did the test deposit mechanism...
I'm not sure why this account isn't getting more coverage. 5.25%, very low minimum, no hard pull, online access.. only downside is a small $1 fee on over 3 withdrawals/month (excluding ATM), but I wouldn't expect that to happen very often...
Thanks for posting..
walletfart said:Yikes, I wouldn't consider going to one of the branches. They are in Compton on Crenshaw Blvd, and in Massachusetts in Roxbury. Is this a gangsta-owned bank or what? :-Well, as they say its the "First Black-Owned Internet Bank", guess they are located in areas that have traditionally been considered black even though there are many more Mexicans there than blacks these days. Crenshaw Blvd doesnt go through Compton; mostly Lomita, Torrance, Gardena, Los Angeles, and Beverly Hills
Is $10 the min balance to avoid fees, or just the min to open? I can't find the fee schedule.
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