Any experience with OneUnited Bank, The First Black-Owned Internet Bank?

[jackpan1260]

They have the best savings rate in the country right now 5.3% apy, but I don't know anyone who has worked with them. They sound interesting.

https://www.oneunited.com/AboutUs/ChairmansLetter.asp

OneUnited Bank is fulfilling the hundred year old civil rights dream by garnering the savings power of our communities and channeling it back into urban communities for economic development. With your support by simply opening an FDIC insured account with great rates here, we will continue to accomplish this dream everyday!

We are the first Black internet bank and the largest Black owned bank in the country, with offices in Los Angeles, Boston and Miami.

In 2006, 2005, and 2004, we were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for our community development lending. We are a designated Community Development Financial Institution (CDFI).

In the past three 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.

In 2005, we have achieved record earnings and strong asset quality, providing the fuel needed to continue to support our community development lending.

Our growth has been through acquiring community banks across the country that are equally dedicated to our mission including - Founders National Bank of Los Angeles, Family Savings Bank in Los Angeles, California, Boston Bank of Commerce in Boston, Massachusetts and People's National Bank of Commerce in Miami, Florida.

[RB TexLa]

1. Every banking site I've seen has good things to say about them

We'll have to see how long the rate holds.

[jackpan1260]

2. That's the drag about savings accounts

I think they boost their rates to get people in, and then lower them later.

[RB TexLa]

3. Everyone does that, when needing cash. Buying money, banks are money stores.

Countrywide has been buying money the last six months or so, their online savings account had been as high as 5.50% they are down to a 5.00% yield now. Not bad but why sell your money for 5% when someone else will pay 5.30%?


Edited to add: Here's a pretty good source for following rates on internet CD's and savings, also some user comments and ratings. Seems only real drawback to OneUnited is they allow three free withdrawals per month opposed to the more common six. Not really a big deal, just out of the norm. Most of the negative comments are the usual, someone who has something that prevents them from opening an account blaming the bank or they did something wrong and blame the bank.

http://www.bankaholic.com/money-market/

[jackpan1260]

4. Thanks for the site! eom