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Rates and Account Review
Page Updated: April 7, 2008
OneUnited Bank had payed 5.30% annual percentage yield (apy) on the UNITY GOLD E-Savings account for so long that it seemed like the bank forgot about the account. While most other banks were busy cutting rates beginning in September 2007, OneUnited Bank kept rates steady. In Fact, OneUnited Bank hadn't changed the rate on the account since its inception in December 2006.
But no bank can ignore the deep rate cutting of the Federal Reserve forever. After the fifth cut of the federal funds rate, OneUnited Bank finally cut the yield on the UNITY GOLD E-Savings account on February 4, 2008.
Even with the cut, the UNITY GOLD E-Savings account still beats the yields on most other online savings and money market account offers.
| | Balance | APY | Interest Rate | $0 - $999 | 0.00% | 0.00% | $1,000+ | 3.60% | 3.55% |
| www.oneunited.com
(877) 663-8648
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Minimum Deposit
$1,000 | Monthly Fee
None | Minimum Balance
$1,000* | Compounding
Quarterly |
*There is a $1,000 minimum balance requirement to earn the yield, but there is no fee if the balance should fall below this amount.
There are a few bummers to note about the UNITY GOLD E-Savings account. It takes a minimum balance of $1,000 to earn the yield. No interest is earned if the account balance falls below this level.
Another negative to this high-yield money market account is that interest compounds and gets credited quarterly. If you close the account before your interest posts, you will not get credited.
Transferring Funds
Money can be moved in and out of the account electronically using OneUnited Bank's online banking system. Deposit can be made at any of OneUnited Bank's branch locations, but all withdrawals will need to be made online or with an ATM card.
You can request to receive an ATM card when you open the account. The ATM card gives you access to over 5,000 surcharge free ATMs across the country through the FastBank and SUM networks.
The minimum deposit to open a UNITY GOLD E-Savings account is $1,000. The account does not have a monthly maintenance fee.
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