10 Best Black Owned Banks in 2022 | Top Checking & Savings Account

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Shivangi Gupta
Shivangi Gupta
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Banking today plays a vital role in everyone’s regular life these days, across the world, and if we talk about America specifically then we have to say that if Americans have to move along the fast-growing technology timely then they have to have their services from an efficient financial institution because credit is a master in the United States, which clearly means that if you need to get a hold of housing, vehicles, or other essential essentials; you need a reliable banking system.

But is it too easy for Black Americans? Unfortunately, there is massive racial discrimination against African Americans on the grounds of the banking and the financial system. This article will bring into notice the best black owned banks today that are primarily managed to serve the black community. 

10 Best Black Owned Banks in 2022 

If we look into the history of the best black owned banks, the first national bank in the US was inaugurated in Philadelphia in 1791, with an aim to collect tax funds, manage deposits, grant loans, and much more. But with no notice of slavery being ceased, the bank did not serve all Americans.

As the civil war ended, it opened the arms of freedom for millions of Black Americans. Initially, thousands of Black customers lost their savings when Abraham Lincoln’s established bank in 1865, ‘Freedman’s Savings and Trust Company (Freedman’s Bank)’ lost its control in 1874 due to corruption and highly risky investments.

The best Black owned banks act as a last resort for the Americans who are continuously discriminated against on the basis of their color. To make a safe space for them, these best black owned banks (also known as Minority Depository Institutions (MDI) by the Federal Depository Insurance Corporation) are defined as  “federal insured depository institutions”, as according to which :

  1. Minority Individuals own 51% or more of the voting stock.
  2. Minority Individuals form a majority of the board of directors and the community that the institution serves is chiefly minority.

To talk about the best black owned banks in a wider sense, this article has listed some of our favorite pickups that will clear the picture in your head more evidently.   

1. OneUnited Bank

OneUnited Bank

OneUnited Bank was established by clubbing all of the Black owned Banks all over America, which is why it is known as the nation’s largest Black owned and FDIC-insured Bank which offers online banking nationwide and is known for its security system of checking accounts and trustworthiness. 

OneUnited Bank is also one of the largest black owned banks in the United States.

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OneUnited Bank BankBlack Checking Account OneUnited Bank BankBlack Savings Account OneUnited Bank UNITY Gold E-CD

1. It is FDIC insured.
2. APY: NILLargest Bank owned in the USA.
3. Branches are available in CA, FL, and MA.
4. Nationwide accessible via an online system. 
5. Paycheck is receivable up to 2 days early.
6. Fee-free access at out-of-network ATMs (may be charged by ATM provider).
7. A $10 monthly service fee is waived off by maintaining a $500 balance. It can also be done by either 1 direct deposit per month or making 10 debit card transactions.   
1. The minimum deposit required is $100.
2. Annual Percentage Yield(APY): 0.10%
3. Relief from the monthly fee is direct deposits are arranged ($5 is charged in case you don’t).
4. To earn APY, the minimum balance of $200 has to be maintained.  
5. Interest is compounded monthly, paid quarterly. 
6. Over 30,000 free ATMs are at your service nationwide. 
7. A free debit card is included. 
1. The minimum deposit required is $500. 
2. Annual Percentage Yield(APY) is 0.10% to 0.30% APY. 
3. 120 days to 2 years of term lengths.
4. FDIC insured.
5. The policy of compounding interest annually for terms over 1 year.
6. Standard Early Withdrawal penalty: 3 months interest for terms under 1 year, 6 months interest for terms of 1-2 years.

OneUnited Bank is rated as ‘A’ by the Better Business Bureau in trustworthiness which ensures its transparency but to be 100% sure it is always recommended to look for some more sources. It owns three branches in Boston, four in Los Angeles, and one in Miami; and a reliable online system for people who live apart from these places.  

2. Alamerica Bank

 Alamerica Bank

Alamerica Bank is located in Birmingham, Alabama, and is highly recommended to citizens of the same. It was started by a group of community leaders in 2000. Though it doesn’t own any ATM network, you can claim a refund of up to $10 per month in ATM fees by showing your receipts at the branch. It doesn’t have a mobile application.   

Alamerica Bank Regular Checking AccountAlamerica Bank Money Market AccountAlamerica Bank Certificate of Deposit
1. It is FDIC insured.
2. APY: NIL
3. Black owned bank in Birmingham, Alabama.
4. No ATM network
5. A minimum deposit of $100 is required. 
6. Refunds up to $10 per month can be availed by showing a proper receipt in the branch. 
7. The monthly fee charged is $8 and the overdraft fee charged is $35.
8. Highly suitable for those who are not looking for overdraft protection because Alamerica doesn’t provide that.   
1. The minimum deposit required is $200.
2. Annual Percentage Yield(APY): 0.05% to 0.15%.
3. A monthly fee chargeable is $12.
4. With the balance of $2,500 or less, earn 0.05% APY and 0.15% APY on balances over $2,500.  
5. The monthly service fee is waived off if your average daily balance is $2,500.  
6. Interest is compounded and paid on a monthly basis. 
7. No debit card is included. 
1. The minimum deposit required is $5000. 
2. Annual Percentage Yield(APY) is 0.31% to 0.56% APY. 
3. 6 months to 5 years of term lengths.
4. FDIC insured.
5. Interest compounded monthly, paid monthly. 
6. Standard Early Withdrawal penalty: 3 months interest for 6-month terms,6 months interest for terms of 1 year or more. 

Alamerica Bank is a black owned bank, rated as ‘A+’ by the Better Business Bureau in trustworthiness which ensures its transparency and has a good customer care system. But to be 100% sure it is always recommended to look for some more sources. It owns one branch in Birmingham, Alabama. With no ATM branch, it offers a refund of up to $10 per month if a receipt is shown at the particular branch.

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3. Citizens Trust Bank

 Citizens Trust Bank

Citizens Trust Bank was formed in 1921 with an objective to serve the African American citizens of Atlanta. To comply with that, it offers services like checking accounts, savings accounts, certificates of deposit, money market accounts, credit cards, home loans, personal loans, online banking, and much more. 

CTB Direct Checking AccountCTB Personal Savings AccountCTB Certificate of Deposit
1. It is FDIC insured.
2. APY: NIL
3. It has a total of 5 branches in GA and 2 branches in AL.
4. Nationwide online banking. 
5. 14 free ATM networks available with access to make withdrawals from STAR, MasterCard, and Cirrus ATMs. 
6. A minimum deposit of $50 is required. 
7. A chance to waive the monthly fee worth $10 by either enrolling in direct deposit or enrolling in e-statements. 
8. Out-of-network ATM fees: NIL.
9. The overdraft fee chargeable is $35 and the overdraft protection fee is $5.
9. Suitable for those who are looking for a basic checking account.     
1. The minimum deposit required is $100.
2.Annual Percentage Yield(APY): 0.05%.
3. A monthly fee chargeable is $5.
4. Suitable for those who are banking in person. 
5. The monthly service fee is waived off if your average daily balance is $100.  
6. Interest is compounded daily and paid on a monthly basis. 
7. 3 Free Withdrawals are allowed per quarter and $3 is charged for an additional one.  
1. The minimum deposit required is $500. 
2. Annual Percentage Yield(APY) is 0.01% to 0.15% APY. 
3. 7 days to 5 years of term lengths.
4. FDIC insured.
5. Interest compounded daily, paid monthly. 
Standard Early Withdrawal penalty: 90 days interest for 12-months or fewer terms,180 days interest for terms of 1 year or more.
6. CTB CD rates are better than many ‘brick-and-mortar banks’ CD rates.  

4. United Bank of Philadelphia 

 United Bank of Philadelphia 

United Bank of Philidlphia is the best black owned bank near you if you live anywhere around Phili. With the ease of personalized banking services in the Greater Philadelphia area to both individuals and businesses, the United Bank of Philadelphia (black owned bank) was created in 1992. It provides the services to small businesses in urban areas with an intention to shoot up their growth and allow them to offer more jobs. 

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United Bank of Philadelphia Blue Regular Checking AccountUnited Bank of Philadelphia Statement Savings AccountUnited Bank of Philadelphia Blue Money Market Account
1. Member of FDIC.APY: NIL
2. It has a total of 2 branches in Philadelphia, Pennsylvania.
3. 13 free ATM networks available 
4. A minimum deposit of $50 is required. A chance to waive the monthly fee worth $12 by maintaining a minimum balance of $300 on a daily basis. 
5. Out-of-network ATM fees: $1.25.
6. The overdraft fee chargeable is $37.50 and whereas no overdraft protection fee is charged.
7. Suitable for those who can maintain a balance of $300 easily.     
1. The minimum deposit required is $100.
2. Annual Percentage Yield(APY): 0% to 0.02%.
3. A monthly fee chargeable is $7.
4. Member of FDIC.
5. The monthly service fee is waived off if your minimum daily balance is $250.  
6. Interest is compounded daily and paid on a monthly basis. 
7. Suitable for those who can maintain a balance worth $250. 
8. Interest earned on balances under $150 is ZERO. 
1. The minimum deposit required is $50. 
2. Annual Percentage Yield(APY) is 0% to 0.05% APY. 
3. The monthly service fee is $12 which can be waived off if a minimum daily balance of $1,500 is maintained. 
4. Member of FDIC
5. Interest compounded daily, paid monthly. 
6. Interest earned on balances under $1,500: NIL; but it tends to rise higher when the balance is $1500, $2500, $10000, $100000. 
7. It includes paper checks.  

United Bank of Philadelphia is a black owned bank that has 13 free ATMs around the city, with no mobile app, and flexible customer care support around the city. It is a black owned bank which is rated as ‘B-’ by Better Business Bureau, considering the fact that it has not answered any customer complaints so listed on the BBB website. 

5. Industrial Bank

Industrial Kasasa Accounts

Industrial Bank is one of the best Black Owned Banks in the United States, which is not only known for its feasible financial services but is also popular for its financial education programs. Industrial Bank was first opened on 20th August in 1934. It is a solid brick-and-mortar bank overall.

Industrial Bank Personal Checking AccountIndustrial Bank Goal Savings AccountIndustrial Bank Certificate of DepositIndustrial Bank Money Market Account
1. Member of FDIC.
2. APY: NIL
3. It has its branches in DC, MD, NJ, and NY. 
4. Over 55,000 free industrial ATMs and ATMs are in the Allpoint network. 
5. A minimum deposit of $100 is required. 
6. A chance to waive the monthly fee worth $8 by maintaining a minimum balance of $500 on a daily basis. 
7. Out-of-network ATM fees: $3.25.
8. The overdraft fee chargeable is $35 and the overdraft transfer fee chargeable is $10.
9. Suitable for those who can waive the monthly service charge but not a good option if you are likely to overdraw.   
1. The minimum deposit required is $100.
2. Annual Percentage Yield(APY): 0.03%.
3. A monthly fee chargeable is $3.
4. Member of FDIC.
5. The monthly service fee is waived off if you are making each deposit per month.  
6. Interest is compounded daily and paid on a monthly basis. 
7. Suitable for those who can afford $100 in order to start and can waive the monthly service fee. 
8. A higher interest rate can be earned through online high-yield savings accounts or Industrial’s Kasasa accounts. 
1. The minimum deposit required is $1000. 
2. Annual Percentage Yield(APY) is 0.03% to 0.20% APY. 
3. Higher CD rates on longer terms than other brick-and-mortar banks.
4. Member of FDIC
5. Interest compounded daily, paid monthly. 
6. Terms range from 30 days to 4 full years. 
7. To know about your early withdrawal penalty, contact customer service and provide them with your CD information.  
8. In order to earn the highest rate possible, you must open your CD with an online bank system. 
1. The minimum deposit required is $2,500.
2. Annual Percentage Yield (APY) is 0.02% to 0.03% APY.
3. Debit Card and Paper Checks are included in the same.
4. The monthly service charge worth $8 can be waived off if a minimum amount of daily balance: $2,500 is maintained thoroughly. 
5. Interest compounded daily paid on monthly basis. 
6. The Out-of-Network ATM fee is $3.25.
7. It is similar to savings accounts but gives you easier access to withdraw your money. 

Industrial Kasasa Accounts

Industrial Kasasa Accounts are formed with a primary motive to serve the customers with competitive benefits and to undertake so, it shakes its hands with small banks and credit unions. There are majorly three types of Industrial Bank Kasasa accounts:

  • Kasasa Cash Checking Account offers high-interest rates. 
  • Kasasa Cash Back Checking offers cashback when a debit card is swiped.
  • Kasasa Saver promotes high-yield savings.

With over 55,000 free Allpoint  ATMs nationwide, feasible services, and a high customer rating; it makes Industrial Bamk the most feasible option to choose.

However, this one of the best black-owned banks is rated ‘F’ by BBB (Better Business Bureau) on trustworthiness, which puts it on the negative side. But it said that BBB score is not an absolute parameter to judge the authenticity of the bank so it is always recommended to consult a friend or read online reviews on the same. 

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6. Carver Federal Savings Bank

. Carver Federal Savings Bank

Carver Federal Savings Bank is considered as a Black-operated Bank instead of a Black owned Bank. It was established in 1948 with a motive to serve African American communities with fewer financial services and ATMs located in low-to-moderate income level neighborhoods. 

Carver Federal Savings Bank Community Free CheckingCarver Federal Savings Bank Savings AccountCarver Federal Savings Bank Certificate of DepositCarver Federal Savings Bank Money Market Account
1. It is FDIC insured.
2. APY: NIL7 branches in New York (Brooklyn, Jamaica, Manhattan).
3. Access to 55,000 ATM networks in the Allpoint network. 
4. $2.5 Fee charged for accessing out-of-network ATMs. 
5. A minimum deposit of $50 is required. 
6. Waive off 5 out-of-network  ATM fees per month. 
7. The overdraft fee chargeable is $35 on overdraws over $10. Free overdraft protection  
1. The minimum deposit required is $100.
2. Annual Percentage Yield(APY): 0.10%.
3. A monthly fee chargeable is $5 which can be waived off by maintaining an average daily balance of $300 or making direct deposits worth $100 each month, or by owning one recurring automatic transfer from checking to savings of $25 or more than that. Interest is compounded on a monthly basis. 
1. The minimum deposit required is $1,000 to $2,500. 
2. Annual Percentage Yield(APY) is 0.05% APY. 
3. 91 days to 5 years of term lengths.
4. FDIC insured.
5. Interest compounds monthly. 
6. Preferably contact the bank for early withdrawal penalties.   
1. The minimum required balance is $250.
2. Annual Percentage Yield(APY) is 0.05%.
3. Debit cards are not inclusive, however,  paper checks are. 
4. A monthly service fee worth $25 is charged which can be waived off by maintaining a daily balance of worth $25,000. 
5. Interest compounded on a monthly basis. 

A Carver Federal Savings Bank Money Market Account can be a tough thread to pull, especially if you are thinking of storing the money as there are low-interest rates and high monthly service charges if a balance of $25,000 is not maintained. It owns two free ATM networks in Manhattan and is also accessible to 55,000 free AllpointATMs around the United States.

Better Business Bureau has rated this bank with an ‘F’ mark in regard to its trustworthiness  

7. Liberty Bank

Liberty Bank

Another Black Owned Bank is Liberty Bank with its branches in eight states and an online banking platform, founded in New Orleans in 1972. It was serving with limited services initially but then grew in a vast manner in 2009 after acquiring the United Bank and Trust Company. Liberty Bank is recognized as the second-largest black owned bank with its availability in multiple states.

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Liberty Bank Personal Checking AccountLiberty Bank Personal Savings AccountLiberty Bank Certificate of Deposit
1. Member of FDIC.APY: NIL
2. It has a total of 8 branches in AL, IL, KS, KY, LA, MI, MO, and MS. 
3. 28 free ATMs networks available A minimum deposit of $50 is required. 
4. A chance to waive the monthly fee worth $10 by maintaining a minimum balance of $500. 
5. Out-of-network ATM fees: $2.
6. An electronic statement fee of $10 and the paper statement fee of $12.50 are chargeable in case your balance is less than $500.     
1. The minimum deposit required is $50.
2. Annual Percentage Yield(APY): Varies by region.
3. A monthly fee chargeable is $4.
4. Member of FDIC.
5. The monthly service fee is waived off if your minimum balance is $200.  
6. Interest is compounded on a daily basis. 
7. Two free withdrawals per month are allowed, and then a $2 fee per withdrawal is charged. 
8. Better rates are available for online banking of high-yield savings accounts.  
1. The minimum deposit required is $1,000. 
2. Annual Percentage Yield(APY) is 0.06% to 0.55% APY. 
3. 3 months to 5 years of Term lengths.
4. Member of FDIC
5. Interest compounded daily. 
6. It is a good option to choose for you if you have $1,000 in your pocket. 

Liberty Bank is rated an ‘A+’ by Better Business Bureau in regard to its trustworthiness. It is also said that the deposits made by joint accounts for up to $250,000, or $500,000 are FDIC insured.  

8. Commonwealth National Bank

 Commonwealth National Bank

Commonwealth National Bank, a Black Owned Bank, was originally founded in 1976, solely headquartered in Mobile. It is known for being a full-service chartered commercial institution nationwide. If you are located in Mobile, Alabama, and are voluntarily in to use a brick-and-mortar Black Owned bank, then this is highly recommended to you. It also provides free overdraft protection. 

Commonwealth National Bank Regular Checking AccountCommonwealth National Bank Regular Savings AccountCommonwealth National Bank Certificate of DepositCommonwealth National Bank Money Market Checking Account
1. It is FDIC insured.
2. APY: NILLocated in Mobile, Alabama.
3. Access to free ATM network in Commonwealth branches,  PNC ATM network, and at Publix stores. 
4. Fee-free access to out-of-network ATMs. 
5. A minimum deposit of $100 is required. 
6. A chance to waive the monthly fee worth $10 by maintaining a balance of $100. 
7. The overdraft fee chargeable is $35 and it rises by $2 each day until the account is negative.  
1. The minimum deposit required is $100.
2. Annual Percentage Yield(APY): 0.06%.
3. A monthly fee chargeable is $0.
4. Suitable for those who are looking for an inexpensive savings account.  
4. Interest is compounded on a monthly basis. 
5. Only 6 transactions are allowed per quarter, and if a transaction exceeds the limit, then a fee of $5 is charged each time. 
7. It offers a savings account for minors and one for Christmas expenses.  
1. The minimum deposit required is $500. 
2. Annual Percentage Yield(APY) is 0.20% to 0.95% APY. 
3. 6 months to 5 years of term lengths.
4. FDIC insured.
5. Interest compounds monthly. 
6. Preferably contact the bank for early withdrawal penalties. 
7. Competitive rates on longer terms.   
1. The minimum required balance is $1,500.
2. Annual Percentage Yield(APY) is 0.05%.
3. Debit cards, paper checks are included. 
4. A monthly service fee worth $25 is still chargeable, but it can be waived off by maintaining a daily balance of worth $1,500. 
5. Interest compounded on a monthly basis.
6. Access to free ATM network in Commonwealth branches, PNC ATM network, and at Publix stores. 
7. Suitable space to safeguard your emergency funds.  

It is a Black owned Bank with a total of two branches in Mobile, Alabama,  free ATMs, and a mobile application. It is rated ‘B-’  by Better Business Bureau on the grounds of trustworthiness. 

9. Carver State Bank

Carver State Bank

Carver State Bank was originally founded on the 23rd of February, 1927. With 4.5 ratings on CD, it is a highly recommended option for people who are looking for high rates on CD. It is a black owned bank with only three free ATMs and no mobile app. 

Carver State Bank Regular Checking  AccountCarver State Bank Convenience Savings AccountCarver State Bank Certificate of DepositCarver State Bank Money Market Account
1. It is FDIC insured.
2. APY: NILLocated in Savannah, Georgia.
b3. Three free ATM networks are available.
4. A fee worth $1 is charged on the access of out-of-network ATMs. 
5. A minimum deposit of $50 is required. 
6. A chance to waive the monthly fee worth $3.50 by maintaining a daily balance of $600. 
7. The overdraft fee is $35.
8. The transfer money fee for overdraft protection is $5.   
1. The minimum deposit required is $50.
2. Annual Percentage Yield(APY): 0.03% to 0.05%.
3. A monthly service fee chargeable is $0, which can be waived off by maintaining a daily balance of $300.
4. Interest is compounded on a daily basis 
5. A chance to earn a high-interest rate with balances over $2,500.
6. Only 2 withdrawals are allowed per month, and if a withdrawal exceeds the limit, then a fee of $3 is charged each time.  
1. The minimum deposit required is $500 to $2,500. 
2. Annual Percentage Yield(APY) is 0.02% to 1.00% APY. 
3. 7 days to 8 years of term lengths.
4. FDIC insured.
5. Interest compounds quarterly, but they can be updated with a request for a different compounding schedule when a new CD is opened. 
6. Early withdrawal penalties are 30 days of interest for all terms.    
1. The minimum required balance is $2,500.
2. Annual Percentage Yield(APY) is 0.03% to 0.05%.
3. Paper checks are included, but debit cards are not. 
4. A monthly service fee worth $6 is still chargeable, but it can be waived off by maintaining a daily balance of worth $2,500. 
5. Interest compounded on a daily basis.
6. It allows 6 withdrawals per month.  

Carver State Bank has a strong customer care system that operates from Monday to Friday. The deposits so made for joint accounts up to $250,000, or up to $500,000 are FDIC insured. 

Better Business Bureau has not rated Carver State Bank to ensure its trustworthiness. 

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10. Optus Bank 

Optus Bank 

Optus bank is another black owned bank, constructed in 1921 by some  African American leaders, to serve every citizen regardless of his background or color and help them in promoting their wealth.

Optus Bank Opportunity AccountOptus Bank Opportunity Saver AccountOptus Bank Certificate of DepositOptus Bank Money Market Account
1. It is FDIC insured.
2. APY: NILLocated in Columbia, South Carolina.
3. Access to 3 free ATMs and Wells Fargo ATMs. 
4. The fee for accessing an out-of-network ATM is $3. 
5. No minimum deposit is required. 
6. A chance to waive the monthly fee worth $10 by maintaining a balance of $100. 
7. The overdraft fee chargeable is $35.  
1. No minimum deposit is required.
2. Annual Percentage Yield(APY): 0.10%.
3. A monthly fee chargeable is $10 which can be waived off by maintaining the required balance of $100.  
4. Interest is compounded on a monthly basis. 
5. Possibility of earning a higher interest rate with an online high-yield savings account.  
1. The minimum deposit required is $1,000. 
2. Annual Percentage Yield(APY) is 0.30% to 1.10% APY. 
3. 1 to 10 years of term lengths.FDIC insured.
4. Interest compounds monthly. 
5. Preferably contact the bank for early withdrawal penalties.   
1. The minimum required balance is $1,000.
2. Annual Percentage Yield(APY) is 0.10%.
3. Debit cards or paper checks are not included.
4.  Monthly service charge: NIL.
5. Interest compounded on a monthly basis. 

Optus Bank is opted by mainly those who are looking for low-budget accounts because of no monthly service fee. Optus Bank also offers high-interest rates which makes it a great Black owned Bank to choose from. 

There are no BBB ratings for Optus Bank. 

Conclusion

The best Black Owned Banks create a safe space for African Americans to continue their banking life without being discriminated against on the basis of their color. We have wrapped up our top pickups for the Best Black Owned Banks which promote #BankBlack. Figure out the best option that suits you and if you have any doubt or confusion, write down below freely. 

Have Good Banking! 

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