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Top 21 Black Owned Financial Institutions

Updated: Feb 26


We can't stress enough the importance of Black owned banks and their need in the Black community. We can talk about the stats of how many there were 20 years ago to the amount that exist now. The decline is startling. Some of these banks closed because of inefficiency, some because of lack of business from the black community picking more mainstream banks. Others were acquired or merged into more established banks. Whatever the reasons are, there are only 21 black owned banks left


If you look throughout history, Black owned banks have been in existence since around the time of the Civil War in the 19th century. The importance of it was obvious, especially since most Americans at the time thought Black people should be enslaved. The idea of us being financially independent was scary and unfathomable. They feared our vast potential and us surpassing them in the pecking order. But despite any opposition or backlash, with help of Congress and President Lincoln, black bankers succeeded in establishing Freedman’s Bank in 1865.


This was the earliest known sign of financial literacy that was given to Black Americans in a public form. There were Black Americans both free and enslaved who were taught arithmetic or had a natural knack for money and numbers. But banks specifically for Black people by Black people prior to this was unheard of. Black owned banks have always been a point of pride for Black communities. They provide funding for small businesses and homes on a much larger scale than any mainstream bank.


They are a vital resource for wealth building in the community, by offering financial literacy classes that teach budgeting and so much more. They offer second chance banking services for people who might have made bad financial decisions in the past, where other banks would deny them service. These denials increase the number of Black Americans who have to rely on check cashing places and payday lenders who charge crazy interest rates. Black owned banks also provide loans for Churches small businesses and community organizations leading to community development.


We will provide a list of the top 21 Black owned banks in the country that are still around and that provides a variety of services. This list comes from the website Rebuildcreditscores.com and provides loads of information on these banks. If you want to be a part of the Bank Black movement, now is the time. Let's strive to get these institutions to over a billion dollars in assets with the mighty Black dollar.



1. OneUnited Bank

As one of the nation’s largest black owned banks with assets totaling $670 million, OneUnited Bank is available online to people in ALL States. OneUnited Bank is the first Black internet bank. Local branches operate in Los Angeles, Boston and Miami. OneUnited Bank is a full-service bank offering checking, savings and CD accounts, home loans and secured credit cards for rebuilding credit.


OneUnited ranks best overall among black owned banks with several online checking accounts to choose from including a second chance checking account. The U2 E-Checking Account is for customers who have been denied an account in the past due to ChexSystems or EWS. It comes with full-service checking account benefits plus a Visa debit card.


Checking account details:

U2 E-Checking (2nd Chance): A second chance checking account for people with ChexSystems records. Get all the benefits of a regular checking account including a Visa debit card, online and mobile banking, bill pay, mobile check deposit, transfer money to friends and family with POP money, free ATMs at over 30,000 ATMs nationwide. It takes $50 to open the account. Plus, get paid up to 2-days early if you sign up for direct deposit.

BankBlack Checking: Open with a $50 deposit. No fee with a monthly direct deposit and 10 card purchase transactions. Free online and mobile banking. Early direct deposit lets you get paid up to 2-days early. Mobile check deposit plus free ATMs at over 30,000 ATMs nationwide.


Because OneUnited Bank operates primarily online, account holders can have access to a simple mobile app that includes mobile check deposits, easily transfer cash, bill pay, account budgeting tools, account alerts and research additional financial products the bank offers.

Plus, you can deposit cash within minutes by purchasing a MoneyPak from $20 to $500 in cash at 70,000+ retailers nationwide, including 7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and more. You can then simply transfer your MoneyPak funds to your OneUnited Bank debit card and checking account. Your cash will be available within minutes.


Savings account details:

BankBlack Savings: Open with $50 and earn 0.10% APY. No fee with monthly direct deposit. Free ATM card along with free online and mobile banking. Mobile check deposits.

UNITY E-Gold Savings: Open with $1,000 and earn 0.20% APY. No fee with monthly direct deposit. Free ATM card along with free online and mobile banking. Mobile check deposits.

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2. Carver Federal Savings Bank

As the nation’s second largest black owned bank with assets totaling $664 million, Carver Federal Savings Bank is available in New York. Founded in 1948 and named after agricultural scientist, George Washington Carver, the bank continues its mission to provide banking products to underserved communities. Carver Federal Savings Bank offers a variety of checking accounts for customers and invests over 80% of its deposits into the neighborhoods it serves.


Checking account details:

Carver Cash Access: $10 monthly service fee or zero fee waived with a direct deposit total of $500 per month.

Carver Growth Checking: $25 monthly service fee or zero fee waived with a direct deposit total of $1,500 per month.

Carver Smart Checking: $15 monthly service fee or zero fee waived with a direct deposit total of $750 per month.


Savings account details:

Carver Savings: Requires a $300 average monthly balance.

Relationship Savings: Requires a $2,000 monthly balance.

Money Market: Requires a $2,500 monthly balance.

Premier Money Market: Requires a $25,000 monthly balance.


3. Liberty Bank

As the nation’s next largest black owned bank with assets totaling $601 million, Liberty Bank is available in Alabama, Illinois, Kansas, Louisiana, Mississippi and Michigan. Liberty Bank offers a variety of checking accounts for customers.


Checking account details:

First Account: For customers who prefer convenience of debit card banking and direct deposit.

Personal Checking Account: No service charge fee on minimum average daily balance of $500 or more.

Premium Checking Account: For customers who want to earn interest while enjoying the benefits of a value-added account.


Savings account details:

Personal Savings Account: Requires $50 to open, plus earn interest on balances of any size.

Capital Asset Fund: Requires $2,500 to open and comes with checks or debit card.

First Savings Account: Available for customers under the age of 17. Requires $50 to open.


4. Industrial Bank

As the nation’s third largest black owned banks with assets totaling $432 million, Industrial Bank is located throughout the District of Columbia. Industrial Bank offers a variety of checking accounts for customers.


Checking account details:

Personal Checking: A perfect account for those account holders who maintain a higher daily balance and still want a flexible checking account.

Kasasa Cash Back Account: Free checking account that earns you up to $7.50 cash back per qualification cycle, plus ATM fee refunds nationwide for qualifying customers.

Kasasa Cash Checking: Free Checking account that offers high interest and ATM fee refunds nationwide for qualifying customers. Link a Kasasa Saver for greater savings.

Student Checking: For college and university students looking to establish a banking relationship.

Golden Age Checking: An account designed for the special needs of customers 62 years of age and older.


Savings account details:

Statement Savings: No monthly maintenance fee with minimum daily balance of $200.

Kasasa Saver®: Rewards earned from your checking account are automatically transferred to Kasasa Saver® for automatic savings.

Money Market Account: Minimum amount to open $2500.


5. Broadway Federal Bank

Located in Los Angeles, CA, Broadway Federal Bank has assets totaling $443 million. For over 70 years, Broadway Federal Bank has been serving the community.


Checking account details:

Basic Checking: $50 minimum to open, no monthly service charge if enrolled in online banking AND receive eStatements.

High Yield Interest Checking 0.15%APY: $2,500 minimum to open, monthly service charge of $12 if balance falls below $2,500.


Savings account details:

Statement Savings Account 0.25%APY: $50 minimum to open, $3 monthly service charge, imposed if balance falls below $200 any day of the cycle.

Regular Savings Account 0.40%APY: $5000 minimum to open, earns a higher rate of interest, no monthly service charge.


6. Citizens Trust Bank

As one of the nation’s largest black owned banks with assets totaling $410 million, Citizens Trust Bank is located throughout the Alabama and Georgia.


Checking account details:

CTB Direct Checking: The perfect solution to eliminate monthly fees and minimum balance requirements.

CTB Flat Fee Checking Account: Monthly fee of $10.00 and unlimited check writing privileges.

Regular Checking: Enjoy the convenience of check imaging and 24-hour CTB ATM usage.

Golden Premier Checking: A checking account solution for customers 50 years of age and older.

CTB Advantage NOW Checking Account: Interest-bearing checking solution. Average daily balance of $7,500 or Monthly minimum balance of $5000 is required to avoid the $15 monthly Service Charge.

Personal Interest Checking Account: Earn competitive interest as well as take advantage of free 24-hour CTB ATM usage.

Collegiate Checking Account: College student account offers no minimum balance requirements and 24-hour access with ATMs and online banking.

Choice Checking: Check-less, Cash-only, Debit Card account has to offer.


Savings account details:

Personal Savings Account: Opening deposit of $100.00.

Money Market Account: Minimum opening deposit required is $1,000.00.

Silver Investor Account: Minimum opening deposit required is $5,000.

Future Savings Savings Account: Opening deposit of $5.00.


7. Mechanics & Farmers Bank

As one of the nation’s oldest black owned banks with assets totaling $257 million, M&F Bank was founded in 1907 and currently has branches located in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.


Checking account details:

Advantage Plus Checking: This account combines convenience, great benefits, and the flexibility to manage your money.

Dash Checking: The account to help manage your busy lifestyle. Dash Checking was designed with you in mind.

Interest Checking: Interest Checking gives you full access to your money, plus you earn interest at competitive rates.

Prestige Checking: The Prestige account offers the benefit of great checking features and value-added services.


Savings account details:

Statement Savings: $100 minimum to open and a $100 minimum balance to earn interest.

Golden Years Savings: $25 minimum to open and $100 minimum balance to earn interest.

Christmas Club: $25 minimum to open and no maintenance fee.

Youth Savings: $25 minimum to open and $100 minimum balance to earn interest, plus no maintenance fee.


8. The Harbor Bank of Maryland

Founded in 1982, Harbor Bank of Maryland has assets totaling $265 million. The bank has seven branch locations and primarily serves the Baltimore, Maryland Metropolitan area. The Harbor Bank offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans.


Checking account details:

No Hassle Checking: This account is tailored to fit the average adult consumer.

Now Checking: Individuals, pension funds, escrow accounts, nonprofit organizations, and other agencies eligible to maintain NOW accounts.

Gold Plus Checking:This account is available to individuals 55 or older.


Savings account details:

Statement Savings Account: Opening deposit of $25 with direct deposit or $100 without.

Money Market Account: $2,500 to open and must maintain minimum balance of $2,500 in the account each day to obtain the disclosed APY.

Investment Account: $25,000 to open and must maintain minimum balance of $2,500 in the account each day to obtain the disclosed APY.


9. City National Bank – Closed on Nov. 1, 2019

City National Bank was closed on Nov. 1, 2019, by the Office of the Comptroller of the Currency. It was said the bank was losing money quickly due to unsafe or unsound practices. No advance notice is given to the public when a financial institution is closed. However, customers never lost access to their accounts and card as another black owned bank, Industrial Bank of Washington DC took over. All deposit accounts, including brokered deposits, have been transferred to Industrial Bank. For more information on Industrial Bank take a look above.


Checking account details:

Rewards Checking: REWARDS Checking makes it more convenient to save money with the option to have your cash back automatically transferred to a high-interest savings account.

Super Now Checking: Enjoy interest-bearing checking without transaction limits. Earns interest on balances more than $1,500, which will also waive the monthly service fee.

Mature Checking: Enjoy unlimited checking with no monthly service charge or minimum balance.

Consumer Checking: This account provides the security and flexibility you need without any gimmicks or hidden fees.

Savings account details:

Rewards Savings: High-interest account designed to help you grow your savings faster.

Personal Savings: Build your financial future with a secure savings account that earns competitive interest.


10. First Independence Bank

Located in Detroit, MI, First Independence Bank has assets totaling $286 million. For over 48 years, First Independence Bank has been serving the community.


Checking account details:

FIB Perks Checking: This account has no monthly fees and can be opened with $50.

FIB Perks Plus Checking: A $5.00 monthly fee entitles you to local discounts and national retailer deals to save you money on shopping, dining, travel and more.

First Platinum Checking: Tiered interest rate checking account. Waive the monthly $15 maintenance fee when you maintain a daily balance of $2,500.

First Senior Checking: Seniors enjoy tiered interest and earn more when you deposit more.

Liquid Gold Checking: Earn a high rate of return with no restrictions on the amount of checks you write or the number of deposits you make.

Liquid Gold Checking: Earn a high rate of return with no restrictions on the amount of checks you write or the number of deposits you make.


Savings account details:

First Personal Savings: A $25 initial deposit required. Waive the monthly maintenance fee of $5 by maintaining a $200 minimum daily balance.

First Money Market: This account is a tiered interest bearing account. Maintain a daily balance of $2,500 and the monthly fee of $18 is waived.


11. GN Bank (Groupe Nduom)

GN Bank, formerly known as ISF Bank has assets totaling $133 million with branches in Chicago, Ill.


Checking account details:

Retail Checking: Minimum Balance to Open $100 with $15 monthly fee that can be waived with $100 minimum daily balance.

Renaissance Checking: Requires qualifying direct deposit (SSI or Pension).

Absolutely Free Checking: Account must be operated through online and mobile banking (no debit card issued).

Advanced Student Checking (ages 18-24): Must provide student ID and/or award letter at account opening.


Savings account details:

Statement Savings: Requires $100 to open and $500 minimum balance to earn interest.

Now Account Savings: Requires $100 to open and $1000 minimum balance to earn interest.

strong>Money Market MMDA: Requires $2,500 opening deposit and $15 monthly service fee.


12. Citizens Savings Bank & Trust

Citizens Savings Bank & Trust has assets totaling $107 million with branches in Tennessee, Kentucky, Texas and Alabama.


Checking account details:

Classic Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.

Senior Citizens Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.

e-Campus Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.

Interest Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.


Savings account details:

Classic Savings: ATM card, fee reimbursement from any ATM and online banking.

Junior Savings: ATM card, fee reimbursement from any ATM and online banking.

strong>Money Market Account: ATM card, fee reimbursement from any ATM and online banking.


13. Unity National Bank

Unity National Bank has assets totaling $102 million with branches in Texas.


Checking account details:

Unity Checking: $100 minimum to open account. Benefits include free online banking, bill pay and debit card.

Golden Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.

Interest Checking: Account benefits include fee reimbursement from any ATM, online banking and direct deposit.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

Personal Savings: $100 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Minor Savings: $50 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Money Market Account: $100 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Platinum Money Market Account: $100,000 to open account. Benefits include free online banking, mobile banking and Visa debit card.


14. Tri-State Bank of Memphis

Tri-State Bank of Memphis has assets totaling $94 million with branches in Memphis, TN. Founded to constructively change community conditions by providing communities with financial solutions that transform them for the better.


Checking account details:

Econo Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Regular Checking: $100 minimum to open account. Benefits include free online banking, bill pay and debit card.

Checking Plus Account: $100 minimum to open account. Benefits include tiered interest, free online banking, bill pay and debit card.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

Regular Savings: $100 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Youth Savings: $25 to open account. Benefits include free online banking and mobile banking.

Money Market Account: $2500.00 to open account. Benefits include interest bearing, free online banking, mobile banking and Visa debit card.


15. United Bank of Philadelphia

United Bank of Philadelphia has assets totaling $56 million with branches in Philadelphia, PA.


Checking account details:

United Blue Regular: $50 minimum to open account. Benefits include unlimited check writing, free online banking, bill pay and debit card. $300 minimum balance needed to avoid a $12 monthly service charge.

United Blue Senior: $50 minimum to open account. Benefits include unlimited check writing, free online banking, bill pay and debit card.

United Blue Interest: $50 minimum to open account. Benefits include interest bearing, unlimited check writing, free online banking, bill pay and debit card.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

Personal Statement Savings: $100 to open account. Benefits include free online banking and mobile banking.

Youth Savings: $5 to open account. Benefits include free online banking and mobile banking.

United Blue Clubs: $10 to open account. Benefits include free online banking and mobile banking.

United Blue Money Market Account: $50.00 to open account. Benefits include interest bearing, free online banking, mobile banking and Visa debit card. Must maintain a balance of $1,500 to avoid a monthly service charge of $12


16. Commonwealth National Bank

Commonwealth National Bank has assets totaling $53 million with branches in Alabama.


Checking account details:

Direct Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Choice Checking: $150 minimum to open account. Benefits include free online banking, bill pay and debit card.

Golden Club Checking: $100 minimum to open account. Benefits include free online banking, bill pay and debit card.

Money Market Checking: $1500 minimum to open account. Benefits include interest bearing, free online banking, bill pay and debit card.

Now Checking: $1500 minimum to open account. Benefits include interest bearing, free online banking, bill pay and debit card.

Yes Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

Regular Savings: $100 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Children’s Savings: $25 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Money Market Account: $100 to open account. Benefits include free online banking, mobile banking and Visa debit card.


17. Optus Bank

Optus Bank has assets totaling $65 million with branches in South Carolina. They are committed to helping all people build wealth and improve their lives, regardless of their background or situation.


Product details:

Checking accounts: Benefits include free online banking, bill pay and debit card.

Savings accounts: Benefits include free online banking, bill pay and debit card.

Money Market accounts: Benefits include free online banking, bill pay and debit card.

Business Checking accounts: Several business checking accounts to choose from.


18. Carver State Bank

Carver State Bank has assets totaling $42 million with branches in Savannah, GA.


Checking account details:

Regular Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Advantage Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Advantage Plus Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Now Checking: $500 minimum to open account. Benefits include free online banking, bill pay and debit card.

Senior Club Checking: $50 minimum to open account. Benefits include free online banking, bill pay and debit card.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

First Savings: $50 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Convenience Savings: $50 to open account. Benefits include free online banking, mobile banking and Visa debit card.

Money Market Account: $2500 to open account. Benefits include free online banking, mobile banking and Visa debit card.


19. Alamerica Bank

Alamerica Bank has assets totaling $36 million with branches in Birmingham, AL.


Checking account details:

Regular Checking: $100 minimum to open account. $8.00 maintenance fee imposed if the account falls below $500 any day during the month.

EZ Checking: $50 minimum to open account. $5.00 Maintenance charge.

Personal Checking with Interest: $100 minimum to open account. Interest paid on all balances.

Charter Prestige Account: $10,000 minimum balance to open. Maximum interest rate paid on balances of $50,000 or more.

Business Checking Account: Several business checking accounts to choose from.


Savings account details:

Personal Savings Account: $100 to open account. $100 minimum balance to open. Interest will be compounded and credited to your account every month.

Personal Money Market Account: $200 to open account. Interest paid on all balances.


20. Metro Bank

Metro Bank has assets totaling $29 million with branches in Louisville, KY. Metro Bank does not offer standard bank products such as checking, money market, or traditional savings accounts.


Product details:

Certificates of Deposit: CDs are available for investment by individuals and businesses.

Market-Rate CD: $200 to open account. Terms from 3 Months to 60 Months.

Savings CD: $100 to open account. 24-Month Terms.

Easy Access CD: $1000 to open account. Easy Access CD.

Community CD™: $200 to open account. The depositor sets a below-market rate of return, and Metro Bank uses the foregone interest to support community development programs.


21. Columbia Savings and Loan Association

Columbia Savings and Loan Association has assets totaling $25 million with branches in Milwaukee, WI.


Product details:

Certificates of Deposit: CDs are available for investment by individuals and businesses.

IRAs: Individual Retirement Account, known as an IRA, is a method of savings that you establish on your own. It’s a way to save for retirement.


References _________________________________________________________________________


Top 21 Black Owned Banks: Best Checking and Savings Accounts

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