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What Is The Best Bank For Black People?

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Finding a bank that offers inclusive services, equitable access and demonstrates a commitment to addressing the financial disparities faced by the Black community is paramount. 

1. OneUnited Bank

OneUnited Bank is a black-owned and managed financial institution in the United States. It was established in 1968 as Unity Bank & Trust Company and later merged with other banks to form OneUnited Bank in 2002. The bank primarily focuses on serving the banking needs of urban communities, including the Black community.

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OneUnited Bank offers various banking services such as personal and business accounts, savings accounts, certificates of deposit (CDs), mortgages, and consumer loans. They also provide online and mobile banking options for convenient access to account management.

The Bank has emphasized its commitment to financial literacy, community development, and supporting economic empowerment within minority communities. Additionally, it has been involved in initiatives promoting homeownership, economic justice, and social justice.

It is recognized as the largest Black-owned bank in the country and has received several accolades for its contributions to community development and economic empowerment.

2. First Independence Bank

First Independence Bank is a community bank based in Detroit, Michigan, United States. It was established in 1970 and focuses on serving the African American community. The bank offers a range of banking services, including personal and business accounts, loans, mortgages, and investment options.

First Independence Bank aims to provide personalized service and financial solutions tailored to the needs of its customers. It is committed to supporting economic development and empowerment within the communities it serves.

The bank has been recognized as an important institution for providing banking services to the African American community in Detroit.

3. Brooklyn Cooperative Federal Credit Union

Brooklyn Cooperative Federal Credit Union is a community-based financial institution located in Brooklyn, New York. They offer a range of financial services to underserved communities, with a focus on promoting economic empowerment and financial literacy.

The credit union provides savings accounts, loans, and other banking products, while also supporting local initiatives and offering financial education programs. Their mission is to provide fair and affordable financial solutions to members, with an emphasis on community development and social impact.

4. Discovery Bank

Discovery Bank is part of the Discovery Group, a South African financial services company known for its wellness and rewards programs. Discovery Bank was launched in 2019, integrating financial services with its existing wellness ecosystem. The bank focuses on offering personalized financial solutions that incentivize healthy behaviors and financial well-being.

Customers can access a range of banking products, including transactional accounts, credit cards, savings accounts, and investment options. Discovery Bank rewards customers for making healthy lifestyle choices, such as exercising or eating well, by offering various benefits and discounts.

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5. United Bank of Philadelphia

United Bank of Philadelphia is a Black-owned community bank based in Philadelphia, Pennsylvania. Established in 1992, the bank is dedicated to serving underserved communities, particularly the African American community. They offer personal and business banking services, including checking and savings accounts, loans, and mortgages.

United Bank of Philadelphia prioritizes community reinvestment and actively supports local economic development initiatives. They also provide financial education resources to promote financial literacy. Through their commitment to community impact and equitable financial services, United Bank of Philadelphia plays a crucial role in fostering economic empowerment in Philadelphia and beyond.

6. FNB

FNB, also known as First National Bank, is one of the largest banks in South Africa. It offers a comprehensive suite of financial services, catering to individuals, businesses, and corporate clients. FNB provides a wide range of banking products, including transactional accounts, savings accounts, loans, investment services, insurance offerings, and asset management solutions.

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The bank is known for its focus on digital banking innovation and customer-centric approach. FNB has implemented various technological advancements to enhance convenience, security, and accessibility for its customers. It aims to provide tailored financial solutions that align with the diverse needs of its customer base.

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7. Tyme Bank

TymeBank is a digital bank based in South Africa that started its operations in 2019. It operates on a branchless model and provides banking services primarily through its mobile app and kiosks located in selected retail stores.

TymeBank offers a range of financial products, including savings accounts, transactional accounts, personal loans, and insurance offerings. The bank aims to make banking accessible and affordable for underserved communities by offering low or no fees, simplified account opening processes, and easy-to-use digital banking services. TymeBank emphasizes simplicity, convenience, and financial inclusion.

8. Kuda

Kuda is a Nigerian digital-only bank that was launched in 2019. It operates solely through its mobile app, allowing customers to carry out their banking activities directly from their smartphones. Kuda aims to provide accessible and convenient banking services, particularly targeting the tech-savvy and mobile-first generation.

Customers can open accounts with Kuda, receive instant notifications for transactions, make transfers, pay bills, and manage their finances. The bank focuses on delivering a user-friendly experience and eliminating traditional banking complexities by leveraging technology and automation.

9. Bank Zero

Bank Zero is a South African digital bank founded in 2018. It operates as a branchless bank, meaning it does not have physical branches but provides services primarily through its mobile app and online platform. Bank Zero aims to disrupt traditional banking by offering a customer-centric approach and innovative features.

It emphasizes security, transparency, and cost-effective solutions. Customers can open transactional accounts, make payments, transfer funds, and access various banking services through the app. Bank Zero places a strong focus on data privacy and utilizes advanced technology to provide a seamless and secure banking experience.

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10. BlueHub Capital

BlueHub Capital, formerly known as Boston Community Capital, is a nonprofit community development financial institution (CDFI) focused on providing innovative financial solutions and investments that promote social and economic justice. 

With a particular emphasis on affordable housing, BlueHub Capital offers financing, technical assistance, and advisory services to support the development and preservation of affordable housing projects. They also finance community facilities, renewable energy projects, and small businesses in underserved communities. 

By leveraging capital and partnerships, BlueHub Capital aims to address systemic inequalities and foster economic opportunities, working towards creating resilient and equitable communities.

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