Interest Rate Inquiries
Question: What is the current rate and when will it change? Answer: OneUnited Bank offers great rates! For current rates, please visit our account opening page. (Click Here) This page provides our current Annual Percentage Yield (APY) for our internet savings account, which is the only account available online. We are committed to offering great rates that are comparable to other online financial service providers. Please review our Online Truth In Savings Disclosures for more details. Question: Is this a promotional rate that is only good for 3 months? Answer: No. OneUnited Bank is offering a competitive rate that does not have a time limit. Although rates on savings accounts are subject to change at anytime, we are committed to offering great rates that are comparable to other online financial service providers. Please review our Online Truth In Savings Disclosures for more details. Question: How often is interest compounded and/or credited? Answer: For our internet savings account, interest is compounded and credited quarterly. Please review our Online Truth In Savings Disclosures for more details. Question: How do you calculate interest since it is posted quarterly and balances may fluctuate during the quarter? Answer: For our internet savings account, interest is calculated daily based on the rate effective that day and the average daily balance. Interest is then credited to your account quarterly. The minimum average daily balance to earn the Annual Percentage Yield (APY) is $1,000. Question: If I close my account before the end of the quarter, will I lose interest? Answer: For our internet savings account, interest will not be credited to your account if you close your account before the end of the quarter. If you withdraw funds and your balance goes to zero, your account will automatically be closed and interest will not be credited. Please review our Truth In Savings Disclosure and our Personal Deposit Account Agreement for more details. Question: If rates change, how is my interest affected? Answer: For our internet savings account, OneUnited Bank calculates interest on your account every day based on the effective rate that day and your average daily balance. Interest is calculated every day based on the interest rate in effect that day. Question: Your rate changed? Is it going to keep changing? Answer: Our rates change with the market. We are committed to remaining competitive. Although savings account rates can change at any time, we know our customers are sensitive to change and we take that into account in our interest rate decisions. Question: Do you offer accounts that pay interest monthly? Answer: We only offers savings accounts online that credit interest quarterly. We do offer money market and interest checking accounts that credit interest monthly in our branches located in California, Florida and Massachusetts. Visit our website (www.oneunited.com/) in the About Us section for our branch locations. |
