OneUnited Bank is offering a 5.30% APY FDIC insured internet only savings account with a minimum of $1000 down. This savings account can only be opened online, you can’t call and open it over the phone, I’ve tried it.

By opening this savings account, OneUnited Bank will issue you an ATM card that allows you to withdraw from ATMs at either OneUnited locations or one of their affliates. The limit on the ATM is $300 within a 24 hour period. OneUnited allows ACH transfers from one bank to another. The standard period for transfer is 3 business days, but if you need the money faster, you can get it transfered over within 1 business day using their Premium ACH transfer service. The cost on that is $10 USD per transfer.

Again, you will get compounding interest daily and it will be paid quarterly. For more information you can always visit OneUnited Bank’s website at https://www.oneunited.com.