Carver Federal Savings Bank review: Black-owned bank with a free checking account

Carver Federal Savings Bank Community Free Checking

Carver Federal Savings Bank Carver Federal Savings Bank Community Free CheckingCarver Federal Savings Bank Carver Federal Savings Bank Savings AccountCarver Federal Savings Bank Carver Federal Savings Bank Community Free CheckingCarver Federal Savings Bank Carver Federal Savings Bank Certificate of DepositCarver Federal Savings Bank Carver Federal Savings Bank Money Market AccountAverage 401(k) balance

Your deposits are FDIC insured for up to $250,000, or for up to $500,000 for joint accounts.

Is Carver Federal Savings Bank trustworthy?

The Better Business Bureau gives Carver Federal Savings Bank a D in trustworthiness. The BBB measures trustworthiness by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

The BBB cites Carver’s failure to respond to all customer complaints on the BBB website for its D grade. But there have only been seven complaints in the past three years, so you may want to take this BBB grade with a grain of salt.

Carver Federal Savings Bank doesn’t have any public controversies, which may make you feel good about the company. But if the BBB grade worries you, you may want to read online reviews or ask friends and family members about their experiences with Carver.

How Carver Federal Savings Bank compares to similar banks

We’ve compared Carver to two other Black-owned banks you can access in New York: Industrial Bank and OneUnited Bank.

Carver
Industrial
One United

NY locations

Brooklyn, Manhattan, Jamaica

NY locations

Manhattan

NY locations

Online

Standout feature

Free checking

Standout feature

Kasasa accounts

Standout feature

Early direct deposit

Open an account Open an account Open an account

Carver Federal Savings Bank vs. Industrial Bank

Your choice between Carver Federal Savings Bank and Industrial Bank could come down to location. If you live in Brooklyn or Jamaica, Carver is the clear choice.

Carver has a free checking account, but Industrial is competitive with its Kasasa accounts. Kasasa partners with small banks to provide competitive accounts. You may qualify for a high-yield savings, high-yield checking, or cash-back checking account at Industrial.

Carver Federal Savings Bank vs. OneUnited Bank

OneUnited Bank doesn’t have branches in New York, but you can open an account online from anywhere in the US. So if you’re comfortable banking digitally, it could be a good fit.

OneUnited doesn’t have a free checking account like Carver does (although you may qualify to waive your fee). But it has early direct deposit so you can receive your paycheck up to two days early.

About the author

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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