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Carver Federal Savings Bank Review: Black-Operated Bank In New York

Carver Federal Savings Bank is a black-owned bank in New York with full-service banking products.

Carver Federal Savings Bank is a full-service Black-operated bank in New York founded in 1948 by a group of African American leaders.

The bank is named after George Washington Carver, a renowned African American scientist who was a pioneer in developing new uses for crops such as peanuts, soybeans, and sweet potatoes.

Carver Federal Savings is one of the few black owned banks with a high-yield savings account that earns 4.70% APY. The bank is a member of the FDIC and is rated “Excellent” by Bauer Financial.

Carver Federal Savings Bank Review

Carver Federal Savings Bank has a long history of serving the needs of the Black community. The bank offers a wide range of financial products and services, including checking and savings accounts, certificates of deposit, personal and business loans, along with investment products.

The bank also offers a variety of community programs, such as financial literacy workshops and scholarships. Carver Federal Savings Bank is also a leader in community development lending, and has provided billions of dollars in loans to Black businesses.

In 2021, Carver Federal Savings Bank was named one of the “Best Banks for Black Women” by Black Enterprise Magazine.

Carver Federal Savings Bank Locations

Carver Federal Savings Bank has over $1 billion in assets and over 10,000 customers with 7 locations in New York:

  • Manhattan, NY
  • Bro0klyn, NY
  • Jamaica, NY

Carver Federal Savings Bank Products

Here are some of the bank’s financial products and services:

Savings Account

Whether you want to save for a big purchase or build an emergency fund, there are several savings account options:

  • High Yield Savings – Earn up to 4.70% APY with a $5,000 minimum opening deposit. The drawback of this account is the required minimum balance, there are several alternative high-yield savings accounts that require a much lower opening deposit. 
  • Premier Money Market – Minimum opening deposit will be $25,000. A $25.00 monthly service fee will be charged if the minimum daily balance falls below $25,000 in a monthly statement cycle. 
  • Carver Savings – You can get started with as little as $50.00 and earn 0.10% APY.
  • Relationship Savings – Minimum opening deposit is only $250.00. Monthly service charge fee $10 waived, if minimum daily balance falls below $2,000 in a monthly statement cycle.

Checking Account

There are several Checking Accounts that can be opened online with a $50 minimum opening deposit:

  • Carver Community Free Checking
  • Student Easy-Access Checking
  • Value Plus Interest Checking

Money Market Account

The Promotional Money Market requires a $25,000 minimum opening deposit and earns 2.00% APY. A $25.00 monthly service fee will be charged if the minimum daily balance falls below $25,000 in a monthly statement cycle and the rate will adjust to the standard money rate (0.50% APY).

The drawback is that the minimum balance to earn 2.00% APY is rather high when the best money market rates that pay 5.00% APY require a much lower minimum balance.

Certificate of Deposits

Earn competitive rates on CDs (1.26% to 2.79% APY) that require a minimum balance of $1,000 or 2,500 with terms ranging from 91 days up to 60 months. 

The drawback with the CD rates are early withdrawal penalties. Online banks offer No-Penalty CDs with some rates paying over 5.00% APY.

Credit Cards

Carver Federal Savings Bank offers a variety of credit card options, for example:

  • Everyday Rewards Card
  • Platinum Card
  • Max Cash Preferred Card
  • Travel Rewards Card
  • Reserve Rewards Card
  • College Rewards Card
  • Max Cash Secured Card

Whether you’re looking to for a low interest credit card, earn rewards, travel points or cash back, or build your credit history, Carver Federal Savings Bank has  have a card to fit your needs.

Personal Loans

Secured installment loans ranging from $1,000 to $50,000 are available to help those who need to establish a credit history. These types of personal loans are similar to credit builder loans and are secured with a certificate of deposit.

Small Business Loans

Carver Federal Savings Bank offers a variety of small business loans to help entrepreneurs start and grow their businesses:

  • Small Business MicroLoans from $5,000 to $50,000. MicroLoans offer affordable capital to help small business stabilize operations and grow their business.
  • Business term loans that can be used for equipment purchases, working capital, leases and expansion. Business loans typically require good credit unless they are in the form of merchant cash advances or business loans designed for bad credit.
  • Business credit cards. Most business credit cards will require a personal guarantee unless you have established business credit without using your personal credit.
  • Business loans for faith-based institutions, nonprofit organizations and foundations.

Investment Services

Carver Federal Savings Bank offers Traditional IRA accounts that customers can benefit in the following ways:

  • Tax advantages. You can deduct your contributions on your federal income tax return, which lowers your taxable income for the year. The money in your traditional IRA grows tax-deferred, which means you don’t pay taxes on the earnings until you withdraw the money in retirement.
  • Flexibility. You can choose how to invest the money in your traditional IRA. You can invest in stocks, bonds, mutual funds, and other investments.
  • Portability. You can take your traditional IRA with you if you change jobs.

Community Programs

Carver Federal Savings Bank offers a variety of financial education programs to help the Black community learn about personal finance and make sound financial decisions along with scholarships and other community initiatives. 

Carver has been designated as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department. CDFI’s are mission-driven financial institutions that provide capital and other financial services to underserved communities.

CDFI’s make a significant difference in the lives of people in underserved communities by providing access to capital, financial education, and other resources.

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