Banking

GN Bank review: Black-owned bank with a large free ATM network

Pros and cons

  • Pros & Cons
  • Details

  • Pros
    • Easy to waive $15 monthly service fee
    Cons
    • Low APY
    • No interest earned on balances under $500
    • $100 minimum opening deposit
    • $15 monthly service fee
    • Interest compounded monthly, not daily
    • Black-owned bank in Chicago
    • Waive $15 monthly service fee by maintaining a $250 balance
    • Interest compounded monthly, paid monthly
    • FDIC insured

    You may like the GN Bank Statement Savings Account if you can waive the monthly service fee by keeping a $250 balance.

    But the account only pays 0.01% APY, and you won’t earn any interest if your balance is under $500. To earn a significantly higher rate, consider opening an online high-yield savings account.

    Annual Percentage Yield (APY)

    None

  • Pros & Cons
  • Details

  • Pros
    • Easy to waive the $15 monthly service fee
    Cons
    • $100 minimum opening deposit
    • $15 monthly service fee
    • $35 overdraft fee
    • $1 fee for transferring money from savings for overdraft protection
    • $3 out-of-network ATM fee
    • Black-owned bank in Chicago
    • 25,000 free ATMs in the STAR network
    • Waive $15 monthly service fee by maintaining a $100 balance
    • Member FDIC

    GN Bank Retail Checking is a pretty standard checking account. You only need a $100 balance to waive the $15 monthly service fee.

    Annual Percentage Yield (APY)

    0.05% to 0.60% APY

  • Pros & Cons
  • Details

  • Pros
    • Competitive rates on certain terms
    Cons
    • $1,000 minimum deposit
    • Interest compounded monthly, not daily
    • Must contact GN Bank to ask about early withdrawal penalties
    • Black-owned bank in Chicago
    • Terms range from 91 days to 5 years
    • Interest compounded monthly, paid monthly
    • FDIC insured

    The GN Bank CD is a good choice if you want to open a longer-term CD. Rates on shorter-term CDs are relatively low, but rates on long-term CDs — such as three or five years — are competitive.

    Annual Percentage Yield (APY)

    0.01% to 0.05% APY

  • Pros & Cons
  • Details

  • Pros
    • Able to waive $15 monthly service fee
    Cons
    • Low APY
    • $2,500 minimum opening deposit
    • $15 monthly service fee
    • Interest compounded monthly, not daily
    • No debit card or paper checks
    • Black-owned bank in Chicago
    • Tiered interest rates; earn high rates on higher balances
    • Waive $15 monthly service fee by maintaining a $2,500 balance
    • Interest compounded monthly, paid monthly
    • FDIC insured

    The GN Bank Money Market Account is probably the institution’s weakest product. You’ll need $2,500 to open the account, and you have to maintain a $2,500 balance to waive the $15 monthly service fee. Unlike money market accounts at some banks, it doesn’t come with paper checks or a debit card to give you easy access to your money.

    GN Bank is a Black-owned bank with two branches in Chicago. It has 25,000 free ATMs around the US.

    Contact customer support Monday through Friday, 8:30 a.m. to 4:30 p.m. CT.

    The GN Bank mobile app doesn’t have many online reviews yet. So far, it has 3.2 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.

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

    GN Bank doesn’t have any recent public controversies.

    The Better Business Bureau gives GN Bank an A+ in trustworthiness. A good BBB score indicates a company responds effective to customer complaints, advertises honestly, and is transparent about business practices.

    A strong BBB score doesn’t guarantee you’ll have a good relationship with GN Bank, though. You still may want to read online customer reviews or ask family and friends about the experiences with the bank.

    We’ve compared GN Bank to two other Black-owned banks you can access in Chicago: Liberty Bank and Trust and OneUnited Bank.

    GN Bank vs. Liberty Bank and Trust

    Although Liberty Bank and Trust savings rates vary depending on where you live, its rates are generally much higher than what you’d earn with GN Bank. Liberty also pays high rates on CDs.

    But Liberty requires a minimum $500 balance to waive the monthly service fee on your checking account, while GN Bank only requires $100. If you don’t expect to keep a $500 balance in checking, you may prefer GN Bank.

    GN Bank vs. OneUnited Bank

    OneUnited Bank doesn’t have any branches in Chicago, but you can bank online from around the US. You may like OneUnited if you’re comfortable banking digitally, but if not, GN Bank is the clear choice between the two.

    OneUnited has early direct deposit features, so it could process your paychecks up to two days early. This is especially convenient if you live paycheck to paycheck and need money fast.

    About the author

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

    Most Related Links :
    Business News Governmental News Finance News

    Need Your Help Today. Your $1 can change life.

    [charitable_donation_form campaign_id=57167]

    Source link

    Back to top button