Greenwood banking review: Black-owned online banking platform with free spending and savings accounts
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Greenwood Spending Account
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You may also add your Greenwood Debit Card to the Greenwood Gives Back Program, which has you round up debit card purchases to the nearest dollar. Greenwood will donate the spare change to a non-profit organization. You'll be able to choose between the following non-profits: the NAACP, UNCF, or Goodr.
Greenwood also offers a Premium Mastercard Debit card, which offers features like travel perks and discounts at golf courses — but there's a $10 monthly service fee for the Premium plan.
Greenwood Savings Account
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How Greenwood works
Greenwood is a Black-owned fintech banking platform geared toward serving Black and Latino customers. Greenwood has a personal finance podcast focused on addressing the racial wealth gap and providing information on how to manage money.
You'll be able to make surcharge-free withdrawals at AllPoint, MoneyPass, Wells Fargo, or PNC ATMs.
To join Greenwood, you'll first sign up for a waitlist. You'll receive an email notification to sign up for an account.
When you open a new
You can choose to add your Greenwood Debit Card to the Greenwood Gives Back Program, which lets you donate to the following non-profit organizations: the NAACP, UNCF, or Goodr.
Here's how the Greenwood Gives Back Program works: Your debit card purchases will be rounded up to the nearest dollar. Greenwood will collect money and donate monthly to the non-profit organization you selected when you initially signed up for the program.
If have questions about Greenwood, the website has an FAQ section. You could also call customer service on weekdays from 10:30 a.m. to 7:30 p.m. ET or Saturdays from 10 a.m. to 5 p.m. ET, send a message through the mobile app, or utilize email. Customer support may be limited, though.
Greenwood mobile app has mixed ratings. On the Google Play store, it's rated 2.6 out of 5 stars. On the Apple store, it's rated 4.8 out of 5 stars.
Greenwood is an online banking platform, not a bank. However, money in your spending and savings accounts are FDIC insured through Greenwood's banking partner, Coastal Community Bank. Up to $250,000 is secure in an individual account.
Greenwood trustworthiness and BBB rating
Coastal Community Bank, Greenwood's banking partner, hasn't been involved in any recent public controversies.
We also include scores from the Better Business Bureau, which assesses businesses by how they respond to customer issues.
Coastal Community Bank received a B+ rating from the BBB because it hasn't responded to one customer complaint on the BBB website.
A good BBB rating doesn't necessarily guarantee you'll have a smooth relationship with a company. To see if Greenwood is a good match for you, read online customer reviews or speak with current customers first.
Greenwood vs. Chime
Chime is a popular online banking platform with checking and savings accounts.
Both fintech companies have accounts that share many similar features. For example, the
Your decision between these two companies could come down to minute features and differences in banking experiences.
You might favor Chime if you have an Android and prioritize mobile banking. Chime has a higher mobile app rating in the Google Play store than Greenwood does.
You may lean more toward Greenwood if the Greenwood Gives Back Program sounds appealing. The Greenwood Gives Back Program allows you to use spare change round-ups from debit card purchases to donate to the NAACP, UNCF, or Goodr.
Greenwood vs. OneUnited Bank
OneUnited Bank is a Black-owned financial institution with branches nearby Boston, Los Angeles, and Miami. You can also open an online bank account if you don't live near a OneUnited branch.
OneUnited Bank will likely be a more appealing option if you want access to a greater variety of bank accounts and services. OneUnited Bank has a free checking account, a second chance checking account, a savings account, CDs, a secured credit card, mortgages, and small business loans.
If you're looking for a free savings account, you might consider Greenwood over OneUnited. The
Frequently asked questions
Is Greenwood a bank?
No, Greenwood is an online banking platform, not a bank.
Is Greenwood FDIC insured?
Money deposited into a Greenwood account is federally insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.
What do you need to open a Greenwood account?
To open a Greenwood account, you must be a US citizen or permanent resident and at least 18 years old. You will need to include a social security number when you open an account.
If you do not have a US ID, some financial institutions let you open a bank account with an ITIN number or foreign passport instead.
How do you deposit money into a Greenwood account?
To deposit money into a Greenwood account, you could set up a direct deposit, transfer money from an external bank account, or transfer money from a digital wallet. There isn't a mobile check deposit feature on the app, though.
You may also deposit cash at Green Dot locations, but there may be a fee of up to $4.95 each time you make a transaction.