Carver Bank; Alyssa Powell/Insider
The bottom line: You may like Carver Federal Savings Bank if you live in New York and are looking for a free checking account. But you'll need to look elsewhere for high interest rates.
Overall bank rating| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4.25 |
| CD | 3.25 |
| Money market account | 3.25 |
| Trustworthiness | 4.00 |
| Total score | 3.70 |
| Pros | Cons |
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You may like the Carver Federal Savings Bank Savings Account if you qualify to waive the $5 monthly service fee. But if you're looking for a high interest rate, you're better off with an online high-yield savings account.
Checking Carver Federal Savings Bank Community Free CheckingThe Carver Federal Savings Bank Community Free Checking is probably the bank's strongest product. There are no monthly service fees, and Carver waives the first five out-of-network ATM fees each month.
CD Carver Federal Savings Bank Certificate of DepositCarver pays low rates on CDs. To earn a higher rate, you can earn more with online banks.
Money market account Carver Federal Savings Bank Money Market AccountThe Carver Federal Savings Bank Money Market Account probably isn't the most practical place to store your money. You'll earn a low interest rate, and unless you maintain a $25,000 balance, you'll pay a $25 monthly service fee.
How Carver Federal Savings Bank worksCarver Federal Savings Bank is a Black-owned bank in New York with branches in Brooklyn, Manhattan, and Jamaica. It has two free ATMs in Manhattan, but you also have access to 55,000 free Allpoint ATMs around the US.
The Carver Federal Savings Bank mobile app has 4.5 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.
To contact customer support, call Monday through Friday from 7:00 a.m. to 11:00 p.m. ET, or weekends from 9:00 a.m. to 5:00 p.m. Or fill out an online form.
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 banksWe've compared Carver to two other Black-owned banks you can access in New York: Industrial Bank and OneUnited Bank.
 Carver |  Industrial |
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NY locations Brooklyn, Manhattan, Jamaica | NY locations Manhattan | NY locations Online |
Standout feature Free checking | Standout feature Kasasa accounts | Standout feature Early direct deposit |
| Carver Federal Savings Bank Community Free Checking | Industrial Bank Personal Checking Account | OneUnited Bank BankBlack Checking Account |
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 BankOneUnited 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 authorLaura 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.
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