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Explore Greenwood Bank’s suite of accounts

This bank, backed by rapper Killer Mike, has attracted a lot of attention, but it hasn’t launched yet.

Greenwood Bank

What we know so far

When Greenwood Bank officially launches later this year, it will offer spending and savings accounts for individuals. Few details about the accounts are available at this time, but here’s what we do know.

  • Greenwood Bank accounts will not require a minimum initial deposit.
  • It will support Apple Pay and Android Pay.
  • Customers will be able to conduct peer-to-peer transfers.
  • If your employer pays you through a direct deposit, you can receive your paycheck up to two days early.
  • The mobile app will support mobile check deposits.
  • The bank pledges not to charge any hidden fees.
  • Greenwood Bank will have a global ATM network.
  • Business accounts will be available at some point but not at the initial launch.

Compare Greenwood Bank with other bank accounts

Name Product Fee ATMs ATM transaction fee Out-of-network ATM fee ATM fee rebates Foreign transaction fee
Aspiration Spend & Save Account
From $0 per month
55,000 free in-network ATMs
$0
$0
1%
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
HSBC Premier Checking
$50 per month
Free to use at all ATMs in the US
$0
$0
0%
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
$0 per month
38,000 fee-free ATMs nationwide
$0
$2.50
0%
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
$0 per month
ATM fees reimbursed at any ATM nationwide
$0
Unlimited domestic ATM fee reimbursements
No fees. Unlimited domestic ATM fee reimbursements.
OnJuno
From $0 per month
more than 85,000 ATMs nationwide
$0
$0
get one non-network ATM reimbursements on the Basic plan and three reimbursements on the Metal plan
0%
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
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Compare up to 4 providers

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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Compare up to 4 providers

Greenwood Bank customer service

You can contact Greenwood Bank’s customer support in three ways.

  • Fill out the contact form on the bank’s website
  • Email info@bankgreenwood.com
  • Send a tweet to @bankgreenwood

Bottom line

Greenwood Bank may be an excellent choice for anyone looking for a digital bank with no hidden fees and no minimum initial deposit. Unfortunately, few details about Greenwood’s accounts are currently available. If you want to open an account, you can join Greenwood Bank’s waiting list today or explore other Black-owned banks.

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