Greenwood Bank

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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.

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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.
Chase Secure Banking℠
$4.95 per month
Access to 16,000 ATMs and more than 4,700 branches nationwide
$0
$2.50
Chase Secure Banking offers no overdraft services
OnJuno
$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.
Lili
From $0 per month
32,000 fee-free ATMs nationwide
$0
$2.50
0%
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Chime Spending account
$0 per month
60,000+ fee-free ATMs
$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.
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Compare up to 4 providers

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
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.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
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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
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.45%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.55%
0.6%
0.8%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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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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