One Detroit Credit Union review: Minority-led credit union with a free checking account
Shayanne Gal/Insider
Table of Contents: Masthead Sticky
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.5 |
| Share certificate | 4.25 |
| Money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 4.3 |
Pros and cons
| Pros | Cons |
|
|
Savings
One Detroit Credit Union Share Savings Account
You may like the One Detroit Credit Union Share Savings Account if you can either maintain a $500 balance or have $3,000 in loans from One Detroit, because then you can waive the $4 monthly service fee. The account pays a low interest rate, though, and you'll earn significantly more with an online high-yield savings account.
Checking
One Detroit Credit Union Direct Star Checking Account
You'll open a regular checking account, and it turns into a One Detroit Credit Union Direct Star Checking Account when you set up direct deposits. This account comes with no monthly service fee, one free box of checks per year, 10 free transactions at CO-OP ATMs each month, and discounts on loans with the credit union.
Share certificate
One Detroit Credit Union Share Certificate
One Detroit Credit Union pays competitive rates on share certificates, especially compared to other brick-and-mortar institutions. It only compounds and pays interest quarterly, though.
Money market account
One Detroit Credit Union Money Market Account
Money market accounts are like savings accounts, but they usually make it easier to access your cash. The One Detroit Credit Union Money Market Account lets you order paper checks so you can spend your savings if necessary. You can earn much higher rates with online banks, though.
How One Detroit Credit Union works
One Detroit Credit Union Share Savings Account is a minority-led credit union in Michigan. There are three branches in Detroit and one in Highland Park.
One Detroit is part of the CO-OP Shared Branch network, so there are around 5,000 shared branches around the US. You can't open an account at a shared branch, but you can receive assistance. You also have limited free transactions at CO-OP ATMs with One Detroit Credit Union Direct Star Checking Account.
The mobile app has 4.3 out of 5 stars in the Apple store, and 4.1 out of 5 stars in the Google Play store.
To contact customer support, call Monday, Tuesday, Thursday, and Friday from 9:00 a.m. to 5:00 p.m. ET; Wednesday from 10:00 a.m. to 5:00 p.m. ET; and Saturday from 9:00 a.m. to 12:00 p.m. ET.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
How to join One Detroit Credit Union
One Detroit Credit Union is a credit union, not a bank, so only certain people can join. You're eligible for membership if you live, work, volunteer, or worship in Wayne County, Michigan.
As with most credit unions, you'll need to open a One Detroit Credit Union Share Savings Account to become a member.
Is One Detroit Credit Union trustworthy?
One Detroit Credit Union Share Savings Account does not have any public controversies.
Usually, we include Better Business Bureau grades when assessing a bank's trustworthiness. The BBB hasn't evaluated One Detroit yet, though. You may want to read online customer reviews or ask friends and family about their experiences with the credit union.
How One Detroit Credit Union compares to similar institutions
We've compared One Detroit Credit Union to two other minority-led institutions in Detroit: Liberty Bank and Trust and First Independence Bank.
 One Detroit |
 Liberty Bank |
 First Independence |
|
Michigan branches 4 (Detroit, Highland Park) |
Michigan branches 1 (Detroit) |
Michigan branches 3 (Clinton Township, Detroit) |
|
Standout feature Large shared branch network |
Standout feature High interest rates |
Standout feature BaZing discounts |
| One Detroit Credit Union Share Savings Account | Liberty Bank Personal Checking Account | First Independence Bank Perks Checking Account |
One Detroit Credit Union vs. Liberty Bank and Trust
Liberty Bank and Trust only has one branch in Detroit, and no ATMs in the area. You may find One Detroit Credit Union's shared branch and ATM network more convenient.
Both institutions pay high rates on certificates, but Liberty pays better rates on savings. If you prioritize earning high interest rates, Liberty could be the stronger choice.
One Detroit Credit Union vs. First Independence Bank
You may like One Detroit Credit Union for its large shared branch and ATM network. One Detroit also pays higher rates on certificates.
First Independence Bank partners with BaZing to offer discounts on fuel at participating Shell stations. You'll also get BaZing discounts at certain retailers, depending on where you live.
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.
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