Optus Bank review: Black-owned bank that makes it easy to waive monthly service fees
Alyssa Powell/Insider
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Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| CD | 4 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total | 3.95 |
Pros and cons
| Pros | Cons |
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Related Product Module: Deposit Accounts
Savings
Optus Bank Opportunity Saver Account
The Optus Bank Opportunity Saver Account is good if you can maintain a $100 balance, because then you'll waive the $10 monthly service fee. You would earn a much higher interest rate with an online high-yield savings account, though.
Checking
Optus Bank Opportunity Account
The Optus Bank Opportunity Account is a basic checking account, and you may like it if you can maintain a $100 balance to waive the $10 monthly service fee.
CD
Optus Bank Certificate of Deposit
Optus Bank offers CD terms as long as 10 years, while most banks only have terms up to five years. It pays high rates on terms of five years or longer, but you can find better rates on shorter terms elsewhere.
Money market account
Optus Bank Money Market Account
You may prefer the Optus Bank Money Market Account over the regular savings account, because there's no monthly service fee and the interest rate is slightly higher. You'll need $1,000 to open an account, though.
How Optus Bank works
Optus Bank Opportunity Account is a Black-owned bank in Columbia, South Carolina. There is one branch at three free ATMs, one at the branch, one on Main Street, and one on Beltline Boulevard.
The Optus Bank mobile app has 5 out of 5 stars in the Apple store, but there are no online reviews in the Google Play store yet.
To contact customer support, call Monday through Friday from 9:00 a.m. to 5:00 p.m. ET.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Optus Bank trustworthy?
Optus Bank Opportunity Account does not have any public controversies.
Usually, we include Better Business Bureau ratings when assessing a bank's trustworthiness, but the BBB hasn't evaluated Optus yet. You may want to read online customer reviews or ask family and friends about their experiences with Optus.
How Optus Bank compares to similar institutions
We've compared Optus Bank to two other minority-led institutions you can access in Columbia: Palmetto Health Credit Union and OneUnited Bank.
 Optus |
 Palmetto |
 OneUnited Bank |
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South Carolina branches 1 (Columbia) |
South Carolina branches 4 (Columbia, Easley) |
South Carolina branches None; online |
|
Standout feature Strong CDs |
Standout feature No monthly service fees |
Standout feature Early direct deposit |
| Optus Bank Opportunity Account | Palmetto Health Credit Union Savings Account | OneUnited Bank BankBlack Checking Account |
Optus Bank vs. Palmetto Health Credit Union
Palmetto Health Credit Union doesn't charge monthly service fees. You might prefer it to Optus Bank so you don't have to worry about maintaining a minimum balance to waive fees.
But you may like Optus Bank if you want to open a longer-term CD. It has terms up to 10 years and pays higher rates than Palmetto Health on longer terms. But you could earn a better rate with Palmetto on shorter-term CDs.
Optus Bank vs. OneUnited Bank
OneUnited Bank doesn't have any branches in South Carolina, but it is a strong digital bank. You may like OneUnited if you're comfortable banking online – otherwise, Optus is the clear choice between the two.
You'll earn higher rates on CDs with Optus Bank. But OneUnited Bank has early direct deposit features, so you could earn paychecks up to two days early.
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.
Related Content Module: More Savings Coverage