Carver State Bank Review: Black-owned Bank With a Variety of CD Terms

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Carver State Bank: Overall Bank Rating

Carver State Bank: Pros and Cons

Carver State Bank Convenience Savings Account - Product Name Only

The Carver State Bank Convenience Savings Account makes it easy to waive the monthly service fee — you'll just need to keep a minimum $300 daily balance. But if you're looking to earn a high interest rate, this account isn't your best bet. You may want to open either a Carver CD or a high-yield savings account with another bank.

Carver State Bank Regular Checking Account - Product Name Only

You'll want to look out for fees with this checking account. There's a Carver State Bank Regular Checking Account - Fees Display, $0.50 fee each time you use your debit card or write a check, $1 fee when you use a non-Carver ATM, and $5 fee when you transfer money for overdraft protection.

Carver has other checking accounts with features like accidental death insurance and travel perks, but they don't let you waive the monthly fees.

Carver State Bank Certificate of Deposit - Product Name Only

Carver State Bank Certificate of Deposit are probably the bank's best products. They pay decent interest rates, and most only require a $500 opening deposit. Carver also charges low early withdrawal penalties if you need your money before the CD term ends.

Carver State Bank Money Market Account - Product Name Only

You may like the Carver State Bank Money Market Account if you can afford the minimum opening deposit and waive the Carver State Bank Money Market Account - Fees Display. But to earn a competitive interest rate, you'll need to go with a different bank.

How Carver State Bank Works

Carver State Bank is designated as a minority-led credit union (MDI) by the FDIC. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority."

Carver State Bank has two branches in Savannah, Georgia. It has three ATMs, two at its branches and one at the airport.

Contact customer support Monday through Friday during regular work hours. (Exact hours vary by branch.)

Carver State Bank does not have a mobile app, but you can bank online.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

If you wouldn't normally qualify for a bank account, Carver State Bank has second chance checking accounts. Carver also has a program that helps community members own small businesses or graduate with higher education degrees.

Carver State Bank is certified as a community development financial institution (CDFI). Banks have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers to receive CDFI designation. 

Is Carver State Bank Trustworthy?

The Better Business Bureau gives Carver State Bank an A+ rating. A strong BBB grade indicates a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.

A strong BBB score doesn't guarantee you'll have a great relationship with a bank, though. You may still want to read online reviews and ask friends and family about their experiences with Carver State Bank, or with any bank you're considering.

Carver doesn't have any public controversies.

Carver State Bank vs. OneUnited Bank

If you live in Savannah and prefer an in-person bank, Carver State Bank is the clear choice. It also pays higher CD rates than OneUnited Bank. 

But you may prefer OneUnited Bank if you're comfortable banking online, and if you frequently use ATMs. It has 30,000 free ATMs around the US, which is especially convenient if you travel. OneUnited also has early direct deposit, so you could receive paychecks up to two days early.

Carver State Bank vs. Liberty Bank and Trust

You may like Liberty Bank and Trust if you want to bank digitally, but Carver State Bank if you want a brick-and-mortar bank.

Carver pays higher rates on CDs than Liberty, especially on shorter terms. But Liberty's savings rates are higher.

Carver State Bank: Frequently Asked Questions

Where is Carver State Bank?

Carver State Bank has two branches in Savannah, Georgia. 

Is Carver State Bank safe?

Yes, Carver State Bank is federally insured by the FDIC. Up to $250,000 is secure in a bank account per depositor.

Is Carver State Bank a good bank? 

You may like Carver State Bank if you value banking with a local financial institution. Carver State Bank also might be worthwhile if you're looking for a bank that has a second chance bank account or a variety of CD terms. 

Carver State Bank won't be the best option if you prioritize mobile banking, because the bank doesn't have a mobile app. It savings and money market accounts also pay low interest rates compared to other banks.