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Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.75 |
| CD | 4 |
| Money market account | 4 |
| Trustworthiness | 5 |
| Total | 4 |
Pros and Cons
| Pros | Cons |
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Savings
The
Checking
The
CD
Optus Bank offers CD terms as long as 10 years, while most banks only have terms up to five years. It only requires $500 to open an account, which is a lower minimum than you'll find at many institutions.
Money Market Account
You may prefer the
How Optus Bank Works
Optus is a Black-owned bank in Columbia, South Carolina.
"The reason we need Black-owned banks — the reason we need banks that are intentionally serving underserved communties — is because there are serious disparities in our financial system," Optus CEO and President, Dominik Mjartan, told Insider. "And those are not going to be closed by the traditional financial institutions. It's not necessarily because those traditional financial institutions don't care. It's just they're not optimized to bypass those biases, those baked-in legacy issues created by systemic racism."
There is one branch and two free ATMs, one at the branch and one at the corporate office on Main street. You can open an account at a branch or online from elsewhere in the US. You can also use Wells Fargo ATMs for free.
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.
The Role of Community Development Financial Institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
"The way we define our core mission is to help people build wealth," said Mjartan. "We focus very intentionally on people who have been underserved and have been disadvantaged, particularly due to systemic or structural racism."
This mission isn't confined to customers in South Carolina — Optus serves people all over the US with its digital services, and it gave out PPP loans to businesses in other states in the height of the COVID-19 pandemic.
"We don't see the digital banking that we've developed as a replacement for the relationships; we see it as an enhancement to the relationships," Mjartan said. "We try to make sure we have mission-driven bankers delivering wealth-building services, loans, opportunities to access credit, and other financial services — but to do it more efficiently."
Is Optus Bank Trustworthy?
Optus Bank 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.
Optus Bank vs. Palmetto Health Credit Union
Palmetto Health Credit Union is another local, minority-led institution in South Carolina. Palmetto 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, while Palmetto only has terms up to three years.
Optus Bank vs. OneUnited Bank
OneUnited Bank doesn't have any branches in South Carolina, but like Optus, it allows you to open accounts online. But if you live in South Carolina and want access to a physical branch, Optus is the clear choice between the two.
But OneUnited Bank has early direct deposit features, so you can earn paychecks up to two days early. It doesn't have a money market account, though.
Frequently Asked Questions (FAQ)
Is Optus Bank Black-owned?
Yes, Optus is a Black-owned bank.
What bank is Black-owned in South Carolina?
Optus is the only Black-owned bank in South Carolina. Palmetto Health Credit Union is also a minority-led credit union in the state.
Who is the chairman of Optus Bank?
Dominik Mjartan is the President and CEO of Optus Bank.