Hope Credit Union Review: Black-owned Credit Union With Solid Rates and Low Fees

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Hope Credit Union: Overall Credit Union Rating

Hope Credit Union: Pros and Cons

Hope Credit Union Savings Account - Product Name Only

Hope Credit Union Savings Account has a lower interest rate than the average savings account. If your main goal is earning a high savings rate, you may prefer one of the best high-yield savings accounts online.

Hope Credit Union Rewards Checking Account - Product Name Only

This is a solid high-yield checking account, as long as you meet the criteria to earn the higher APY (Annual Percentage Yield) each month. You'll earn a high rate each month you make at least 12 debit card transactions, log into online or mobile banking at least once, receive an e-statement, and receive at least one direct deposit.

Hope Credit Union has several checking accounts, so if you aren't eligible to earn a high rate with Hope Credit Union Rewards Checking Account, you may prefer one of the more basic options.

Hope Credit Union Share Certificate - Product Name Only

Hope pays decent rates on Hope Credit Union Share Certificates, which are credit unions' version of certificates of deposit. As with most banking institutions, you'll pay an early withdrawal penalty if you take out funds before the certificate matures. You'll need to call customer support to find out how much early withdrawal penalties will cost ahead of time.

Hope Credit Union Money Market Account - Product Name Only

The Hope Credit Union Money Market Account is a good account if you can maintain a Hope Credit Union Money Market Account balance — otherwise, you'll pay a Hope Credit Union Money Market Account - Fees Display. This account comes with paper checks, making it easier to access your money in a pinch than with a savings account.

How Hope Credit Union Works

Hope Credit Union is a Black-owned credit union with branches and ATMs in the following locations:

• Alabama (Montgomery)
• Arkansas (Little Rock, College Station, West Memphis)
• Louisiana (New Orleans)
• Mississippi (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point)
• Tennessee (Memphis)

You can call customer support Monday through Friday, 8 a.m. to 5 p.m. CT. If you want to open an account while lobbies are closed, apply online or mail in an application.

There are no restrictions about who can become a member of Hope Credit Union. You just have to pay the $10 membership fee.

Hope Credit Union is part of the CO-OP Shared Branch network, so you'll have access to 5,000 branches and 30,000 free ATMs around the US. You can't open an account in a shared branch, but you can walk in and receive assistance.

The Hope Credit Union has 4.6 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.

Your deposits are federally insured by the NCUA for up to $250,000, or $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.

Hope Credit Union 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.

The credit union funds affordable housing, schooling, and medical service providers, especially in low-income areas in cities where it has branches. It also provides low-interest loans to food businesses with healthy options in these cities.

Is Hope Credit Union Trustworthy?

The Better Business Bureau gives Hope Credit Union an F rating. Responses to customer complaints play a large part in BBB ratings. The BBB cites the fact that Hope Credit Union hasn't responded to all the customer complaints for its F grade.

On the bright side, Hope Credit Union doesn't have any public scandals.

Hope Credit Union Review vs. Liberty Bank Review

Your choice between Hope Credit Union and Liberty Bank could come down to location. They have branches in some of the same cities, but even if you don't have a Liberty Bank nearby, you can bank online from anywhere in the US. If you prefer in-person banking, though, your decision could depend on which is closer to your home.

Liberty Bank savings rates depend on where you live, but they're competitive overall. You may earn higher rates on CDs with Liberty Bank, particularly on longer term lengths.

But Liberty Bank charges monthly fees on more accounts than Hope Credit Union, and you'll need to keep hundreds in your accounts to waive the fees.

Hope Credit Union Review vs. Citizens Trust Bank Review

Like Liberty Bank, Citizens Trust Bank does both in-person and online banking, so you can open an account from around the US. But if you prefer to bank face-to-face, your choice between Hope and Citizens Trust could come down to which has a branch near your home.

You'll prefer Hope Credit Union if you want to earn high interest rates. But Citizens Trust has a variety of checking accounts, so you may find one that best suits what you're looking for.

Hope Credit Union: Frequently Asked Questions

Where are Hope Credit Union branches located?

Hope Credit Union has locations in Alabama (Montgomery), Arkansas (Little Rock, College Station, West Memphis), Louisiana (New Orleans), Mississippi (Biloxi, Drew, Greenville, Itta Bena, Jackson, Louisville, Moorhead, Shaw, Terry, Utica, West Point), and Tennessee (Memphis).

Is Hope Credit Union federally insured by the NCUA? 

Yes, Hope Credit Union is federally insured by the NCUA. The NCUA oversees credit unions, while the FDIC manages banks. Up to $250,000 per depositor is safe in a Hope Credit Union account.