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Originally Posted by safari
There are a bunch of banks currently offering 5.25% or higher interest rates. If I were you, I'd consider GMAC, AmTrust, Amboy or E-Loan, just because they are all well-established banks and have a lot of positive reviews (E-Loan just started offering saving accounts online, but they've been in online business for years). OneUnited is a dark horse, maybe it's good, but why take a risk when you can get the same or better interest rate from other reputable banks.
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What risk?
They are a bank. They have established locations on both coasts. Deposits are FDIC insured. They were the first to offer 5.25% APY and are still offering it. I don't see the risk.
What makes them less reputable?
I think OneUnited suffers from some sort of stigma because of their stance as the self-described "first Black-owned" online bank. I'm not necessarily talking about racism here (although there may be some of that too.) For instance, imagine if there was a bank called "FemBank" that stated it was the "first female-owned bank" designed to help women. I expect that would limit their deposits from men. OneUnited may very well want to limit their deposits or it may be that they are proud to stand for what they do and don't concern themselves with whether it limits their deposits or not. In any case, your premise may be right in terms of high-rate because OneUnited has been the top, or near the top, of the list in terms of rate for more than 90 days now with a consistent rate offering.
Still, I don't consider them any more of a risk or any less reputable that most of the other banks.