Carver Federal Savings Bank is a Black owned bank that offers a good selection of account options. To find out if Carver Federal Savings Bank is right for you, continue reading the review below.
They offer a relationship savings account for those who tend to keep a higher balance as it earns tiered interest rates.
Checking Account Options
Carver Federal Savings Bank offers a few checking accounts that are pretty straightforward, but you might have to call them to find out additional information.
You can open this checking account with $250.
This checking account is for those who have direct deposit or can maintain a daily balance of $500 on all their accounts.
This account is convenient with mobile banking.
This is a premium checking account that earns tiered interest rates and offers premium benefits.
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Savings Account Options
Carver Federal Savings Bank has several savings account that vary in opening deposits and features. It would be best to call the bank to find out more information however.
This is a standard savings account that can be opened with at least $50.
A savings account designed for your savings to grow with higher interest rates on higher balances.
You will need an opening deposit of at least $250.
This account is recommended those for customers who can maintain a daily balance of $2,000 or make monthly direct deposits.
A savings account available to those 18 and under. You will need an minimum opening deposit of $10 and it will start earning interest.
Holiday savings account are designed for you to store money for special occasions or vacations. You will need at least $25 to open this account.
There are no monthly fees either.
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Carver Federal Savings Bank has several money market accounts that all vary in opening deposits and earn tiered interest rates.
This money market will require $250 as an opening deposit.
A higher interest bearing account that will require $25,000 to open.
A premium money market for business workers and will require $25,000 also to open.
Compare Money Market Accounts
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CD Account Options
Carver Federal Savings Bank offers CDs with competitive rates.
They have terms of 91 days – 182 day and 12 month CDs that you can open for $2,500.
All other CDs from 18 months – 60 months will require at least an opening deposit of $1,000.
They also offer Jumbo CDs that can be opened with $100,000.
Compare CD Accounts
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Reasons to Bank with Carver Federal Savings Bank
- Offers a youth/student savings account.
- They have a wide range of CD terms and that all earn pretty high interest rates.
- They have a holiday savings account for special occasions.
- Good ratio of checking to savings accounts.
- They have at least 3 different money market accounts.
- They have a 24 hour service line.
- Conduct all your banking online or through the Carver Federal Savings Bank mobile app.
Reasons Not to Bank with Carver Federal Savings Bank
- They are on located in New York with only 9 total banks.
- They could earn slightly higher interest rates on their savings accounts.
- Their website doesn’t display a lot of information so you might have to call or visit a local branch.
- You can only open an account if you live in New York or New Jersey.
- Lacking a senior checking or savings account.
- Their accounts are more recommended for people who usually have higher balances.
Carver Federal Savings Bank Routing Number
The routing number for Carver Federal Savings Bank varies depending on state and regions. You can also check the lower left corner of your Carver Federal Savings Bank check.
Contact Customer Service
Carver Federal Savings Bank has a 24-hour service line and you can reach it at (718)-230-2900.
Their business hours are also:
- Monday – Wednesday from 8:30 a.m. – 7:00 p.m.
- Thursday – Friday from 8:30 a.m. – 8:00 p.m.
- Saturday from 9:00 a.m. – 2:00 p.m.
How Carver Federal Savings Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Bottom Line
Overall, if you happen to live in New York or New Jersey and want a bank with decent account options, then consider Carver Federal Savings Bank.
For those who do live in New York and prefer speaking a customer representative directly, perhaps this bank would suit you more.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Carver Federal Savings Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!
