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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With the American Express® High Yield Savings Account:
• Earn 4.30% APY as of 9/27/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
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.
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• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 4.25% APY balances $100,000 and over
• Earn 4.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
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.
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• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 5.00% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
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.
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!