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Carver Federal Savings Bank Community Free Checking Review

Review Updated
Brittney Myers
By: Brittney Myers
Brittney Myers
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Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Carver Federal Savings Bank is a Black-owned financial institution with a community-driven mission. While its footprint is limited -- the bank is headquartered in Harlem and all of its locations are in the New York City area -- it offers a lot of online banking tools. The Carver Federal Savings Bank Community Free Checking account has no monthly fee and a low deposit requirement, making it a good starter option. Find all the pros and cons in our full Carver Federal Savings Bank Community Free Checking review.

Ratings Methodology
Rates as of Jul 01, 2024

Carver Federal Savings Bank Community Free Checking

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
N/A
Min. To Earn APY
$0
  • No monthly account fee
  • Low deposit requirement
  • Visa debit card
  • Community reinvestment
  • Low interest rates
  • Very small footprint

This is a solid account from a community-minded bank. You can get better interest rates elsewhere, but this isn't a bad option if you prefer a smaller bank and live near one of its limited number of branches in the New York City area.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 30, 2024
Min. to earn: $1
N/A

Full Carver Federal Savings Bank Community Free Checking review

Top perks

No-fee checking: You won't have to worry about any annoying checking account fees with this account. There's no monthly account fee, and you get fee-free access to around 80,000 ATMs. Just make sure you set your account for eStatements -- paper statements cost $3 a pop.

Low deposit requirement: You don't need hundreds of dollars just to open the account thanks to the low opening deposit requirement. Even better, once your account is open, you don't need to meet a minimum balance to keep it open or avoid fees.

Free Visa debit card: This account comes with a free Visa debit card, which you can use to make purchases or to make withdrawals at eligible ATMs. You can use any in-network ATM for free, plus you'll get up to five non-Carver ATM withdrawal fees waived per statement cycle.

Community reinvestment: Carver Bank qualifies as a Community Development Financial Institutions (CDFI), which is a U.S. Treasury Department designation for institutions that do work in underserved communities. Additionally, the bank says around $0.80 per dollar gets reinvested back into its local communities. Carver Bank has also paired with a minority-owned fintech company to help support more than 16,000 small business loans nationwide.

What could be improved

No new account bonus: Some banks offer big cash welcome bonuses when you open a new account. Unfortunately, Carver Bank doesn't have any kind of bonus deal for the Community Free Checking account.

No interest earned on deposits: This isn't one of the best free checking accounts for earning interest. In fact, it's not even in the running, since you won't earn any interest on your Carver Federal Savings Bank Community Free Checking balance. In other words, this isn't a good place to put your savings. (Find a high-yield savings account for that!)

Few physical bank branches: Carver Bank is a small bank with very limited brick-and-mortar locations. And by that we mean the bank is headquartered in Harlem, and all seven locations -- yes, you read that right: 7 -- are located in New York City. While you don't need to live in the service area to open an account online, this does limit your in-person banking options unless you live in New York City.

Fees

Full Carver Bank Community Free Checking Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 (for in-network ATMs or with up to five reimbursements per statement cycle) N/A $30 $35 per item
Data source: Carver Bank

How to access your money

Your options for accessing your money will depend a lot on whether you live in New York City or not.

Deposit options

You can deposit money into your Carver Federal Savings Bank Community Free Checking using these methods:

  • Online transfer from another Carver Bank account
  • ACH transfer from an external bank account
  • Wire transfer from an external account (big fees apply)
  • Mobile check deposits through the Carver Bank mobile app
  • Deposit cash or a check at a bank branch

Given the limited number of locations, that last option will only be available for account holders in the New York City area.

Withdrawal options

Your methods for withdrawing funds include:

  • Online transfer to another Carver Bank account
  • ACH transfer to an external bank account
  • Wire transfer to an external account (big fees apply)
  • Write a paper check
  • Use your debit card at an ATM (fees may apply)
  • Use your debit card to get cash back from an eligible retailer
  • Transfer peer-to-peer via Zelle

You can also use your debit card to make purchases, or link your checking account to your mobile wallets, like Apple Pay or Samsung Pay, to make purchases via your mobile devices.

Carver Federal Savings Bank Community Free Checking is right for you if:

The Carver Federal Savings Bank Community Free Checking is a basic fee-free checking account. What makes it stand out is the bank itself, which promotes its strong community drive. It may be the best fit for folks who live in the New York City area and who want to bank with an institution focused on the local community.

Learn More: Best Black-Owned Banks

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Yes, you can use Zelle with your Carver Bank checking account.

  • There are no monthly or account opening fees for a Carver Bank Community Free Checking account. You may be charged a $3 fee if you want paper statements, but you can avoid this by signing up for eStatements.