Black-owned banks have been building wealth in communities across America for more than a century. These Black-owned banks offer the same FDIC and NCUA protections as any major financial institution – the same checking accounts, savings products, mortgages and business loans – and they reinvest a higher share of every deposit back into the neighborhoods they serve.
Choosing where to bank is one of the most direct financial decisions a person can make. Every dollar deposited at a community-focused institution becomes available to fund a neighbor’s home purchase, a small business launch or a first savings account for someone who never had one. Black-owned banks were built by visionary entrepreneurs, ministers, lawyers and civic leaders who understood that financial institutions shape communities – and decided to build ones that would shape theirs for the better.
Here are the best Black-owned banks and credit unions to move your money to right now…