Carver State Bank; Insider
The bottom line: Carver State Bank Regular Checking Account is a good option if you want to work with a Black-owned bank and earn high rates on CDs. But you'll want to look elsewhere for high savings rates or a mobile app.
Overall bank rating| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.5 |
| CD | 4.5 |
| Money market account | 3 |
| Trustworthiness | 5 |
| Total | 3.9 |
| Pros | Cons |
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The Carver State Bank Convenience Savings Account makes it easy to waive the monthly service fee — you'll just need to keep a minimum $300 daily balance. But if you're looking to earn a high interest rate, this account isn't your best bet. You may want to open either a Carver State Bank Certificate of Deposit or a high-yield savings account with another bank.
Checking Carver State Bank Regular Checking AccountYou'll want to look out for fees with this checking account. There's a $3.50 monthly service fee (although you can waive it), $0.50 fee each time you use your debit card or write a check, $1 fee when you use a non-Carver ATM, and $5 fee when you transfer money for overdraft protection.
Carver has other checking accounts with features like accidental death insurance and travel perks, but they don't let you waive the monthly fees.
CD Carver State Bank Certificate of DepositCarver State Bank Certificate of Deposit are probably the bank's best products. They pay high interest rates, and most only require a $500 opening deposit. Carver also charges low early withdrawal penalties if you need your money before the CD term ends.
Money market account Carver State Bank Money Market AccountYou may like the Carver State Bank Money Market Account if you can afford the minimum opening deposit and waive the $6 monthly service fee. But to earn a competitive interest rate, you'll need to go with a different bank.
How Carver State Bank worksCarver State Bank Regular Checking Account is a Black-owned bank with two branches in Savannah, Georgia. It has three ATMs, two at its branches and one at the airport.
Branch lobbies are closed right now due to the coronavirus pandemic. But you can still contact customer support Monday through Friday during regular work hours. (Exact hours vary by branch.)
Carver State Bank does not have a mobile app, but you can bank online.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Carver State Bank trustworthy?Usually, Insider includes Better Business Bureau grades in our reviews to evaluate a business' trustworthiness. The BBB has not reviewed Carver State Bank, though, so your best bet may be to read online reviews or ask friends and family about their experiences.
Carver doesn't have any public controversies.
The bank has several programs to help the community. If you wouldn't normally qualify for a bank account, you can open a second chance checking account. Enroll in the credit rebuilder program, credit counseling, or homebuying counseling. Carver also has a program that helps community members own small businesses or graduate with higher education degrees.
How Carver State Bank compares to similar banksCarver State Bank Regular Checking Account is the only Black-owned bank in Savannah. So we've compared it to two Black-owned institutions you can access online: OneUnited Bank and Liberty Bank and Trust.
 Carver |  One United |  Liberty Bank |
Free ATMs 3 | Free ATMs 30,000 | Free ATMs 28 (None in Savannah) |
Standout feature High CD rates | Standout feature Early direct deposit | Standout feature High rates |
| Carver State Bank Regular Checking Account | OneUnited Bank BankBlack Checking Account | Liberty Bank Personal Checking Account |
If you live in Savannah and prefer an in-person bank, Carver State Bank is the clear choice. It also pays higher CD rates.
But you may prefer OneUnited Bank if you're comfortable banking online, and if you frequently use ATMs. It has 30,000 free ATMs around the US, which is especially convenient if you travel. OneUnited also has early direct deposit, so you could receive paychecks up to two days early.
Carver State Bank vs. Liberty Bank and TrustYou may like Liberty Bank and Trust if you want to bank digitally, but Carver State Bank if you want a brick-and-mortar bank.
Carver pays higher rates on CDs than Liberty, especially on shorter terms. But Liberty's savings rates are higher.
About the authorLaura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.
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