This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
Note: We have no affiliate relationship with Greenwood
Greenwood (bankgreenwood.com) is welcoming new customers with a $10 cash bonus (referral below). Earn an additional $10 cash bonus for every person who uses your unique referral link to claim their welcome reward. Click here for referral offers.
Update 11/10/2022: Greenwood has stated the $10 referral bonus offer is no longer available.
Greenwood was aptly named after a prosperous African-American district in Tulsa. Also known as “Black Wall Street,” the neighborhood was subsequently destroyed during a two-day race massacre in 1921.
As the first Black-owned neobank, the company aims to close the racial wealth gap. Greenwood plans to accomplish this by doing away with discriminatory banking industry practices and recirculating money within the Black and Latino communities. Anyone – Black, Latino, or ally – of all income levels has access to Greenwood’s services.
Spearheading the project are Andrew J. Young (former Atlanta mayor, U.S. congressman, and ambassador to the United Nations), Michael “Killer Mike” Render (civil rights rapper and founder of the #BankBlack movement), and Ryan Glover (Bounce TV and Noontime Records founder).
Keep reading for more on Greenwood and their current offers.
[Ended] Greenwood $10 Welcome Bonus
Enjoy a $10 welcome bonus when you use this referral link to open a Greenwood account. This offer is valid for new customers only.
Update: At the time of this update, there’s a waitlist to join. Earn extra cash and early access by inviting people to Greenwood banking. You’ll receive details about the $10 cash bonus via email after joining the waitlist.
[Ended] Give $10, Get $10 Referral Program
Earn an additional $10 cash bonus for every person who uses your unique referral link to open a new Greenwood account. Each of your referrals will also receive a $10 cash bonus.
Like other neobanks, Greenwood offers spending accounts with debit cards. There are no minimum deposit or balance requirements. Other features include:
- Interest-earning savings accounts with no minimum balance requirement.
- Direct deposit paycheck access up to two days early.
- Roundup program where you can donate your spare change to minority-focused non-profits.
- Compatibility with Apple and Android Pay.
- Free ATM use at 100,000+ locations.
- Mobile check deposits.
- Peer-to-peer transfers.
- Video series discussing anything related to finances.
- Online directory of Black and Latino businesses.
- FDIC insurance on deposits for up to $250,000 through Coastal Community Bank.
The company also gives back to the Black and Latino communities. For every new account, Greenwood will donate five meals to a family in need. And every month, the digital banking provider will provide one lucky Greenwood small business owner with a $10,000 grant.
The more Greenwood grows, the more it can create access to working capital, do away with predatory lending, keep the money within the Black and Latino communities, and eventually close the racial wealth gap.
Greenwood offers two types of memberships: Basic (free) and Premium ($4.99/month). Other fees include:
|Domestic ATM Withdrawals||$2.50 per transaction|
|International ATM Withdrawals||$5.00 per transaction|
|International Transaction Fee||3% of the transaction amount|
|Replacement Card Fee||Basic: $5.00|
|Replacement Card Expedited Shipping||$20.00|
(90 days of no customer activity)
Premium: No fee
Premium membership comes with extra perks, like free breakfast at partner luxury hotels, PGA tournament passes, and price protection for up to $250 per claim.
There are no overdraft penalty fees and no peer-to-peer transfer fees.
Greenwood is on a mission to close the racial wealth gap in the United States. It’s a solid choice if you’re looking for banking services with no hidden fees and gives back to the Black and Latino communities.
You might also be interested in Fair, an ethical financial services digital banking provider that was created to put people over profit. They’re currently offering a $50 welcome bonus.