Native American-Owned Banks, Credit Unions: Where to Find Them

Native American-owned banks and credit unions focus on providing services and support to Indigenous communities.
Ruth Sarreal
Margarette Burnette
Chanelle Bessette
By Chanelle Bessette,  Margarette Burnette and  Ruth Sarreal 
Published
Edited by Yuliya Goldshteyn

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Native American-owned banks and credit unions provide services that help support Native communities with financial products and assistance, with the mission of helping people achieve their financial goals. 

Native communities have historically been prevented from accessing traditional paths to wealth in the United States, leading to a wealth gap. For the 2015-2019 period, American Indian and Alaska Native households had a median income of $43,825, which was lower than the overall U.S. median income of $62,843, according to a 2019 U.S. Census Bureau survey. 

The goal of many Native American-owned financial institutions is to help close this wealth gap by providing affordable and accessible banking services. Native American-owned institutions are classified as minority depository institutions, which means they are mission-driven to help unbanked and underbanked people in minority groups bolster their financial situations. One way they might do this is by making loans and mortgages easier to access for the minority groups they serve and investing in community development.

 » Want to see other minority-owned financial institutions? See our lists of Black-owned banks and Hispanic American-owned banks

Frequently asked questions

Per the definition of a minority depository institution from the Federal Deposit Insurance Corp., a Native American-owned bank is one where the majority of voting stock is owned by Native Americans or the majority of the bank’s board of directors and the community it serves is predominantly Native American. Banks, whether minority-owned or not, are usually for-profit institutions, unlike credit unions.

Like a Native American-owned bank, a Native American-owned credit union has Native Americans as a majority of its current members, board members and/or the community it serves. Credit unions are typically not-for-profit. To open an account at a credit union, you might need to meet membership requirements, such as living in a particular area or working for a particular employer.

Minority depository institutions, or MDIs, are federally insured depository institutions like banks and credit unions where minorities hold at least 51% of the voting stock, or where the majority of the board of directors is made up of minorities and where the institution's target community is primarily made up of minorities.

Community development financial institutions, or CDFIs, are financial institutions — typically banks and credit unions — that are mission-driven to support communities that have traditionally been shut out of mainstream banking services.

Yes, minority depository institutions are available to all. Keep in mind, however, that credit unions sometimes have membership requirements such as geographic location or working for a particular employer, so you’ll want to check whether you qualify before joining. Banking with an MDI can be a valuable way to show your support to the community it serves.

List of Native American-owned banks and credit unions

Here are the Native American-owned banks and credit unions operating within the U.S.

SoFi Bank, N.A. logo
Learn More

Member FDIC

SoFi Checking and Savings

SoFi Bank, N.A. logo
APY

4.60%

Min. balance for APY

$0

BMO Alto logo
Learn More

Deposits are FDIC Insured

BMO Alto Online Savings Account

BMO Alto logo
APY

5.10%

Min. balance for APY

$0

Don’t see your Native American-owned bank or credit union here? Let us know.

Note: This list is not necessarily exhaustive due, in part, to the different processes for banks and credit unions to be recognized as Native American-owned. The Federal Deposit Insurance Corp. tracks eligible banks. All Native American-owned banks are represented as of the most recent list, published in the last quarter of 2022. For credit unions, the list of Native American-owned credit unions is tracked on the NCUA website.

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SoFi Checking and Savings

at SoFi Bank, N.A., Member FDIC

APY

4.60%

With $0 min. balance for APY

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$300

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