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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.
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Native American-owned banks and credit unions provide services that help support Native and Indigenous people in the United States (encompassing Native Hawaiians and Alaska Natives) 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, which has led to a wealth gap. In 2022, American Indian and Alaska Native households had a median income of $58,060, which was lower than the overall U.S. median income of $74,580, according to a 2022 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, thereby investing in community development.
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, Native Hawaiians or Alaska Natives, or the majority of the bank’s board of directors and the community it serves is predominantly from those groups. Banks, whether minority-owned or not, are usually for-profit institutions, unlike credit unions.
What is a Native American-owned credit union?
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.
What are minority depository institutions (MDIs)?
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.
What are community development financial institutions (CDFIs)?
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.
Can allies join a Native American-owned bank?
Yes, minority depository institutions are available to all races and ethnicities. 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 trying to join. Banking with an MDI can be a valuable way to show your support to the community it serves.
What is a Native American-owned bank?
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, Native Hawaiians or Alaska Natives, or the majority of the bank’s board of directors and the community it serves is predominantly from those groups. Banks, whether minority-owned or not, are usually for-profit institutions, unlike credit unions.
What is a Native American-owned credit union?
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.
What are minority depository institutions (MDIs)?
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.
What are community development financial institutions (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.
Can allies join a Native American-owned bank?
Yes, minority depository institutions are available to all races and ethnicities. 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 trying to join. 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.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
4.80%1.00% APY for <$10k balance; 4.00% APY for $10k to <$50k balance; 4.50% APY for $50k to <$250k; 4.80% APY for $250k+ balance
Min. balance for APY
$250,000
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.30%The annual percentage yield is effective as of Wednesday, July 24, 2024. APY is a fixed rate and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Read the full terms here: https://www.baskbank.com/terms-and-disclosures.pdf
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 2023. For credit unions, see the NCUA website for a list of Native American-owned credit unions.
