Greenwood Review: Spending and Savings

Greenwood offers online-only spending and savings accounts. It has a large, free ATM network and interest on savings.
Chanelle Bessette
By Chanelle Bessette 
Edited by Sara Clarke

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    Overall institution rating


    NerdWallet rating 
    The bottom line:

    Greenwood is an online-only nonbank financial institution. It partners with Coastal Community Bank to provide its services and Federal Deposit Insurance Corp. insurance of up to $250,000 per depositor, which means your money is protected with Greenwood.

    Greenwood is a Black-owned financial institution that supports the Black and Latino communities by fighting food insecurity, giving money to Black- and Latino-owned businesses and donating to community organizations.

    Best for: Those who want to keep their money at an online-only financial institution, earn interest on savings and support minority communities.


    • No monthly fees.
    • Competitive rate on savings account.
    • Large, free, nationwide ATM network.
    • Early direct deposit.


    • No overdraft protection program.
    • No branch access.
    • Fees for cash deposits.


    NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.