About
Greenwood is a mission-driven mobile financial platform created for and by the Black community. Named after the legendary Greenwood District of early 1900s Tulsa — often called "Black Wall Street" — Greenwood combines modern fintech features with a commitment to circulating wealth within the Black community. Members get access to a no-hidden-fees Mastercard® debit card, FDIC-insured spending and savings accounts, and up to 2-day early paycheck access. The high-yield savings account offers a 4.15% APY with no monthly fees and no minimum balance requirements, making it accessible to everyone. Greenwood's investing feature lets users start building a portfolio with as little as $1, with no commissions or fees, across publicly traded companies — including Black-owned publicly traded companies — and ETFs, all covered by SIPC insurance. The platform's signature Cash Back for Buying Black program rewards members for shopping at Black-owned businesses, driving economic recirculation within the community. Members can also round up purchases to the nearest dollar and donate the change to partner organizations such as the NAACP, King Center for Social Justice, and UNCF. Available on iOS and Android with Apple Pay and Google Pay support, Greenwood is ideal for anyone seeking a values-aligned, community-first alternative to traditional banking.
Key Features
- Cash Back for Buying Black: Earn cash back rewards when shopping at Black-owned businesses, directly supporting economic recirculation within the community.
- High-Yield Savings Account: Earn 4.15% APY on all your cash with no monthly fees, no minimum balance requirements, and full withdrawal and transfer flexibility.
- Commission-Free Investing: Invest as little as $1 in stocks, ETFs, and Black-owned publicly traded companies with zero commissions or fees, protected by SIPC insurance.
- Early Paycheck Access & No Hidden Fees: Get paid up to 2 days early with a no-hidden-fees Mastercard® debit card, overdraft protection, and FDIC-insured accounts.
- Community Round-Up Donations: Round up purchases to the nearest dollar and donate the change to charity partners including the NAACP, King Center for Social Justice, and UNCF.
Use Cases
- Managing day-to-day finances with a no-fee, FDIC-insured debit card and mobile check deposit.
- Growing personal savings with a high-yield 4.15% APY savings account and no minimum balance requirements.
- Building a diversified investment portfolio starting from just $1 in stocks, ETFs, and Black-owned companies.
- Supporting Black-owned businesses through cash back rewards and driving community economic growth.
- Contributing to social justice organizations like the NAACP and UNCF through automated round-up donations on everyday purchases.
Pros
- No Hidden Fees: The Mastercard® debit card and savings account come with no monthly fees, no minimum balances, and full transparency.
- Strong Savings Rate: A 4.15% APY savings account significantly outpaces the national average, helping members grow wealth passively.
- Low Barrier to Investing: Fractional investing from just $1 with no commissions makes building a portfolio accessible to everyone, regardless of income level.
- Community-First Mission: Every product feature is designed to reinvest wealth in the Black community, from cash back rewards to charity round-ups.
Cons
- Niche Audience Focus: While open to all, Greenwood's features and mission are primarily tailored for the Black community, which may feel less relevant to others.
- Premium Features Require Membership: Some of the most compelling features — like early pay and premium investing tools — are gated behind the paid Premium Membership tier.
- Primarily a Mobile Experience: Designed as a mobile-first app, users who prefer full desktop banking experiences may find the web interface limited.
Frequently Asked Questions
What is Greenwood?
Greenwood is a Black-founded, Black-led mobile financial platform that offers digital checking and savings accounts, commission-free investing, and cash back rewards for shopping at Black-owned businesses. It is inspired by the historic Greenwood District of Tulsa, Oklahoma — known as Black Wall Street.
Is Greenwood FDIC insured?
Yes. Greenwood's deposit accounts are FDIC insured, providing protection for your funds. Investment accounts are protected by SIPC insurance.
What is the Cash Back for Buying Black program?
The Cash Back for Buying Black program rewards Greenwood members with cash back when they shop at participating Black-owned businesses, helping to drive economic growth and recirculation within the Black community.
What is Greenwood Premium Membership?
Greenwood Premium Membership is a paid tier that bundles a no-hidden-fees Mastercard® debit card, up to 2-day early paycheck access, high-interest savings at 4.15% APY, commission-free investing, round-up community donations, and robust financial education resources.
How do round-up donations work?
When you make purchases, Greenwood rounds up the transaction to the nearest dollar and donates the spare change to partner charities such as the NAACP, King Center for Social Justice, and UNCF. You can opt into this feature through the app.
