Best place to put my money to help Black communities?

June 24, 2020 6:07 PM

It’s time to deposit the haul from my daughter’s bat mitzvah, and we’d like to put the money into a savings-type situation where it could do the least evil (in terms of big banks) and hopefully even do the most good. Any suggestions? Are there Black-owned local banks that you would particularly recommend? Low-risk investments that focus on Black communities? Thanks for your suggestions!
posted by ericbop to Work & Money (3 answers total)

The NAACP partners with Impact Share ETFs with the ticker NACP. The ETF focuses on "[b]road equity market exposure; racial justice and equality" and management fees from the ETF go back to NAACP.
posted by saeculorum at 6:21 PM on June 24, 2020 [3 favorites]

I know people who use OneUnited Bank and are happy with them.
posted by nebulawindphone at 9:01 PM on June 24, 2020 [1 favorite]

I know people who use OneUnited Bank and are happy with them.

I am a people who uses OneUnited Bank and is happy with them. In addition to interest-bearing savings and checking accounts, you can set up CDs with several different maturity ages.
posted by solotoro at 7:03 AM on June 25, 2020 [1 favorite]