Monday, 23 November 2020

BankUnited Reviews: Checking, Savings, CD, and Money Market Accounts

BankUnited Reviews: Checking, Savings, CD, and Money Market Accounts
13 Oct
3:29

BankUnited’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.30%

CD Rates

BankUnited 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.65%

CD Rates

BankUnited 36 Month CD

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

1.75%

CD Rates

BankUnited 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

BankUnited’s checking account options

magnifying glass

How BankUnited’s checking accounts compare

If you can meet the $5,000 balance requirement, the Vertical Rewards Checking account is an excellent place for your money. Its best interest rate is not only better than the vast majority of checking accounts, it’s even better than many CDs. Yes, you need to do a little work to meet the monthly transaction requirements but that’s more than worthwhile for the high rate.

The Relationship Checking account isn’t a bad option because of its above-average interest rate and free banking perks. It might be worth using if you will keep less than $5,000 in your account but can get the monthly fee waived another way, such as having a BankUnited mortgage. But if you can qualify for Vertical Rewards, it’s the far better choice.

We do not recommend the Value Checking account as it offers very little and makes it too difficult to avoid the monthly fee. If you want an account for a small balance, these top online checking accounts are a better choice because they have fewer fees, lower balance requirements and also earn interest.

BankUnited’s savings account options

magnifying glass

How BankUnited’s savings accounts compare

The BankUnited savings accounts just do not earn enough interest to be worth opening. They earn much less than even some of BankUnited’s checking accounts. Of the accounts, Value Savings makes a bit more sense because you only need to keep a $300 balance to avoid the monthly fee.

Relationship Savings requires a $2,500 balance and still barely pays any interest. If you’re going to commit that much money to a savings account, you should get a better return on your money. You can do so with these other more competitive savings account options.

BankUnited’s CD rates

magnifying glass

How BankUnited’s CD rates compare

The BankUnited CDs are definitely respectable. They pay a much better interest rate than what you would earn at the large national banks. We also like that you can open a CD and earn the full interest rate with a deposit of only $1,000. This makes them a better fit for smaller deposits because you do not get a rate increase for adding more money.

Also, we noticed that their interest rates do not increase by that much as you lengthen the CD term. This makes the short 12-month CD a better overall value because you earn nearly the same amount without locking up your money for years. Also, the 12-month CD charges a smaller early withdrawal penalty, half of what the others charge.

But while BankUnited’s rates are solid, there are other CDs on the market that are even better. Make sure to compare with these other top CD options before making a decision.

BankUnited’s money market account options

magnifying glass

How BankUnited’s money market accounts compare

BankUnited’s money market account is not a great option. While the interest rate is better than the pitiful rates available at national banks, it’s still very low compared to other money market accounts out there.

The account also requires a high minimum balance of $2,500 or else charges a costly $15 monthly fee, potentially wiping out your interest earnings. You could do worse than the BankUnited money market but you could also do a lot better, including with these other money market accounts which pay higher rates and require a much lower balance.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/bankunited/

« »

Szemere

Related Articles