Updated Info on 5% Savings Account from BankUnited

As I mentioned in my Saturday post, BankUnited has increased the APY of their internet savings account to 5% APY from 4.75%. As I first reported on this account last month, their website still has inconsistent information on this savings account. I called Saturday, but the customer service rep didn't have the details. So I called back again this morning and finally did receive the details. The CSR still made some mistakes during the conversation, so hopefully, this information is accurate. Here's what I received:

• APY is guaranteed not to go below 5% through October 16, 2006
• Available for people in any state
• Available only through the internet
• Minimum opening balance is $5,000
• $5/month fee if balance falls below $2,500
• 5% APY good on balances above $2,500. 1.85% for below $2,500

This appears to be a legitimate deal that's not just a short term promo. Their move of increasing the yield from 4.75% to 5.00% makes it look like they intend to keep the rate competitive.