5.25% Internet Savings Account at BankUnited
Jun 22, 2006 - 11:54 AM by Ken Tumin
BankUnited raised the rate of its savings account today from 5% to 5.25% APY. The minimum initial deposit is $5K. I had first reported on this savings account back in April 15 when the APY was 4.75%. On May 20 the APY was increased to 5.00%. So BankUnited seems intent to keep the rate competitive.
This is an internet savings account that is available to people from any state. According to the website and disclosure, the minimum balance to avoid a $5 monthly fee is $300. In the past there has been some inconsistency with this minimum. In my last call with the BankUnited CSR, I was told this minimum was $2.5K. However, now that the website and disclosure both state $300, this might have changed.
Another question is the APY for balances under $5K. In my last call, I was told the full APY was good on balances over $2.5K. Under $2.5K the APY was 1.85%. However, the current disclosure on page 2 states that you earn 5.25% on balances down to $0.
The online account applications appear to be through CashEdge which is the same online banking service provider used by HSBC. The online savings account seems typical. It doesn't offer check writing, but you can get an ATM card.
In addition to the savings account, BankUnited also raised the rate on the 1-year CD from 5.35% to 5.50% APY. There's a $5K minimum deposit.
This is an internet savings account that is available to people from any state. According to the website and disclosure, the minimum balance to avoid a $5 monthly fee is $300. In the past there has been some inconsistency with this minimum. In my last call with the BankUnited CSR, I was told this minimum was $2.5K. However, now that the website and disclosure both state $300, this might have changed.
Another question is the APY for balances under $5K. In my last call, I was told the full APY was good on balances over $2.5K. Under $2.5K the APY was 1.85%. However, the current disclosure on page 2 states that you earn 5.25% on balances down to $0.
The online account applications appear to be through CashEdge which is the same online banking service provider used by HSBC. The online savings account seems typical. It doesn't offer check writing, but you can get an ATM card.
In addition to the savings account, BankUnited also raised the rate on the 1-year CD from 5.35% to 5.50% APY. There's a $5K minimum deposit.
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Anonymous - #1, Thursday, June 22, 2006 - 2:04 PM
When I finally got a CSR on the phone (20+ minutes), I asked which disclosure is correct, she didn't know. Any bank that cannot answer simple questions will not get my money.
As for internet access - from the website, "For just $5.95 a month you can have unlimited Internet access to all your BankUnited checking, savings or consumer loan accounts and pay all of your monthly bills. You will save time and money by eliminating paper checks and postage. Plus, you will be able to manage your finances when you want and the way you want. Enroll today and we’ll give you BankUnited Express Internet Banking with Electronic Bill Payment FREE for three months!"
http://www.bankunited.com/display.asp?navid=&id=30
Whoppee. No thanks, I'll take my money to a bank that really wants my money, that has knowledgable CSRs and doesn't penalize me for being a customer.
Anonymous - #2, Thursday, June 22, 2006 - 8:22 PM
don't quote me on this but i think the $5.95/month is for the optional Electronic Bill Pay service.
from this site
http://www.bankunited.com/display.asp?navid=&id=30
can anyone clarify?
Jason (anonymous) - #3, Thursday, June 22, 2006 - 10:42 PM
Does anyone know what their transfer system is like? Ie how many external accounts can you add and do they use the deposit verification or send in the check method to add accounts? I'd be very interested in knowing that if someone has the account or speaks with a csr who knows their stuff.
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