BankUnited Raises Savings Account Rate to 5.35%

BankUnited raised the rate on its online savings account from 5.25% to 5.35% APY. Since I first started reporting on this savings account in April, the rates have been very competitive.

This internet saving account has a $5K minimum initial deposit, but the minimum balance to avoid fees and to earn the full APY is $300. There is no check writing, but you can get an ATM card.

BankUnited is also offering a 5.50% APY 6-month CD with a $5K minimum.

Before E-LOAN's savings account, this account may have been something to seriously consider. In my opinion, the only thing this account has over E-LOAN's savings is a longer track record. As I reported in this June post, this BankUnited account lacks an ACH transfer system. Also, the account opening process requires a notarized signature card. Even though E-LOAN's savings account remains a better deal, it's good to see BankUnited is keeping this high yield savings account near the top. At the very least, it'll put pressure on other banks to keep rates high.

Please refer to my June post for more details of this account.