Update on BankUnited's 5.35% Savings Account
BankUnited continues to offer one of the highest rates for a savings account. Their current rate is 5.35% APY which has remained this high since October. According to the CSR, this is guaranteed to last at least through January. They've maintained very high rates since I first reported on this savings account last April.
Even though they may have a history of high rates, the savings account doesn't seem to have many of the features that we expect from an online savings account such as ACH transfer capability.
Below is the latest overview of this savings account based on the website, my discussions with the customers service reps and this FW thread. The CSRs are nice but many don't seem familiar with the details of this online account. Also, BankUnited continues to have discrepancies in their documentation of this account. Here's a link to the account disclosure (pdf) which is not easy to find (There's a link to it in the second page of the online application.)
- Minimum deposit to open is $5,000
- 5.35% for balances over $300
- $5 monthly fee for balances under $300
- Requires a notarized signature card in the application
No ACH transfer system to link to other bank accounts
- Does not allow ACH withdrawals from your other banks, but allows ACH deposits (according to CSR. CSR recommended their free checking account to simplify withdrawals.)
- Interest is credited quarterly, but if you close before the end of the quarter, you don't lose any interest (according to CSR)
- $15 closing fee if closed within first 6 months
- They only do a ChexSystem verify on savings account opening. Appears to be no hard pull.
Update 7/10/08: BankUnited now has an ACH transfer system to allow bank-to-bank transfers. Below are some of the features and limitations that I was told by the CSR:
- First 4 transfers in/out are free per month. $3 fee for additional transfers
- Transfer limitations: $5K/day, $15K/mo inbound and $10K/day, $30K/mo outbound
- Links to other bank accounts can be set up online
- No limits to the number of links
BankUnited has been FDIC insured since it was established in 1984. Its main office is in Coral Gables, Florida. The Bankrate.com safe and sound rating is the same as what I reported in June: 3 out of 5 stars (performing) at the time of this post.
Thanks to the reader who provided info and suggestions about a BankUnited update.
8/29/08: 3.75% APY
8/09/08: 3.55% APY
8/01/08: 3.50% APY
7/10/08: 3.00% APY
4/07/08: 3.25% APY
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