BankUnited is offering a special 3.75% APY 7-month CD. The minimum deposit is $5,000.
You can apply online to open this CD. According to the banking rep, it's open to people in any state. Also, the banking rep said that the rate would lock at the time you apply. After you apply, they'll send you the documents to sign. You can then mail in those documents along with your check. You can also do a wire transfer to fund the CD. When the CD is closed, you can instruct them by phone to either send you a check or perform a wire transfer. I wasn't too impressed with the banking rep, so please verify yourself before opening the CD.
BankUnited is still offering its high yield online savings account. The current rate is 3.25% APY. My last post on this was in January 2007. The online savings account still seems to lack an ACH transfer service, and there have been several reports of customer service problems.
BankUnited has been hit hard by the mortgage problems, and there have been claims that it may get worse. So be sure to stay below the FDIC limits. For what it's worth, the bank still has a 3 out of 5 star rating (performing) at Bankrate.com based on 12/31/07 data.
BankUnited has been FDIC insured since it was established in 1984 (Certificate # 32247). Its main office is in Coral Gables, Florida.
Other CD Rates
A rate below 4% may seem low, but in today's rate environment, this is a top yield for this short term. For CD rates at other banks, please see my Saturday's weekly rate recap.