Dedicated to Deposits: Deals, Data, and Discussion

4.00% 9-Month / 4.00% 12-Month CD at BankUnited


BankUnited is offering a special 4.00% APY CD with terms from 9 months to 12 months. The minimum deposit is $5,000. You can apply online to open this CD.

I last reported on a BankUnited CD in April. At that time, I was told by the banking rep that these CDs are available 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's Online Savings Account

BankUnited is still offering its high yield online savings account. The account used to be one of the rate leaders, but in the last few months it has fallen way behind. The current yield is 3.00% APY. My last post on this was in January 2007. BankUnited finally added an ACH transfer system to this savings account, but with the low rate and the customer service problems that many readers have noted, it's still not a good deal.

BankUnited's Financial Health

BankUnited has been hit hard by the mortgage problems. In the latest news, BankUnited is looking for alternative sources of capital. Its non-performing loans have been growing. On May 31st, 6.52% of its loans were non-performing. Share price is way down. Yesterday it closed at 73 cents. It was over $20 a share in 2007.'s latest ratings is a 1 star based on 3/31/08 data which is down from 3 stars on 12/31/07 data. BauerFinancial gives it 3 stars (adequate) based on 3/31/08 data.

BankUnited has been FDIC insured since it was established in 1984 (FDIC Certificate # 32247). Its main office is in Coral Gables, Florida.

Other High Certificate of Deposit Rates

Other banks offering yields of around 4% for terms under 12 months include Wachovia, Crestmark and Indymac Bank. To review these and other high rate CDs available nationwide, please refer to my CD rates summary.

  Tags: BankUnited, CD rates, Florida

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