Dedicated to Deposits: Deals, Data, and Discussion

4.60% 15-Month CD at a Florida Bank (BankUnited)

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BankUnited
Update 8/23/08: The 4.60% APY 15-month CD and the 4.40% APY 12-month CD are now available online. The rates are listed in the bank's rate table. More details about opening these CDs online are described in this post.

BankUnited is offering in-branch-only CD specials with some high rates: 4.60% APY for a 15-month term and 4.40% APY for a 12-month term. The minimum deposit is $5,000. These rates don't seem to be listed at BankUnited's website. A reader mentioned seeing these advertised in the Tampa Tribune newspaper. The only online CD special currently listed has a yield of 4.35% APY and a 12-month term.

When I called BankUnited's toll-free number to find out more about these special CDs, the CSR only knew about the 4.35% special on its website. However, when I called one of the branches, the CSR was able to confirm these specials. These might not be available at all of their branches. The ad listed the following branches: Clearwater/Harbor Oaks, Clearwater/Countryside, Tampa/Carrollwood Village Center and Sun City Center/Kings Crossing.

BankUnited's 4.35% APY 12-month special CD is still available online to people from any state (see post). However, they don't make it easy for people to manage these CDs without a branch visit. I was told you can only fund the CD by mailing in a check. At maturity of the CD, they require a notarized letter to close the CD. The grace period is 7 days. Readers have reported that it can take 3 weeks to receive the check by mail when you close the CD. A wire transfer to withdraw the funds is a better choice. BankUnited charges $25 for domestic outbound wire transfers.

BankUnited has been hit hard by the mortgage crisis. Last Friday, the bank's holding company, BankUnited Financial Corp, posted a wider-than-expected quarterly loss. This Reuters article reports that two brokerages have raised concerns about BankUnited Financial Corp's capital position.

As I recommend with any bank, make sure you stay below the FDIC limits. BankUnited has been FDIC insured since it was established in 1984 (FDIC Certificate # 32247). Its main office is in Coral Gables, Florida.

Thanks to the reader who emailed me the ad with these CD specials.
  Tags: BankUnited, CD rates, Florida

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