Dedicated to Deposits: Deals, Data, and Discussion

4.80% 13-Month CD at BankUnited in Florida

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BankUnited
BankUnited is offering a CD special with a yield of 4.80% APY and a term of 13 months. The minimum deposit is $5,000. This CD doesn't seem to be listed at BankUnited's website. A reader mentioned opening this CD at a Tampa branch. This is being advertised in today's Treasure Coast Newspaper. The ad is available online here. According to the ad, the offer is available through Monday, 9/08/2008. Update 9/19/08: A reader has reported that this 4.80% CD was still available in the branch as of today.

On August 15th I posted on a previous in-branch-only BankUnited CD promotion. After a week, this became available from BankUnited's website. Those online special CDs are still available: 4.40% APY 12-month CD and a 4.60% APY 15-month CD. I include some details about opening and closing BankUnited's CDs by mail in this post.

BankUnited has been hit hard by the mortgage crisis. This recent CNN article describes the latest problems. BankUnited has disclosed in a regulatory filing that it needs to raise at least $400 million in capital in order to maintain its "well capitalized" status from the Office of Thrift Supervision. Update: This Sep 5th press release reports that BankUnited has received notification that the OTS has reclassified the Bank’s regulatory capital status from well-capitalized to adequately capitalized. As a result, the bank is subject to restrictions on accepting brokered deposits.

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 news of this new CD special.

  Tags: BankUnited, CD rates, Florida

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