Dedicated to Deposits: Deals, Data, and Discussion

4.40% 7-Month CD at BankUnited in Florida - Nationally Available

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BankUnited
Update 3/28/09: The CD rates have fallen. Please check the bank's website for the latest rates.

BankUnited has updated its CD specials. The new yields include a 4.40% APY for terms of 7 to 12 months and 4.20% APY for terms of 4 to 6 months. The minimum deposit is $5,000.

When I last contacted BankUnited in April , 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 matures, things get a little more complicated. A reader in my July BankUnited post commented that he was told that they require a notarized letter if you want to close your CD and can't make it into a branch. A wire transfer is the best option to receive the funds from the CD. They can mail you a check for free, but a reader commented that he lost 32 days of interest when BankUnited sent him a check after he closed his CD.

If you choose to open a CD with BankUnited, please verify the opening and closing details yourself before applying.

BankUnited's Online Savings Account

BankUnited is still offering a high yield online savings account which is currently paying a competitive yield of 3.75% APY. It has a decent history of high rates, but both the bank and this savings account have issues that make it less appealing (see my account review).

BankUnited's Financial Health

BankUnited has been hit hard by the real estate slump and credit crisis. Its financial ratings for soundness are weak: 1 star (lowest) at Bankrate.com and 1 star (troubled) at BauerFinancial. Both ratings are based on 6/30/08 data.

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.

  Tags: BankUnited, CD rates, Florida

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