2.75% 24-Month CD at BankUnited in FL - Nationally Available

BankUnited is offering a competitive 2-year special CD rate of 2.75% APY. The other special CD rates are not quite as competitive. These include a 3% APY 48-month CD, a 2.10% APY 12-month CD and a 1.75% APY 8-month CD. Minimum deposit is $5,000.

The CD details are listed in the truth in savings disclosure (pdf). The early withdrawal penalty for terms over one year is 180 days of interest.

I was hoping we would see some improvements at BankUnited after it was taken over by new owners after it was seized by the FDIC in May. I just called and asked about opening and closing CDs. The CDs can be opened by people in any state. However, there are still many issues with this process. Here's what I was told by the CSR:

• Once you apply online, they'll send you a signature card.
• Rates don't lock until they receive the signature card with your check
• Sending a check is the only option. Wire transfer isn't an option.
• When the CD matures, they require a notarized letter for instructions to close the CD
• Wire transfer is an option to receive the funds when the CD matures

A reader in a previous post mentioned that it took 32 days to receive the check in the mail after his BankUnited CD matured. A wire transfer is a much faster option.

For those in Florida with a nearby BankUnited branch, you should be able to open these CDs at the branch which would be a lot quicker and easier.

With BankUnited being a new bank after the May seizure, there shouldn't be any concern about another closure any time soon (but it's always wise to stay below the FDIC limits). The new BankUnited's FDIC charter was started on May 21, 2009 (FDIC Certificate # 58979).

Other High Certificate of Deposit Rates

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Update 6/26/09: Received info from bank that they do allow wire transfers at CD maturity.

Tags: BankUnited, CD rates, Florida