Dedicated to Deposits: Deals, Data, and Discussion

2.37% 18-Month CD at BankUnited in Florida - Available Nationwide


BankUnited is offering several competitive CD specials. One of the best deals is the 2.37% APY 18-month CD. Below is a list of the rates as listed at the bank's CD rates page as of 9/02/09:
  • 3.50% APY 60 month
  • 3.25% APY 48 month
  • 2.30% APY 24 month
  • 2.37% APY 18 month
  • 2.00% APY 12 month
  • 1.55% APY 8 month
Minimum deposit is $5,000, and new money is required.

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. However, things appear pretty much the same with a difficult account opening and closing process. I called again for details. Here's what I was told by the CSR:
  • The CDs can be opened by people in any state
  • Once you apply online, they'll send you a signature card which needs to be notarized
  • CD rate should lock at the time you submit the application (When I called in June, I was told it would lock when they receive the check so you may want to verify this.)
  • Sending a check is the only option to fund the CD. Wire transfer isn't an option.
  • When the CD matures, they require a notarized letter for instructions to close the CD
  • Wire transfer is not an option to receive the funds when the CD matures (When I called in June, I was told that it was an option)
  • Another option to close a CD is to instruct them to transfer your money into your BankUnited checking or savings account
A reader in a previous post mentioned that it took 32 days to receive the check in the mail after his BankUnited CD matured. For those in Florida with a nearby BankUnited branch, you should be able to open and close these CDs at a branch which would be a lot quicker and easier.

Internet Savings Account

BankUnited still has its internet savings account which pays 1.75% APY as of 9/02/09. On the savings account page, it states that it has bank-to-bank transfers. However, according to the CSR this morning, this feature has been disabled for the last couple of months for security reasons, but they are working to bring this back up. The account has a minimum initial deposit of $5,000. A minimum balance of $2,500 is required to avoid a $8/month fee.

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 limit). The new BankUnited's FDIC charter was started on May 21, 2009 (FDIC Certificate # 58979).

Other High Certificate of Deposit Rates

  Tags: BankUnited, CD rates, Florida

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Comment #1 by Tuphat (anonymous) posted on
It may be unrealistic to expect significant system and process changes, at least in the short run. Remember that the "new" bank is operating with pretty much the same systems, manuals, rank-and-file people, etc., as the "old" failed institution. So, while rates are easy to change, account opening and similar procedures may be "sticky."