BankUnited (Florida) recently introduced its Vertical Rewards Checking account, which currently earns 1.05% APY on qualifying balances up to $250K for the first 6 months following account opening. Balances above $250K are not eligible to earn any interest.
The Vertical Rewards Checking account can be opened with a $2.5K minimum deposit. Following the initial 6 months, the APY can range from 0.05% APY (base rate) to 1.05% APY (base rate + four possible 0.25% rate increases), dependent on the number of qualifying transactions completed during the statement cycle.
- At least one direct deposit (payroll, social security, pension, etc) = +0.25%
- At least two automatic debits (mortgage payment, car payment, etc.) = +0.25%
- At least two debit card purchases = +0.25%
- At least two checks paid from the account = +0.25%
If there are no qualifying transactions during a statement cycle, the APY will be 0.05% APY.
Thanks to DA reader, John Townsend, for his Forum posting about this new checking account.
Headquartered in Miami Lakes, Florida, BankUnited’s market area includes Florida and the New York City metropolitan area.
Opening a Vertical Rewards Checking account can be done by visiting any of 97 Florida branches located along the Atlantic and Gulf of Mexico coasts and five New York branches located in Brooklyn, Long Island, and New York City (3).
Currently, BankUnited's online banking platform is limited to account management and bill payment services.
BankUnited has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.09% (excellent) based on June 30, 2015 data. In the past year, BankUnited increased its total deposits by $3.27 Billion, an excellent growth rate of 26.29%. Please refer to our financial overview of BankUnited for more details.
BankUnited (FDIC Certificate # 58979) is the successor to BankUnited, FSB, which was seized by the Office of Thrift Supervision in 2009. The Bank was taken over by the FDIC, which transferred control to a private equity group, headed by North Fork Bank President, John Kanas. The new BankUnited assumed $12.7 Billion in assets and $8.3 Billion in nonbrokered deposits. The Herald National Bank (NY) was acquired by BankUnited in 2013, and today BankUnited has assets in excess of $21 Billion.
How the Vertical Rewards Checking Account Compares
When compared to the 50 Reward Checking accounts tracked by DepositAccounts.com available to Florida residents, BankUnited’s Vertical Rewards Checking APY is not that impressive per se, but the 6 month rate guarantee makes it, in effect, a competitive 6-month CD.
That being said, when compared to the 250 6-month CDs tracked by DepositAccounts.com that are available to Florida residents, BankUnited’s Vertical Rewards Checking 6-month APY guarantee shares the top spot with the MySavingsDirect 6-month My Term CD.
The above rates are accurate as of 10/8/2015.
To look for the best nationwide Reward Checking account rates and the best Reward Checking account rates in your state, please refer to our Reward Checking account rates table.