BankUnited (FL) Introduces Vertical Rewards Checking Account

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Availability: Market area includes Florida and New York City metropolitan area.

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.

Qualifying Transactions

  • 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.

Availability

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.

Bank Overview

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.

Comments
Special 1-Year CD Rate at BankUnited in South Florida

If you're looking for a short-term CD, I'm afraid it's hard to find rates over one percent in today's awful interest rate environment. That's especially the case for some states like Florida. So when I found this CD special at a large Florida bank, I thought it was worth mentioning. It's at BankUnited which is offering a special 1-year CD with a 1.10% APY. Minimum deposit is $5,000. This special is listed at BankUnited's CD rates page as of 11/3/2011.

It appears a branch visit is required to open this CD...

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3.25% 4-Year CD at BankUnited in Florida - Available Nationwide

BankUnited has recently increased its long-term CD rates. They're now quite competitive: 3.25% APY for 4 years and 3.50% APY for 5 years. These are listed at the bank's CD rates page as of 2/25/2010. 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.

BankUnited has offered several CD deals since the new bank was established after the old BankUnited was seized by the FDIC in...



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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...




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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...



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



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