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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 May 2009. I contacted the bank last September and was informed of the CD application process. As I mentioned in my September BankUnited review, BankUnited still didn't have an easy process to open and close CDs if you don't live near a branch. Refer to that post for more details. Hopefully, the new BankUnited has made improvements.

Branches are located throughout South Florida.

With BankUnited being a new bank after the May 2009 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).

Related Pages: BankUnited, New York, Miami, Orlando, Tampa, West Palm Beach, Ft. Myers, CD rates

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Anonymous   |     |   Comment #1
Is this a big red flag.. (highlighting is mine)?

From https://www.bankunited.com/documents/dep_agree.pdf

"EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) - We may impose early withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal. See your notice of penalty for early withdrawals for additional information."

Or is CD not a "time account"? (the term "time account" was not defined in the documents)
ctgottape (anonymous)   |     |   Comment #2
doesn't seem like an issue, just verbage to protect them against all possible withdrawl reasons, like setoff. also notes they may or may not allow penalty free partial withdrawl


would like to know how the account opening process went for anyone....