BankUnited has a savings rate of 0.05%, which is fair compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.35% and 1.75%, respectively, while its highest-yielding money market account has a rate of 1.60%. Given BankUnited’s below average savings rate, you should think about opting for higher earning savings accounts with other banks.
Started in 2009, BankUnited has $30 billion in assets as well as $22 billion in deposits, making the institution a very large bank. BankUnited, whose headquarters are in Miami Lakes, Florida, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, BankUnited is an acceptable bank choice, but may leave you wanting more, with a rating of 3.7 stars out of 5 from the SmartAsset team. BankUnited provides customers with a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. BankUnited has a fair savings rate compared to the average savings account. The bank’s standard checking product has a $7.00 monthly fee, making it a rather expensive bank for checking. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for returning the most income from your deposits while maintaining convenient access to your money.
BankUnited is a very large bank owning $30 billion in assets and deposits totaling $22 billion. It has a strong Texas Ratio of 5.36%, signifying a tiny likelihood of failure. Additionally, BankUnited is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
The is a weighted average of rates, fees, service quality and financial health. Read more
When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.
The Texas Ratio, a measure of a “bad assets” against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.
BankUnited is a brick-and-mortar bank, with 95 total bank locations in Florida and New York. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, and 9:00 a.m. to 2:00 p.m. ET. BankUnited’s online and mobile banking platforms receive great scores from users. Out of 600 ratings across Apple and Android platforms, the BankUnited mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). BankUnited’s mobile app allows you to control your accounts by looking at monthly statements, transferring funds as well as reaching customer service. However, BankUnited receives a fair consumer satisfaction rating because of a large number of complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
BankUnited typically has high fees in comparison to the national average. At $7.00 per month, BankUnited is less than the best product for those who want a simple banking experience. For those who use cash often, it is not ideal because it has an out-of-network ATM fee of $2.50, which is not ideal compared to the national average. BankUnited unfortunately doesn’t reimburse out-of-network ATM fees, which means you’ll be required to find a BankUnited ATM or eat the ATM charge.
Rates The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide. Fees The Fees rating is an assessment of the bank’s fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees. Service Quality The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based on complaints brought to the Consumer Financial Protection Bureau (CFPB). Financial Health The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.
SmartAsset’s experts review Florida’s BankUnited. We give an overview of all of their account offerings, rates, fees as well as branch locations. See if opening up an account with this bank is in your best financial interest
Those who don’t live in Florida or New York would probably find this bank irrelevant since online banking doesn’t make a difference either in terms of monthly fees.
Some key features of this savings account are:
Some key features of this checking account are:
This is a premier checking account that lets you earn rewards up to 2.00% APY. It is a high interest-bearing account.
BankUnited has a good variety of savings accounts that offers similar benefits, but be sure to consider the different opening requirements and monthly fees. They are unfortunately not able to be waived.
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Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
BankUnited current has 95 physical branches all over U.S, which is smaller than the average amount of other traditional brick and mortar banks, but they have a variety of different accounts.
This checking account is particularly competitive and earns tiered interest rates. You will need a minimum deposit of $100 to open this account.
Based in Miami Lakes, Florida, BankUnited, offers all accounts with decent rates. To find out if BankUnited is right for you, continue reading the review