BankUnited Reviews: Checking, Savings, CD, and Money Market Accounts

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Updated on Sunday, November 1, 2020

BankUnited’s checking account options

Vertical Rewards Elite Checking

Despite monthly transaction requirements, you receive a phenomenal interest rate.
APYMinimum Balance AmountMinimum Monthly Transactions
0.50%$0.011 direct deposit + 7 or more qualifying transactions
0.50%$0.011 direct deposit + 4 to 6 qualifying transactions
0.30%$0.011 direct deposit + 1 to 3 qualifying transactions
 A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $20 (waived for minimum average balance of $5,000.)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs, then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

You’ll need to deposit at least $5,000 to open a Vertical Rewards Elite Checking account. While there is no minimum balance requirement to earn interest, this account charges a $20 monthly fee if your average monthly balance falls below $5,000.

The interest rate earned depends on how many transactions you make per month. For the first three statement cycles, all you have to do to earn the highest rate is make one direct deposit per month. After that, you need to make a direct deposit plus at least seven more qualifying transactions each month to earn the highest rate.

Qualifying transactions include: additional direct deposits, automatic debits, purchases using the debit card and checks posting or clearing in your account. If you make fewer than seven of these transactions per month, your rate will drop.

How to open a BankUnited Vertical Rewards Elite Checking account

You can only open a Vertical Rewards Elite Checking account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

Member FDIC

Relationship Checking

A lower minimum opening deposit and some free banking services makes this account slightly better than the Vertical Rewards Elite Checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (can be waived)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

The Relationship Checking account does offer some additional perks like one free order of checks, free paper statements and a free safety deposit box. If you have this account, you also qualify for higher relationship rates on BankUnited CDs. This account does earn interest, but you’ll have to call the bank to check the current rates.

It only takes an initial deposit of $100 to open this account. However, the account will charge a $20 monthly maintenance fee unless you meet one of the following:

  • A minimum daily balance of $5,000 in the Relationship Checking account; or,
  • A minimum daily balance of $15,000 across all BankUnited deposit accounts; or,
  • An outstanding balance of at least $15,000 on a BankUnited consumer loan; or,
  • An outstanding balance of at least $60,000 on a BankUnited mortgage.

How to open a BankUnited Relationship Checking account

You can only open a Relationship Checking account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

Value Checking

A basic checking account that makes it too difficult to avoid the monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

The Value Checking account only offers the basics like online banking, a debit card and ATM access. It does not earn interest or include other benefits like free checks.

You can open an account with an initial deposit as low as $50. However, this account will charge a $7 fee each month unless during the statement cycle you meet one of the following:

  • Maintain an average monthly balance of $500 in the Value Checking Account; or,.
  • Make one or more ACH payments that total at least $500; or,
  • Make 10 or more debit card transactions posted on the account.

How to open a BankUnited Value Checking account

You can only open a Value Checking account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

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How BankUnited’s checking accounts compare

If you can meet the $5,000 balance requirement, the Vertical Rewards Checking account is an excellent place for your money. Its best interest rate is not only better than the vast majority of checking accounts, it’s even better than many CDs. Yes, you need to do a little work to meet the monthly transaction requirements but that’s more than worthwhile for the high rate.

The Relationship Checking account isn’t a bad option because of its above-average interest rate and free banking perks. It might be worth using if you will keep less than $5,000 in your account but can get the monthly fee waived another way, such as having a BankUnited mortgage. But if you can qualify for Vertical Rewards, it’s the far better choice.

We do not recommend the Value Checking account as it offers very little and makes it too difficult to avoid the monthly fee. If you want an account for a small balance, these top online checking accounts are a better choice because they have fewer fees, lower balance requirements and also earn interest.

BankUnited’s savings account options

Value Savings

Earns interest and you can avoid the monthly maintenance fee with a reasonable balance.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 (waived for minimum daily balance of at least $300)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

The Value Savings account requires an opening deposit of only $50. However, you need to keep a minimum daily balance of at least $300 or else you will owe a $5 monthly maintenance fee. This account pays interest but you’ll have to call the bank for the current rate.

Since this is a savings account, Federal Reserve Reg D limits how often you can take money out. You can only make six certain withdrawals/transfers per statement cycle out of the account through checks, debits, online and phone transfers. If you go over this transaction limit, BankUnited will charge a $5 penalty per excess transaction. However, you can make unlimited in-bank and ATM withdrawals without incurring the penalty.

How to open a BankUnited Value Savings account

You can only open a Value Savings account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

Relationship Savings

Requires a much larger balance than the Value Savings account with little incentive.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $8 (waived for minimum daily balance of $2,500)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

You must deposit at least $2,500 to open a Relationship Savings account. You also need to maintain a daily balance of $2,500 to avoid the $8 monthly maintenance fee. Similar to the Value Savings account, it earns interest, but you’ll have to get in touch with the bank to know what the current rates are.

Since this is a savings account, Federal Reserve Reg D limits how often you can take money out. You can only make six certain withdrawals/transfers per statement cycle out of the account through checks, debits, online and phone transfers. If you go over this transaction limit, BankUnited will charge a $5 penalty per excess transaction. However, you can make unlimited in-bank and ATM withdrawals without owing the penalty.

How to open a BankUnited Relationship Savings account

You can only open a Relationship Savings account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

Classic Kids Savings

A savings account for children 17 and under. It has low balance requirements and virtually no fees
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

BankUnited’s Classic Kids Savings account is only available for clients who are 17-years-old or younger. Also, the account must be opened as a joint account along with the child’s parent, relative or guardian.

It only takes $10 to open a Classic Kids Savings account and it does not charge a monthly fee, no matter how low the account balance goes. While this account pays interest, you’ll have to call the bank to learn what the current rate is.

Since this is a savings account, regulation limits how often you or your child can take money out. The account holder can only make six certain withdrawals/transfers per statement cycle out of the account through checks, debits, online and phone transfers. If they go over this transaction limit, BankUnited will charge a $5 penalty per excess transaction. However, the account holder can make unlimited bank and ATM withdrawals without owing the penalty.

How to open a BankUnited Classic Kids Savings account

You can only open a Classic Kids Savings account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

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How BankUnited’s savings accounts compare

The BankUnited savings accounts just do not earn enough interest to be worth opening. They earn much less than even some of BankUnited’s checking accounts. Of the accounts, Value Savings makes a bit more sense because you only need to keep a $300 balance to avoid the monthly fee.

Relationship Savings requires a $2,500 balance and still barely pays any interest. If you’re going to commit that much money to a savings account, you should get a better return on your money. You can do so with these other more competitive savings account options.

BankUnited’s CD rates

Standard CDs

Solid CD rates especially for the shorter terms. You don’t get much of a rate increase by committing to a longer timeline.
TermAPY
12 Months1.30%
18 Months0.10%
24 Months0.10%
36 Months0.10%
48 Months1.70%
60 Months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 30 days interest for terms less than 90 days, 90 days interest for terms of 90 to 365 days and 180 days interest for terms longer than 365 days.

It takes a $1,000 minimum deposit to open a Standard CD and earn the APY. The interest rate stays the same regardless of the size of your deposit.

The CD terms range from 1-year to 5-years. While the interest rates do go up as you commit to a longer term, the increase is relatively small compared to your longer time commitment. You don’t earn that much more going from 12 months to 60 months.

These CDs charge a penalty for taking money out before the end of the term. It’s 90 days of interest for the 12-month CD and 180 days of interest for all the CDs which last longer than a year.

How to open a BankUnited Standard CD

You can only open a Standard CD by visiting one of the BankUnited branches. You cannot open their CDs online or by phone. You will need to provide your name, address, ID and the initial deposit to open the CD.

SEE DETAILS Secured

on BankUnited’s secure website

Member FDIC

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How BankUnited’s CD rates compare

The BankUnited CDs are definitely respectable. They pay a much better interest rate than what you would earn at the large national banks. We also like that you can open a CD and earn the full interest rate with a deposit of only $1,000. This makes them a better fit for smaller deposits because you do not get a rate increase for adding more money.

Also, we noticed that their interest rates do not increase by that much as you lengthen the CD term. This makes the short 12-month CD a better overall value because you earn nearly the same amount without locking up your money for years. Also, the 12-month CD charges a smaller early withdrawal penalty, half of what the others charge.

But while BankUnited’s rates are solid, there are other CDs on the market that are even better. Make sure to compare with these other top CD options before making a decision.

BankUnited’s money market account options

Relationship Money Market

Earns interest, but has high balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived for minimum daily balance of at least $2,500)
  • ATM fees: None at BankUnited and Presto!® (Publix) ATMs. Five free transactions per statement cycle at out-of-network ATMs then $2.50 per additional transaction.
  • ATM fee refunds: None
  • Overdraft fees: $35

It only takes $100 to open a Relationship Money Market account. However, if you don’t keep a minimum daily balance of at least $2,500, this account charges a $15 monthly maintenance fee. This account pays interest and, like most of BankUnited’s accounts, you’ll have to call for the current rate.

Since this is a money market account, you’re limited to how often you can take money out. Federal Reserve Reg D says you can only make six certain withdrawals/transfers per statement cycle out of the account through checks, debits, online and phone transfers. If you go over this transaction limit, BankUnited will charge a $5 penalty per excess transaction. However, you can make unlimited in-bank and ATM withdrawals without owing the penalty.

How to open a BankUnited Relationship Money Market account

You can only open a Relationship Money Market account by visiting one of the BankUnited branches. You cannot open this account online or by phone. You will need to provide your name, address, ID and the initial deposit to open the account.

SEE DETAILS Secured

on BankUnited’s secure website

magnifying glass

How BankUnited’s money market accounts compare

BankUnited’s money market account is not a great option. While the interest rate is better than the pitiful rates available at national banks, it’s still very low compared to other money market accounts out there.

The account also requires a high minimum balance of $2,500 or else charges a costly $15 monthly fee, potentially wiping out your interest earnings. You could do worse than the BankUnited money market but you could also do a lot better, including with these other money market accounts which pay higher rates and require a much lower balance.

Overall review of BankUnited’s banking products

BankUnited has one deposit product that is head and shoulders above everything else: their Vertical Rewards Elite Checking account. This account’s top interest rate is amazing not only for a checking account, it’s also better than the rates on most CDs, money market and savings accounts, including the ones found at BankUnited.

The CDs are above average and could be worth a look if you can’t meet the $5,000 deposit requirement for the Vertical Rewards Elite Checking account. You can open a CD for only $1,000. The savings and money market accounts are not worth opening because of their low rates, monthly fees and high balance requirements.

However, BankUnited is not a good choice for someone looking to deposit less than $1,000 as their low balance accounts offer very few benefits and make it too difficult to avoid a monthly fee.

Finally, in today’s online world, it’s a little disappointing that you can only open the accounts by visiting a bank branch. We can see why they did that: they’re a regional bank that limits accounts to Florida and New York. Still, it would be nice if you could skip the bank visit to get things started.