BankUnitedDirect Review: Money Market and CD Rates

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Updated on Friday, October 1, 2021

BankUnitedDirect’s CD rates

Certificates of Deposit

Competitive certificates with reasonable minimum opening deposit requirements.
6 Months0.05%
9 Months 0.10%
12 Months0.10%
18 Months0.15%
24 Months0.10%
36 Months0.10%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ worth of interest

BankUnitedDirect’s CD rates are highly competitive, especially so in certificates with shorter terms. While they aren’t the highest on the market, you could definitely do worse. On top of the minimum opening deposit requirement, the max you can hold in your CD is $250,000, also the point where your account has maxed out its FDIC protection.

If at any time you make a withdrawal from your BankUnitedDirect CD, it will automatically shut down. You will be charged the easy-to-understand early withdrawal penalty, and you can then choose to withdraw all of your money or put some of it back into a new CD.

How to get BankUnitedDirect’s CDs

You will have to open your CD online. Before you begin the application, make sure you have some basic information and documentation like your current address, Social Security number, phone number, email address, valid government-issued ID and account funding information.


on BankUnitedDirect’s secure website

Member FDIC

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How BankUnitedDirect’s CD rates compare

Minimum deposit rates at BankUnitedDirect fall within an industry standard range. The offered APY on certificates is not the highest around, but it’s far from the worst deal out there.

You’ll want to consider term length when comparing rates. For example, at the time of this writing, BankUnitedDirect’s 12 month certificate is only one tenth of a percentage point behind the market leader, but 3 year certificates lag behind by an entire 0.45%. While the rates are generally competitive, you’re going to want to check out the current best CD offers on the market before committing.

BankUnitedDirect’s money market account options

Money Market Account

One of the best money market accounts around. Just watch out for the monthly fee.
APYMinimum Balance to Earn APY
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, if your balance falls below $2,500
  • ATM fee: First 5 out-of-network ATM transactions per statement cycle are free. After that, there will be a $2.50 fee for each transaction at out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $35 base fee, plus $4 fee per day for each day your account is overdrawn.

BankUnitedDirect’s Money Market Account is extremely competitive. Many money market accounts require you to maintain a minimum monthly balance in the thousands and sometimes tens of thousands to earn the advertised APY, but BankUnitedDirect does not. In fact, any balance you keep in your Money Market Account will earn the advertised APY, which ranks among the highest rates currently offered by any financial institution.

That doesn’t mean there are no balance requirements, though. If your balance falls below $2,500 in any given month, you will be charge a $15 fee. Depending on how far below the $2,500 mark you are, that can eliminate the return you’re getting in interest.

Money market accounts are subject to federal Regulation D. That means you’re allowed up to six certain withdrawals or transfers per month without a penalty enforced by the bank. If you make more than six of these transactions, you will be charged an excessive withdrawal fee of $15 for each transaction by BankUnitedDirect.

Make sure you’re committed before opening this account. If you choose to close it within six months of opening, you will be charged an additional $15 fee.

How to get BankUnitedDirect’s Money Market Account

You must open this account online with your valid government-issued ID, Social Security number, address, phone number, email address and account funding information.


on BankUnitedDirect’s secure website

Member FDIC

magnifying glass

How BankUnitedDirect’s money market accounts compare

BankUnitedDirect offers a phenomenal money market account. On top of a competitive interest rate, there are no minimum balance requirements to earn the APY. While there are minimum balance requirements in order to avoid the monthly maintenance charge, this requirement is low compared with similar accounts of this ilk. You should always shop around on our list of best money market accounts before making a final decision, but you can stress less as you go into the shopping experience knowing this is one of the best options on the market.

Overall review of BankUnitedDirect’s banking products

There’s really no losing with BankUnitedDirect’s current deposit account offerings. While you currently only have certificates of deposit and money market accounts as account options, both of these products offer fair rates with limited “gotcha” fees and requirements.

Its Money Market Account, in particular, is a star product. With some of the highest rates and lowest balance requirements around, it ranks as a favorite. Its CDs are competitive, too. They just don’t carry the absolute best rates at this point in time, requiring a more urgent need to shop around than if you are looking at only money market account offerings.