Is BankUnited a safe bank?

Yes, BankUnited is considered a safe bank. Like all leading banks, BankUnited is FDIC-insured, meaning your deposits are insured by the federal government up to $250,000. In addition, BankUnited has assets totaling $35.4 billion as of September 2023. This puts it at No. 57 according to banks ranked by total assets in the United States.

Is BankUnited a national bank?

Yes, BankUnited is a national bank open to customers across the United States. However, while online accounts can be accessed from anywhere, BankUnited only has physical branches located in Florida, New York and Texas.

What are BankUnited's best features?

GOBankingRates has ranked BankUnited among the Best Money Market Accounts of 2024. With an APY of 4.25%, it is highly ranked compared to similar banks. It also offers high yields for short-term CD accounts, ranging from 4.50% APY for 12-month CDs to 5.50% APY for 9-month CDs.

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BankUnited, National Association Review: A Top Performer for Money Market Accounts

Name: BankUnited, National Association Review: A Top Performer for Money Market Accounts
Item: BankUnited
Rating: 4.1

January 17, 2024

9 min Read

Written by Preston Hartwick

Edited by Elizabeth Constantineau

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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GOBankingRates Score

BankUnited

4.1

SCORE

Quick Take: If you're looking for a high-yield money market account or competitive short-term CD interest rates, then BankUnited is a top option for earning interest on your deposits, ranking among GOBankingRates' Best Money Market Accounts for 2024. However, the Florida-based bank might not be attractive to customers outside of its region, as it has few national branches and high monthly fees for checking and savings accounts that may dissuade some potential customers.

Checking Account

4.0
Savings Accounts

3.2
CD Accounts

4.0
Money Market Accounts

4.8
Banking Experience

4.5

How did we calculate this?

Pros

High yields for money market accounts
Checking and savings accounts can be opened with a minimum deposit of just $50
Competitive rates for some CDs

Cons

Low yields for savings accounts
High monthly fees for checking and savings accounts
Branches only located in Florida, New York and Texas

BankUnited Overview

BankUnited is a nationwide bank headquartered in Miami Lakes, Florida. BankUnited, Inc. (NYSE: BKU) holds $35.4 billion in total assets as of September 2023, making it a large bank capable of offering a wide variety of financial products to its customers.

For standard checking and savings accounts, BankUnited falls a bit short of the competition, as there are other institutions that may offer higher rates. In addition, it charges high fees for maintenance and out-of-network ATM withdrawals. However, it somewhat makes up for these drawbacks with its highly-rated mobile app.

There is one category in particular where BankUnited really stands out. GOBankingRates has ranked BankUnited among the Best Money Market Accounts of 2024. With interest rates of 4.25% APY, it’s an attractive choice for those interested in money market accounts. Other high-yield products include short-term CDs, with competitive interest rates ranging from 4.50% APY for 12-month CDs to 5.50% APY for 9-month CDs.

BankUnited Review: Key Features

Checking Account

BankUnited has multiple checking accounts available, but the most accessible is its Value Checking account. It only requires a minimum opening deposit of $50. While it doesn’t earn any interest, customers can conduct free ATM transactions at any BankUnited or Allpoint ATM. Another great feature of BankUnited’s checking account is that it comes without any overdraft fees.

However, there are a few areas where the BankUnited checking account falls short. Most significantly, the highest fees are the $7 monthly maintenance fee and $2.50 fee for using out-of-network ATMs. It should be noted that the fee can be waived by maintaining an average monthly balance above $500 or using your debit card in 10 or more point-of-sale transactions.

Still, in an era where other top-performing banks have done away with maintenance fees completely, BankUnited lags behind. If you use cash often, then you’ll rack up charges unless you live near a BankUnited ATM.

Savings Accounts

Similar to checking accounts, BankUnited is not a standout performer when it comes to savings accounts. Just like checking, you can open an account with just $50. But that’s about where the benefits end.

There are quite a number of fees and an a relatively low APY that make BankUnited savings account not a top option in this category. In addition to the $5 monthly maintenance fee charged for accounts that don’t maintain a minimum daily balance of $300, there’s a $2.50 fee for using out-of-network ATMs and a $15 fee for closing your account within six months of opening.

Most importantly, the interest rate for BankUnited standard savings accounts is a variable rate. As a result, there’s not really a good case to be made for keeping your savings in a BankUnited account.

CD Accounts

When it comes to earning interest in CDs, BankUnited offers more benefits. There are multiple options, with a range of CDs with terms ranging from six months to three years.

BankUnited offers higher yields for short-term CD accounts than long-term. Its 9-month CD features a very competitive 5.50% APY. Similarly, its 12-month CD gives account holders a 4.50% APY. In addition, interest is compounded daily.

To open an account, you need at least $1,000. There are no account fees, unlike for checking and savings. However, you do need to be aware that the bank will automatically renew your CD account at maturity. If you don’t want to renew, you’ll need to keep track of the deadline for transferring your funds out. Like most other CD accounts, accrued interest can be withdrawn at any time without penalty, but principal withdrawals require bank consent and may incur an early withdrawal penalty.

So, for customers looking for higher yields in accounts that they don’t need to access frequently, BankUnited presents rates that match the higher end of the CD market.

Money Market Accounts

A money market account is a type of savings account offered by banks and credit unions. It’s a low-risk investment option that typically offers higher interest rates compared to regular savings accounts.

This is where BankUnited stands out the most, offering a tiered money market account with a flat APY of 4.25% for all balances. Compared to other banks, this is a very competitive rate, earning it among the top spots for GOBankingRates’ list of Best Money Market Accounts of 2024.

To open the account, a deposit of $2,500 is required. By maintaining the minimum balance, the monthly maintenance fee of $15 can be waived [3]. The account includes a Visa debit card and allows free ATM withdrawals at BankUnited and Allpoint ATMs [3].

Money market accounts often require a higher minimum balance to open and maintain the account. They also may have limitations on the number of withdrawals or transfers that can be made each month. Money market accounts are a popular choice for individuals who want to earn a higher return on their savings while still having easy access to their funds.

Banking Experience

Overall, BankUnited offers a solid banking experience. It has a user-friendly mobile app that has earned a 4.8-star rating on the Apple app store and a 4.7-star rating on the Android app store.

Users praise the app’s streamlined experience for navigating, scheduling and sending payments. At the same time, other online users have raised concerns about BankUnited’s customer service.

Comparable Money Market Account Options

If you’re looking for an alternative to BankUnited that also offers high yields for money market accounts but has more attractive features overall, check out these two options.

Ally Bank

Ally is an online-only bank. For people who don’t need to visit brick-and-mortar branches to do their banking in person, Ally’s cost-saving approach translates into higher interest rates for their customers.

Ally Bank’s money market account features a higher interest rate than BankUnited, with a APY for all balance tiers and allows customers to withdraw cash from ATMs. Savings-conscious users will appreciate the fact that Ally money market accounts have no monthly fees, no minimum deposit and no balance requirements. In addition, interest is compounded daily.

Compared to BankUnited, Ally offers higher yields on their savings accounts as well, with a APY for all balance tiers. Like their money market accounts, there are zero monthly maintenance fees.

With solid customer service, enthusiastic customer reviews and a highly-rated mobile app, Ally Bank is a great alternative if you’re not quite satisfied with BankUnited’s offerings.

Discover Bank

Another online-only bank, Discover has gained a reputation for providing customers with easy access to a wide range of financial products through their virtual platforms.

Like Ally’s money market account, Discover doesn’t charge any fees for things like monthly maintenance, insufficient funds or account closure. They offer a similar interest rate when compared with BankUnited, at APY for balances under $100,000 and APY for balances $100,000 and over.

Compared to both Ally and BankUnited, Discover offers higher yields for savings accounts, at APY with no monthly fees or minimum deposits. Highly rated for customer satisfaction and its online banking experience, Discover is another excellent alternative to BankUnited if you don’t need brick-and-mortar banking.

Final Take

BankUnited is best for customers located in Florida or New York who are looking for high-yield money market accounts or short-term CDs. For customers outside these regions, the lack of physical locations may diminish the quality of service available to online-only users.

Since BankUnited offers low interest rates for standard checking and savings accounts, it’s not the best place to store funds that you need to access regularly. However, if you’re just looking for a reliable bank to park deposits and earn interest in money market accounts or inaccessible CDs, then BankUnited could be a solid option for achieving higher-than-average returns.

FAQ

Here are the answers to some of the most frequently asked questions about BankUnited.

Is BankUnited a safe bank?
- Yes, BankUnited is considered a safe bank. Like all leading banks, BankUnited is FDIC-insured, meaning your deposits are insured by the federal government up to $250,000. In addition, BankUnited has assets totaling $35.4 billion as of September 2023. This puts it at No. 57 according to banks ranked by total assets in the United States.
Is BankUnited a national bank?
- Yes, BankUnited is a national bank open to customers across the United States. However, while online accounts can be accessed from anywhere, BankUnited only has physical branches located in Florida, New York and Texas.
What are BankUnited's best features?
- GOBankingRates has ranked BankUnited among the Best Money Market Accounts of 2024. With an APY of 4.25%, it is highly ranked compared to similar banks. It also offers high yields for short-term CD accounts, ranging from 4.50% APY for 12-month CDs to 5.50% APY for 9-month CDs.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 15, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best Money Market Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (4) was weighted 4 times.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.