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BankUnited Review

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BankUnited Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

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.

How BankUnited's Savings Rates Compare

BankUnited Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.9
SmartAsset Average: 4.4

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.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

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.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

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.

Texas Ratio Analysis

5.36%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare BankUnited to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $300
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 2.35% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.65% APY
  • 48 Month: 1.70% APY
  • 60 Month: 1.75% APY
$1000 for all terms
Money Market Accounts 1.6% APY 1.6% APY $10000 $15000

BankUnited has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. BankUnited does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. BankUnited's CD rates are fair in comparison to the national average.

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Find a BankUnited Near Me

BankUnited has 95 physical branches across the U.S.

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