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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


Founded in 2009, BankUnited has $30 billion in assets as well as $22 billion in deposits, ranking the institution as a very large bank. BankUnited, whose headquarters are in Miami Lakes, Florida, lacks premium access to customer service, with no live chat or all-day service options available. 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. At a SmartAsset rating of 3.7 out of 5 stars, BankUnited should be near the middle of the pack in your search for a bank. BankUnited has a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a $7.00 monthly fee, making it a rather expensive bank for checking. Institutions that offer free checking and a high interest rate savings account are your best option for accruing the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

BankUnited has a savings rate of 0.05%, which is poor compared to the average U.S. bank. Its CDs feature a rate of 1.30% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.85%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How BankUnited's Savings Rates Compare

BankUnited Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

BankUnited charges its customers high fees as compared against the national average. Its checking account has a monthly fee of $7.00, making it fair for anyone looking for a hassle-free account. For those who will need cash in a pinch, BankUnited is not great because it charges an out-of-network ATM fee of $2.50, which is not ideal in comparison to other U.S. banks. BankUnited does not refund out-of-network ATM fees, meaning you will have to locate a BankUnited ATM or eat the cost of withdrawal.

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

SmartAsset Average: 3.7

BankUnited is a brick-and-mortar bank, with 95 total bank locations in Florida and New York. With mobile and web apps, BankUnited makes mobile banking easy, even on the go. It does not have all-day customer service with representatives. You can get help during its 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 receives high marks from users for its mobile platform. With 600 customer reviews across both Apple and Android platforms, the BankUnited mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). BankUnited's mobile app allows you to control your accounts by checking monthly statements, transferring funds as well as reaching customer service. However, BankUnited gets an average consumer satisfaction score because of a large number of complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

BankUnited ranks as a very large bank with assets totaling $30 billion as well as $22 billion in deposits. BankUnited's Texas Ratio is 5.36%, denoting that the bank is in fine financial health and far from 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

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: 1.30% 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 Account 0.85% APY $2500

BankUnited offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. BankUnited does not have the best savings rate, which means you should think about other options 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 compared to the average U.S. bank.

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Find a BankUnited Near Me

BankUnited has 95 locations across the U.S.

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