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BankUnited Review 2024

Updated January 30, 2024
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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.3 stars out of 5

MMA

Rating: 3.5 stars out of 5

About Bankrate Score

Overview

BankUnited is likely best for Miami-area residents, which is where the bank is primarily based, though its products can be accessed by anyone online. It offers competitive yields on certain deposit products, particularly its CDs.

Highlights

  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
CD
4.90
%
APY
APY
Info
As of 4/23/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 4/23/2024
Rating: 4.7 stars out of 5
$0
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Banking services provided by Coastal Community Bank, Member FDIC
Checking Account
5.00
%
APY
APY
Info
As of 4/23/2024
$0
Min. balance for APY
View offer Arrow Right

Overall

With 58 branches across Florida, New York and Texas, and deposit accounts available online, BankUnited is a highly accessible bank offering a wide array of products, including certificates of deposit, checking, savings and money market accounts. Its mobile app makes online banking easy, and with access to more than 55,000 fee-free Allpoint ATMs worldwide, your money is never far away. Some of its products offer robust yields, maximizing the most of your savings, but many others fall well short of the competition.

Pros

  • Checkmark

    BankUnited offers competitive rates for some CDs.

  • Checkmark

    Accounts are available to everyone nationwide.

  • Checkmark

    There’s a large ATM network made up of BankUnited and Allpoint ATMs.

Cons

  • A $2.50 fee will be charged by BankUnited for using out-of-network ATMs.

  • Higher yields for many deposit accounts can be found elsewhere.

  • You may not be able to withdraw your principal early from a CD.

BankUnited banking products

2.3
Rating: 2.3 stars out of 5
Bankrate Score

BankUnited savings overview

BankUnited offers multiple savings accounts. The one scored for this section is called Value Savings, which offers an almost non-existent APY for all balances.

You can open the account with just $50. There’s a monthly maintenance fee of $5, which can be waived if you maintain a minimum daily balance of $300. Many other fees are present, including a $15 fee if you close your account within six months and a $2.50 fee charged by BankUnited for using an out-of-network ATM (fees charged by the ATM operator may also apply).

Pros

  • Checkmark

    The account can be opened with just $50.

  • Checkmark

    The monthly maintenance fee is easily waived.

Cons

  • Much higher yields can be found elsewhere.

  • Closing an account within six months of opening will incur a fee.

  • There are a lot of fees to watch out for and APY information isn’t readily available on BankUnited’s website.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    BankUnited
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees $5 - $15
Out-of-network ATM fee $2.50
Excessive transaction fee $5 - $9

About BankUnited

BankUnited, established in 2009, is headquartered in Miami Lakes, Florida and currently offers a large range of financial services, ranging from consumer deposit products to small business lending and corporate treasury management services.Though primarily based in Florida, BankUnited has nearly 60 branches scattered across the Miami area, New York and Texas.

Customer experience

Customer service. BankUnited customers can reach representatives on the phone Monday through Friday from 8 a.m. to 8 p.m. Eastern time, and Saturday from 9 a.m. to 2 p.m. Eastern time. The bank is closed on Sundays. Customers can also use the online contact form to reach representatives by email. Along with its own fleet of ATMs, BankUnited is part of the Allpoint network, giving customers access to more than 55,000 surcharge-free ATMs worldwide.

Digital experience. The bank’s mobile app — which lets you deposit checks, pay bills and transfer money between internal and external accounts — is highly rated among iOS and Android users. Customers can link their Visa cards to Apple Pay and Google Pay. Customers can also send peer-to-peer payments through BankUnited’s app.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.