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When it comes to interest rates for high-yield savings accounts, Bank United simply cannot be beat. It currently offers an interest rate of 5.35% APY for accounts with at least $300 and has had a history of having very high interest rates. It beats just about every other bank on the market for savings interest rates, but is it where you should put your money? We decided to review the account and find out.

Bank United is the largest bank headquartered in Florida. With a total of $13.6 billion in assets, it’s no small company. The company offers a total of 75 full service branches and offers a wide range of financial products. BankUnited is an active community member and donates money to a number of charities. When it comes to banks, Bank United is definitely one of the larger ones, so chances are it’ll be around for a while.

Their online savings account has an amazing interest rate, but it’s lacking in one key feature that we’ve come to expect from online savings accounts. BankUnited’s savings account has no electronic transfer (ACH) capability for withdraws. This means that you’ll have to get a Bank United checking account to withdraw money if you are not already a Bank United Customer. You can deposit money from external banks though ACH transfers, but no withdraws. Fortunately this won’t be much of an issue for very long, a Bank United employee recently informed me that they would be adding the feature soon. BankRate.com gives BankUnited a 3 out of 5 star rating. BankUnited is FDIC insured.

The minimum deposit to open the account is quite hefty coming in a $5,000. In order to maintain the 5.35% APY rate, you have to keep a minimum of $300 in the account. In order to pay no monthly fee, you’ll have to keep $300 in the account; otherwise you will be charged $5.00 a month. If you don’t have a lot of money and want a basic savings account, BankUnited is probably not the place to put your money. There are a lot of other banks which cater more to smaller customers, such as ING Direct and Emigrant Direct that you should consider.

The only real drawback is that interest is only credited on a quarterly basis, but you won’t lose any interest if you close the account before the quarter ends.

If you have a lot of money, well into the five figures range, it might make sense to get an account at Bank United because of the great rate. Be aware that it’s going to be quite a hassle in opening the account though. If you’re a customer with just a few thousand dollars in the account, you probably shouldn’t bother trying to get that last .10% interest by opening an account with BankUnited. Instead consider one of the other good banks that offer 5.25% APY and have a much smaller hassle factor.

Looking for an Online Savings account? Getting Green Recommends ING Direct. Earn 4.50% annual percentage yield with the Orange Savings Account – No Fees, No Minimums & No need to change banks! FDIC Insured. Click Here For More Information.



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