BankUnited stands out as a versatile financial institution offering a wide array of products and services for both personal and business needs with a focus on reliability and customer service. It provides competitive checking and savings accounts, CDs, and advanced digital banking services that allow you to manage your finances 24/7.
About BankUnited
BankUnited, N.A., a key player in Florida’s banking scene and a subsidiary of BankUnited, Inc., offers a vast range of banking products since its inception in 2009. Catering to a varied customer base, including individuals and large institutions, BankUnited focuses on providing top-tier consumer and commercial services across Florida, New York and Texas.
Its portfolio of banking products includes diverse consumer deposit accounts and customized business solutions for small to mid-market companies. With $35.1 billion in assets as of March 31, 2024, BankUnited demonstrates its adaptability and commitment to meeting customer needs, backed by a team ready to support your personal or business financial goals.
What Banking Solutions Does BankUnited Offer?
BankUnited caters to a diverse clientele with a suite of tailored personal, small business, commercial and corporate solutions.
Personal Banking
You can choose from checking, savings, money market, or certificate of deposit (CD) accounts to manage and grow your money. There are also credit card options available to meet your spending needs.
Small Business Banking
If you’re a small business owner, there’s also a robust selection of products and services to meet your banking needs. These include checking, savings, money market and CD accounts, along with credit cards, loans, and treasury management solutions.
Commercial Banking
For commercial interests, BankUnited offers specialized solutions. Notably, commercial lending products are available to ensure you can access the funding needed to move your small business forward.
Corporate Banking
Corporations also have options with BankUnited. Lending, deposit and treasury services are readily available to assist your company.
BankUnited Product Features and Details
Below is a closer look at the financial institution’s offerings.
Personal Banking
Checking Accounts
- Value Checking: It requires a $50 minimum opening deposit and comes with a $7 monthly that can be waived if you meet certain criteria.
- Relationship Checking: You’ll need a slightly higher minimum opening deposit of $100, and the monthly maintenance fee is $20 unless you satisfy the conditions for a waiver. It earns interest, and account holders receive the first order standard checks free of charge. The Relationship Checking also comes with complimentary access to a safe deposit box.
- Vertical Rewards Premier Checking: Account holders earn 0.25% APY (compounded monthly) on their money, but this account is only accessible with a $10,000 minimum opening deposit. The upside is that despite the $20 monthly maintenance fee that can be waived, you can earn rewards by enrolling in direct deposit and completing a set number of qualifying transactions monthly. Like the Relationship Checking account, you receive the first order of standard checks for free, along with a standard-size safe deposit box.
Savings Accounts
- Value Savings: It comes with a $50 minimum opening deposit requirement (eligible for a waiver), a BankUnited ATM card and earns a variable APY.
- Classic Kids Savings: You only need $10 to open an account and start earning a return on your child’s money, and there is no monthly maintenance fee until they reach 18 years of age.
Credit Cards
BankUnited doesn’t disclose the specifics of its personal credit card products. You’ll have to contact a banker to learn more, but cardholder support is available 24/7.
Certificate of Deposit Accounts
CDs through BankUnited come with terms spanning 6 to 36 months and pay 0.10% to 5.10% APY. You need at least $1,000 to get started.
Money Market Accounts
The online money market account pays 4.25% on all balances, and you can open it with a deposit between $2,5000 and $250,000. But if the daily balance falls below the minimum threshold, you’ll pay a $15 monthly maintenance fee.
Small Business Banking
Business Checking Accounts
- Primary Business Checking: You can open this account with a $100 deposit, and the monthly maintenance fee (eligible for a waiver) is $12. The first 150 transactions and $10,000 in cash withdrawals and deposits monthly can be completed free of charge.
- Business Express Checking: It comes with a slightly higher minimum opening deposit requirement and a monthly fee of $100 and $20, respectively. However, the volume of fee-free deposits increases to 300, and the monthly cash withdrawal and deposit limit is slightly higher at $15,000.
- Commercial Analysis Checking: If your company carries a sizable amount of cash, this checking account is ideal. You can open it with a $100 deposit, and there’s a $10 monthly fee. But you’ll get the benefit of continuous account analysis to help maximize your company’s funds.
Business Savings, Money Market and CD Accounts
- Business Savings Account: This account comes with an opening deposit requirement of at least $100 and a monthly fee if you don’t meet the conditions for a waiver. It pays interest quarterly and imposes transaction limits.
- Business Money Market Account: It is a step up from the standard account, as it pays interest monthly despite requiring the same minimum opening deposit. The monthly fee is also slightly higher at $15, and transaction limits apply.
- Business Certificate of Deposit: You can earn even more on your money with a BankUnited CD. It pays interest monthly or quarterly and requires $1,000 to open. Interest withdrawals are allowable over the CD term, but premature principal withdrawals are subject to penalties.
SBA Lending
BankUnited is an SBA-preferred lender offering 7(a) and 504 Loans. These lending solutions are designed for businesses in the startup phase or those interested in capitalizing on expansion opportunities.
Business Credit Cards
Business credit cards offer many features, including expense reporting and free employee cards. You can learn more about unique options by contacting a business banker or visiting a branch, as the details aren’t published online.
Pronto Line of Credit & Term Loan
Both options allow you to access funding quickly with a streamlined application process that doesn’t require a ton of documentation. You can access up to $250,000 without putting up collateral in just three to five business days.
Qualified applicants have operated in Florida, New York or Texas for at least one year and earn $150,000 or more in annual revenue. A credit score of 650 or higher and positive commercial credit history is also required to qualify.
What Are the Advantages of Banking with BankUnited?
- Service diversity: BankUnited offers a robust selection of products, from consumer deposit products to business lending solutions.
- Digital banking: The convenience of digital banking means managing your finances on your own timeline when it’s convenient for you.
- User-friendly mobile app: BankUnited’s mobile app ensures you can keep tabs on your money and handle your banking needs while on the go.
Are There Any Disadvantages?
- Lack of competitiveness: For standard checking and savings accounts, BankUnited might not offer the most competitive interest rates compared to other national banks, which could lead to lower returns on your deposits.
- Banking fees: BankUnited may impose certain fees that could affect the cost-effectiveness of their banking services for you.
- Limited physical locations: If you prefer in-person banking, BankUnited’s physical branch distribution is primarily in Florida and New York.
How Does BankUnited Compare with Other Banks?
BankUnited stands out in the banking sector, especially in Florida, offering a range of accounts with competitive interest rates despite having a smaller physical presence of 95 branches. They emphasize a personalized banking experience and manage a significant $35.4 billion in assets, which demonstrates their stability and ability to provide diverse financial services.
Who Is BankUnited Best For?
BankUnited is a good fit for:
- Individuals seeking convenient personal banking solutions: The bank provides personal checking and savings accounts with competitive interest rates for everyday customers.
- Small business owners: With a comprehensive range of commercial banking products, including business checking and savings options, BankUnited supports the financial growth and flexibility of small businesses.
- Short-term investors: Individuals interested in short-term investments may find BankUnited’s CD accounts attractive for potentially higher yields.
- Savers looking for high APYs: The bank’s money market accounts offer competitive APYs, appealing to those seeking to maximize their interest earnings.
How to Get Started with BankUnited
You can get started with BankUnited by calling the toll-free number listed on the website or visiting a physical branch.
