The penalty is assessed on the amount of principal that you withdraw and varies with the length of your CD term. However, you will have to pay an early withdrawal penalty each time. In the case that you really need to remove funds early from your CD, BankUnited may allow you to do so. It will have the same term length as your previous CD but the interest rate will depend on the current available rates. If you don’t make any changes during the grace period, your money (principal and interest) will automatically get reinvested into a new CD. If you want to withdraw the interest or the principal, you will need to wait until your CD reaches maturity.Īt the end of your CD term, BankUnited will grant you a seven-day grace period in which you can make any changes, additions or withdrawals from your account. You do not have the option to transfer interest to another account. BankUnited will credit the interest to your account. To learn the current interest rates, you should contact a local branch.Īll CDs require a minimum opening deposit of $1,000 and compound interest daily. There are relatively few promotional CD options from BankUnited (just six) and they range in term length from 6 months to 36 months. You will need to live in one of those two areas to open a CD with BankUnited. It also has some branches in the New York City metro area. Promotional CD Lengthġ2-Month Promotional CD Interest Rate ComparisonīankUnited has its headquarters in Miami Lakes, Florida and the majority of its branches are in Florida. To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.īelow is a rundown of the information you need to decide if a BankUnited CD account is right for you. If parking that cash in a CD works with your financial strategy, you can reap the rewards of relatively robust interest rates. So if you have a need for extra liquidity and aren't prepared to tie up your cash for half a year, you'd be best served looking elsewhere for CDs with shorter terms. There are only six term options to choose from and the shortest is 6 months. Whether or not you choose BankUnited will also depend on your individual goals. Unlike some other banks, BankUnited does not offer higher rates for customers who contribute more to their account. That’s high but isn’t out of line with similar banks. The minimum deposit to open an account is $1,000. BankUnited, which has branches in Florida and the New York metro area, offers respectable interest rates on its promotional certificate of deposit (CD) accounts, though some of the best CD rates on the market are still quite a bit higher.

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