Bank United Cd Rates

In February of 2020, our CD at Bank United came due. Rather than roll it over, we went to the bank and spoke with a bank representative. In that the CD rates were lower than their 6 month promotional money market rate of 1.75%, we opted to deposit the entire amount of the CD in the money market account, being assured we could do so at the promo rate. Monday-Friday: 7:30 AM EST - 8:00 PM EST Saturday: 9:00 AM EST - 4:00 PM EST: BankUnited History as of 8/17/12 website: BankUnited was established on May 21, 2009, when a group of investors led by John A. Kanas acquired the assets and most of the liabilities of the former BankUnited, FSB from the Federal Deposit Insurance Corporation.

Annual Percentage Yield (APY) is accurate as of today. Advertised rate is fixed for the initial term of the Certificate of Deposit (CD) only. APY assumes interest earned remains on deposit until maturity. CD minimum opening deposit of $1,000 required. Early withdrawal penalty may apply if you withdraw any principal from the CD before the maturity date. Account fees could reduce earnings. Additional terms and conditions apply. Please refer to our Depositor's Agreement and applicable Schedule of Fees for additional information. Offer cannot be combined with any other promotional rate, bonus rate or special rate offer. BankUnited reserves the right to cancel or modify this offer at any time. Interest rates and APYs displayed are available only for accounts opened in a BankUnited branch. Rates are subject to change at any time and are not guaranteed until the CD is open. Please contact a BankUnited representative for additional details. CD will automatically renew at maturity into a standard CD closest in length to the initial term (which may be shorter or longer than the initial term) at the then current standard rate in effect at the time of renewal unless you instruct us otherwise.

Minimum Deposit: $500

Pros

Competitive rates if you open at a branch

Cons

Few online options

If you live in Connecticut or Massachusetts, you should consider a certificate of deposit (CD) account with United Bank. The bank requires a minimum deposit of just $500 and some CD types provide flexibility with how much you can deposit.

Most interest rates compare well with the best CD rates, with the exception of the longest term options. It is possible to open an account online but only a few terms are available online.

Whatever your goals are, continue reading for more on how United Bank CDs work and how much they could earn you.

CD Term	Minimum Deposit	APY
7 Month Flex Up*	$500	2.30%
12 Month CD Special*	$500	1.20%
19 Month Flex Up*	$500	2.50%
20 Month Flex Up*	$500	1.55%
30 Month**	$500	2.45%

*Flex Up CDs allow you to make additional deposits during your term.

**Requires you to have a checking account with United Bank

7-Month Flex Up CD Interest Rate Comparison

Overview of United Bank CDs

United Bank is a community bank with its headquarters in Hartford, Connecticut. It has more than 50 branches across Connecticut as well as Western and Central Massachusetts. You don’t need to live in those two states to open a CD account, though. United Bank allows residents of most states to open an account online. However, CD term options are limited online. You will get the most options (and best rates) by visiting a local branch.

CDs with United Bank require a $500 minimum deposit. Some term options also require you to have a checking account with United Bank. Interest compounds daily and credits monthly with all accounts. It is possible to withdraw the interest you earn and/or transfer to another account you have with United Bank. Just keep in mind that your CD won’t earn as much over its term if you withdraw interest early.

One type of CD that is unique to United Bank is the Flex Up CD. This allows you to make five deposits to your CD over the term (in addition to the initial deposit). These deposits are penalty-free and there is no minimum for how much you can deposit. It also isn’t necessary to make these additional deposits.

A local branch may offer other terms or different rates than the ones listed above. CD terms could range anywhere from three months to five years. Most term options are also available for individual retirement accounts (IRAs). When you visit a branch, be sure to ask about special CDs too. For example, United Bank has offered something called an Option CD. Option CDs allow you to change your interest rate once during your term if the current available rates change.

Once your CD reaches maturity, United Bank will give you a seven-day grace period. You can make any changes to your account, additional deposits or withdrawals during that time. If you don’t withdraw your funds, your accounts will renew for another CD of the same term length (at the current available rate).

If you remove any of the principal from your account before the maturity date, you will pay an early withdrawal penalty. The amount of the penalty depends on the length of your CD term. A term that is one year long or less will have a penalty equal to 90 days’ interest on the amount you withdraw. If the term is more than one year, the penalty is 180 days’ interest on the amount you withdraw.

How Much You Earn With United Bank CDs Over Time

You will generally earn good interest with United Bank because of the high rates. However, the exact interest you earn will depend on your CD term. The table below shows what your approximate total balance will be based on different initial deposits and term lengths.

The minimum deposit for a CD is only $500 but as with all CDs, you can earn more by contributing more. You can also maximize your earnings by leaving interest earnings in your account. Removing interest early will decrease overall your overall interest because of how compound interest works.

Initial Deposit	7-Month CD	12-Month CD	20-Month CD	59-Month CD
$500	$505	$506	$518	$560
$1,000	$1,010	$1,012	$1,036	$1,120
$2,500	$2,526	$2,530	$2,591	$2,799
$5,000	$5,051	$5,060	$5,182	$5,599

How United Bank CD Rates Compare to Other Banks’

United Bank has competitive interest rates. You can get the highest rates by visiting a local branch. At the same time, the rates for standard term lengths could be lower than special rates. You’ll also find that longer terms don’t necessarily have the highest rates. Whatever your savings goals are, you should definitely compare CD rates from at least a few banks.

People looking for a short-term CD should also consider online banks such as Ally and Synchrony. Ally, in particular, has no minimum deposit and has competitive short-term CD rates.

You should especially consider other banks if you’re looking at long-term CDs. Capital One, which doesn’t have the best short-term rates, does have high rates for three- and five-year terms. Capital One allows you to open all of these CDs online (unlike United Bank). It also does not require a minimum deposit.

United Bank offers IRA CDs but you can find higher rates elsewhere if you’re mostly looking to save for retirement. Brokers, like Edward Jones and Vanguard, have particularly high rates on long-term CDs. (Terms lengths range up to 10 years.) Edward Jones has a $1,000 minimum, but you will have a tough time beating its interest rates. Vanguard has a higher minimum of $10,000, so it’s probably best for savers who are further along.

CD Account	United Bank	Ally Bank	Capital One
6 Month	1.75%*	0.75%	0.60%
1 Year	1.20%	1.50%	1.50%
3 Year	2.50%**	1.55%	1.40%
5 Year	2.30%***	1.60%	1.40%

* This is the rate for the seven-month in-branch CD.

** This is the rate for the 30-month in-branch CD.

Bankunited Online Sign In

*** This is the rate for the 59-month in-branch CD.

Bankunited Cd Rates

Should You Get a United Bank CD Account?

Whether or not you should get a United Bank CD will depend on multiple factors. Do you live near a local branch? It is possible to open an account online but there are only a couple of term options and the rates aren’t the highest. You can get the best rates by visiting a local branch.

People who live near a branch should definitely look into United Bank CDs. The rates are competitive and Flex Up CDs provide great flexibility since you can open an account with the minimum deposit and then add money when you have it.

First United Bank Cd Rates Today

If you’re only looking for long-term CDs, other banks could prove better for you. As an example, you may want to put a broker high on your list if your goals include saving for retirement.