BankUnited, National Association Review: A Top Performer for Money Market Accounts
Written by
Rudri Patel
Edited by
Melanie Grafil
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Impressive APY offering with a BankUnited Money Market Account.
BankUnited offers a variety of checking, savings, CDs and money market accounts. CDs and money market accounts offer competitive APYs.
BankUnited is a nationwide bank headquartered in Miami Lakes, Florida. As of September 2024, it held $35.8 billion in total assets, making it a large bank offering personal, business and commercial banking. GOBankingRates has ranked it among the Best Banks of 2025 in Money Market Accounts.
BankUnited Checking Accounts
BankUnited has three checking accounts: Value Checking, Relationship Checking and Vertical Rewards Premier Checking. All accounts require a minimum deposit and monthly maintenance fee, which can be waived.Â
- Value Checking has a $50 minimum deposit and a $7 monthly maintenance fee. The fee can be waived if you maintain a monthly balance of $500, ACH credits totaling $500 are posted to the account, or you have 10 or more point-of-sale transactions.Â
- Relationship and Vertical Rewards Premier Checking are interest-bearing accounts
- Relationship Checking has a $100 minimum deposit and a $20 monthly maintenance fee (can be waivable if you meet requirements)
- Vertical Rewards Premier Checking has a $10,000 minimum deposit and a monthly maintenance fee of $20. You can waive the fee if you have a daily balance of $10,000 or more.Â
- Complimentary safety deposit box with Relationship and Vertical Premier Checking
Best For
Money Market Accounts
Mobile App
No Overdraft Fees
Low Monthly Fees
No Minimum Deposit
Flexible Checking Options With Perks
BankUnited offers three checking accounts with competitive features, though the monthly fees and balance requirements may not suit everyone.
Fees
$7 to $20, waivable
APY
up to
Min Opening
$50 for Value Checking
Pros
- Variety of checking accounts
- The basic checking account minimum is only $50.
- Access to an extensive network of ATMs
- Premier Checking comes with extra perks like complimentary standard checks and a rewards program.
Cons
- Monthly maintenance fees are high if you can not waive it
- Need a fairly large balance if you want to earn interest
- Limited physical branch accessÂ
Quick Take
BankUnited offers a variety of checking account options, but the minimum deposit requirement and monthly maintenance fee may encourage customers to consider other options.
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BankUnited Savings Accounts
BankUnited offers two savings accounts: the Value Savings Account and the Classic Kids Savings Account. The Value Savings Account requires a minimum opening deposit of $50, and the Classic Kids Savings Account requires a minimum deposit of $10. The Value Savings Account comes with a debit card.Â
- Value Savings Account has a maintenance fee of $5, but it can be waived if you maintain a $300 daily balance during the account cycle.Â
- Classic Kids requires no maintenance fee until the age of 18.
- Early closeout fee of $15 will be charged if you close out within 180 days of opening the account.
- Interest rate is variable on the Value Savings Account.
- 55,000 ATMs available
Best For
Money Market Accounts
Mobile App
No Overdraft Fees
Low Monthly Fees
No Minimum Deposit
Low Minimums for Easy Saving
BankUnited makes saving simple with low opening deposits and a kid-friendly account, but you might be able to find better rates and lower fees elsewhere.
Fees
$0 to $5, waivable
APY
4.2%
Min Opening
$10 to $50
Pros
- Encourages kids to save
- Low minimum opening depositÂ
- Monthly maintenance fees are easily waived
Cons
- Closing an account within six months can incur a $15 fee
- Rate information is not readily available on the siteÂ
- Excessive transaction fees will be charged
Quick Take
BankUnited offers two savings accounts with low minimums, but APY information is not readily available on the site. Competitors likely have better APYs on their savings accounts.
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BankUnited CD Accounts
BankUnited offers higher yields for short-term CD accounts than long-term. Its 9-month CD features a very competitive APY. Similarly, its 12-month CD gives account holders a APY. To open an account, you need at least $1,000.Â
- CD terms range from six months to 36 months
- Minimum deposit is $1,000
- APY ranges from to
- FDIC-insuredÂ
- Interest is compounded daily
Best For
Money Market Accounts
Mobile App
No Overdraft Fees
Low Monthly Fees
No Minimum Deposit
Earn More With Short-Term CDs
BankUnited’s CDs stand out with competitive short-term rates, a low $1,000 minimum deposit, and daily interest compounding, making them a smart choice for short-term savers.
Fees
No monthly service fee
APY
Up to
Min Opening
$1,000
Pros
- Varying length termsÂ
- Competitive short-term ratesÂ
- Low minimum deposit
Cons
- Limited physical branches
- Early withdrawal penaltiesÂ
- Lower long-term rates
Quick Take
BankUnited offers competitive rates for short-term CDs, but longer-term CDs have significantly lower rates. The low minimum deposit and daily compounding interest make BankUnited CDs appealing.
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BankUnited Money Market Accounts
BankUnited offers a tiered money market account with a flat APY of for all balances. Compared to other banks, this is a very competitive rate, earning it among the top spots for GOBankingRates’ list of Best Money Market Accounts of 2025. A deposit of $2,500 is required to open the account. The monthly maintenance fee of $15 can be waived by maintaining the minimum balance. The account includes a Visa debit card and allows free ATM withdrawals at BankUnited and Allpoint ATMs.
- Minimum opening deposit of $2,500
- A monthly maintenance fee of $15 (but can be waived if the minimum balance of $2,500 is met
- APY is on all balancesÂ
- Unlimited transactions
- Fee-free access to ATMs
Best For
Money Market Accounts
Mobile App
No Overdraft Fees
Low Monthly Fees
No Minimum Deposit
APY With Unlimited Access
BankUnited’s money market account offers a standout APY, unlimited transactions and ATM access, though the $2,500 minimum deposit and monthly fee may not fit all budgets.
Fees
$15, waivable
APY
Min Opening
$2,500
Pros
- Competitive APYÂ
- FDIC insured
- Unlimited transactions
Cons
- High minimum deposit
- Monthly maintenance fee is high if you cannot waive it
- APY is variable
Why We Like BankUnited
BankUnited offers a money market account with a competitive APY, access to ATMs and unlimited transactions.
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Banking Experience
Overall, BankUnited offers a solid banking experience. Its user-friendly mobile app has earned a 4.8-star rating on Apple and a 4.4-star rating on Google Play.
Users praise the app’s streamlined experience for navigating, scheduling, and sending payments. At the same time, other online users have raised concerns about BankUnited’s customer service. Customers can contact BankUnited at (877-779-2265 from Monday to Friday from 8 a.m. to 8 p.m. EST and Saturday from 9 a.m. to 2 p.m.Â
How Does BankUnited Compare?
If you’re looking for an alternative to BankUnited that offers high yields for money market accounts but has more attractive features overall, check out these three options.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$7 to $20, waivable
$0
$13 to $22 per month
APY
APY
APY
up to
Up to
Min Opening
Min Opening
Min Opening
$50 for Value Checking
$0
$50 to $1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $5, waivable
$0
$5 monthly — can be waived
APY
APY
APY
4.2%
Min Opening
Min Opening
Min Opening
$10 to $50
$0
$50
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
Early withdrawal penalties will apply
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$1,000
$0
$1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$15, waivable
$0
$12 to $25
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$2,500
$0
$50
BankUnited vs. Ally Bank
Ally is an online-only bank. For people who don’t need to visit brick-and-mortar branches to do their banking in person, Ally’s cost-saving approach translates into higher interest rates for their customers.
Ally Bank’s money market account features a higher interest rate than BankUnited, with an APY for all balance tiers. It also allows customers to withdraw cash from ATMs. Savings-conscious users will appreciate the fact that Ally money market accounts have no monthly fees, minimum deposits, or balance requirements. In addition, interest is compounded daily.
Compared to BankUnited, Ally offers higher yields on its savings accounts as well, with an APY for all balance tiers. Like its money market accounts, Ally has zero monthly maintenance fees.
With solid customer service, enthusiastic customer reviews, and a highly rated mobile app, Ally Bank is a great alternative if you’re not quite satisfied with BankUnited’s offerings.
BankUnited vs. Discover Bank
Another online-only bank, Discover has gained a reputation for providing customers with easy access to a wide range of financial products through their virtual platforms.
Like Ally’s money market account, Discover doesn’t charge fees for monthly maintenance, insufficient funds, or account closure. They offer a similar interest rate to BankUnited, at APY for balances under $100,000 and APY for balances $100,000 and over.
Discover offers higher yields for savings accounts and an APY with no monthly fees or minimum deposits. Highly rated for customer satisfaction and its online banking experience, Discover is another excellent alternative to BankUnited if you don’t need brick-and-mortar banking.
BankUnited vs. Comerica Bank
Comerica Bank has 400 banking centers in Arizona, California, Florida, Michigan, and Texas and 55,000 ATMs nationwide. It has more of a presence than BankUnited but offers similar products. Comerica offers a choice of four checking accounts, three of which earn interest, while BankUnited has only two interest-bearing accounts that require significant balances to earn interest. BankUnited offers straightforward account options and a money market account with a competitive APY. BankUnited is likely a more suitable choice if you want a more regional approach.
Final TakeÂ
BankUnited is best for customers in Florida or New York looking for high-yield money market accounts or short-term CDs. For customers outside these regions, the lack of physical locations may diminish the quality of service available to online-only users.
Since BankUnited offers low interest rates for standard checking and savings accounts, it’s not the best place to store funds you need to access regularly. However, if you’re just looking for a reliable bank to park deposits and earn interest in money market accounts or inaccessible CDs, then BankUnited could be a solid option for achieving higher-than-average returns.
BankUnited FAQ
Here are the answers to some of the most frequently asked questions about BankUnited.- What states does BankUnited operate in?
- BankUnited is mainly in Florida and New York, with some locations in Texas.
- Can I use Zelle with BankUnited?
- BankUnited does not use Zelle.
- What types of accounts does BankUnited offer?
- BankUnited offers checking, savings, money market, CDs, and business and commercial banking.
- Does BankUnited charge fees for checking or savings accounts?
- BankUnited has monthly maintenance fees on all checking and savings accounts. However, the fees are waived if you meet specific requirements.
Preston Hartwick contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec 17, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 17, 2024.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- Federal Reserve. 2023. "FRB: Large Commercial Banks-- September 30, 2023."
