2 replies to this topic

[markber]

Website of BankUnited, FSB
FDIC Certificate # 32247
Address: 255 Alhambra Circle, Coral Gables, Florida, 33134

[vivyip]

This Bank came out with an Online Savings account with 1.75% APY.(as of 3/10/09)

This requires 5k to open and supposedly $300 to avoid fees.

If anyone can figure out the disclosure, please clarify. Thank you.

http://www.bankunite...neytreesavings/

[jrr7]

This Bank came out with an Online Savings account with 5.00% APY.

This requires 5k to open and supposedly $300 to avoid fees.

If anyone can figure out the disclosure, please clarify.  Thank you.

http://www.bankunite...&promo=SPUSSV63

Based on my interpretation of the disclosure, it seems to be the case that this account always earns 5% and always charges a $5 monthly fee. In other words the monthly fee cannot be avoided.

This results in an APY after fees of:

• $1000 : (1.12%)
• $5000 : 3.74%
• $10000 : 4.36%
• $25000 : 4.74%
• $50000 : 4.86%
• $100000 : 4.93%

In other words, not an amazing account unless you've got serious money.