BankUnited of Florida's online savings account is currently paying 5.00% APY. Minimum balance required to obtain the stated APY is $5,000.

Minimum opening balance: $50
No monthly maintenance fee with minimum daily balance of $300
Monthly maintenance fee if balance falls below minimum: $5

Learn More
Account Disclosures

Does it state anywhere what the APY is if you have less than $5000 but more than $300

Banking Guy gives a little more detail here

Nice find OP. It will be interesting to see how this evolves as they get hit by a flood of FWF people. Even if the details shake out to be ok, I have a strong feeling within 6 months no one will be using them or there will be some kind of locality restriciton.

Time will tell.

it says "interest compounded monthly". how much difference does this make compared to most banks' "interest compound daily"?

Seems like good deal as long as its not introductory for 1 month

Marquess said:Wow seems weird look at the disclosure for the signature savings and it says
SIGNATURE SAVINGS
Rate Information:
Tier 1 - If your daily balance is more than $0, but less than $2499.99, the interest rate paid on the entire balance in your account will be 4.879% with an annual percentage yield of 5%.

Disclosure

Could it be any balance ?

Usual disclaimer rates subject to change at any time

Does this mean there's no minimum balance requirement? In the disclosure, it says "Avoid the monthly maintenance fee by maintaining an average daily balance of: N/A" Is OP wrong?

badguy said:If you withdraw your fund after a short period of time, say less than a month, would that make difference?You get no accrued interest if you withdraw your funds less than one month after the initial deposit.

As some of the posters on this thread mentioned, there are few inconsistencies in the information provided on the website about this savings account. That's why I included Account Disclosures Link along with the Promotion Link in my original post. The best way to resolve these inconsistencies is to call them on Monday.

Here is the Name, Location, and Routing Number information from Fedwire Participant Database:

Bank Name: BANK UNITED, FSB
Location: CORAL GABLES, Florida
Routing Number: 2670-9059-4
Telegraphic Name: BANK UNITED
Revised: December 21, 1999

newlybornfirestarter said:As some of the posters on this thread mentioned, there are few inconsistencies in the information provided on the website about this savings account. That's why I included Account Disclosures Link along with the Promotion Link in my original post. The best way to resolve these inconsistencies is to call them on Monday.

Here is the Name, Location, and Routing Number information from Fedwire Participant Database:

Bank Name: BANK UNITED, FSB
Location: CORAL GABLES, Florida
Routing Number: 2670-9059-4
Telegraphic Name: BANK UNITED
Revised: December 21, 1999

The location on their website is Miami Lakes, not CORAL GABLES... fishy.

welookgoodcom said:Not true at all/ Compounding has NOTHING to do with accruing int!My answer to the post from badguy was that withdrwal of the interest accrued (regardless of compunding period) would not be allowed if the time betwen initial deposit and withdrawal is less than 1 month.