Offer good for the initial term only. CD is automatically renewed for the same term. The rate is determined based on the published rate for the CD, excluding CD Specials, that is closest to but not exceeding the term of the CD. Advertised rate and APY are offered at the bank's discretion and may change daily. Return to content, Footnote 2. With our 10 Month CD, you'll know exactly how much you'll earn over a fixed term. Better rates available for Platinum and Platinum Plus Checking customers. This 25-Month CD allows for a longer period of investment with the same fixed rate and peace of mind over a fixed term. Better rates available for Platinum and Platinum Plus Checking customers. For a CD account, rates are subject to change at any time without notice before the account is opened. Your rate will be fixed on the business day‡ we receive your completed application, provided we receive your deposit within 30 days after your application is approved. SunTrust CD accounts are a steady way to reach your financial goals, with guaranteed interest rates. Open a CD today to start saving.

1. Top Cd Rates 2020
2. Cd Rates 2020 Bank Of America
3. Best 1 Year Cd Rates
4. Cd Rates 2020 Best

• Relatively high interest rates

• No term options of less than one year
• Only has branches in a few states

• Florida residents
• Customers with savings goals of more than one year

BankUnited, which has branches in Florida and the New York metro area, offers respectable interest rates on its certificate of deposit (CD) accounts, though some of the best CD rates on the market are still quite a bit higher. The minimum deposit to open an account is $1,000. That’s high but isn’t out of line with similar banks. Unlike some other banks, BankUnited does not offer higher rates for customers who contribute more to their account.

Whether or not you choose BankUnited will also depend on your individual goals. There are only six term options to choose from and the shortest is 12 months. So if you have a need for extra liquidity and aren't prepared to tie up your cash for a year, you'd be best served looking elsewhere for CDs with shorter tems. If parking that cash in a CD works with your financial strategy, you can reap the rewards of relatively robust interest rates.

Below is a rundown of the information you need to decide if a BankUnited CD account is right for you.

12-Month CD Interest Rate Comparison

Overview of BankUnited CDs

BankUnited has its headquarters in Miami Lakes, Florida and the majority of its branches are in Florida. It also has some branches in the New York City metro area. You will need to live in one of those two areas to open a CD with BankUnited.

There are relatively few CD options from BankUnited (just six) and they range in term length from 12 months to 60 months. Longer CDs have higher interest rates. To learn the current interest rates, you should contact a local branch.

All CDs require a minimum opening deposit of $1,000 and compound interest daily. BankUnited will credit the interest to your account. You do not have the option to transfer interest to another account. If you want to withdraw the interest or the principal, you will need to wait until your CD reaches maturity.

At 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. If you don’t make any changes during the grace period, your money (principal and interest) will automatically get reinvested into a new CD. It will have the same term length as your previous CD but the interest rate will depend on the current available rates.

In the case that you really need to remove funds early from your CD, BankUnited may allow you to do so. However, you will have to pay an early withdrawal penalty each time. The penalty is assessed on the amount of principal that you withdraw and varies with the length of your CD term. BankUnited will deduct the penalty from the interest you have earned, and if you haven’t earned enough to cover the penalty, BankUnited will take from your CD principal.

The early withdrawal penalty equals 30 days’ interest for CDs with a term of less than 90 days. Terms between 90 and 365 days have a penalty of 90 days’ interest. Any CD with a term length over 365 days has a penalty of 180 days’ interest.

How Much You Earn With BankUnited CDs Over Time

BankUnited has relatively high interest rates. That means you will earn good interest if you open one of its CDs. Even if you can only afford to contribute the minimum amount to the shortest CD (3 months), you will earn more than $10 of interest.

The highest interest rate comes with the 9 month CD at 2.05% APY. Your earning power is also greater with long CDs because BankUnited compounds interest daily.

How BankUnited’s CD Rates Compare to Other Banks’

If your focus is CD terms of two years or less, you should compare CD rates at other financial institutions and consider an account with an online bank like Ally. Ally has competitive rates for short-term CDs and offers higher rates if you contribute more than $5,000. Because it is an online bank, you won’t be able to speak to a banker in person if you work with Ally. This is a disadvantage for some but the tradeoff is high rates.

If you are mostly looking for a CD with a long-term length, there are a few banks to consider. Capital One is one of the largest banks in the U.S. and has high rates. The 60-month (five-year) offering is strong. There is also no minimum for opening a CD. That makes Capital One a viable option for people of all financial levels.

For those who can afford the $1,000 minimum deposit, a brokered CDs is also be something to consider. A broker, like Edward Jones, will offer some of the highest interest rates on the market. Edward Jones has term lengths ranging from three months to 10 years. That makes it a great option if you’re investing for future goals. Brokered CDs work a bit differently than traditional banks though, so you should make sure to understand how they work before opening any accounts.

Compare BankUnited to Other Competitive Offers

Should You Get a BankUnited CD Account?

A big consideration with BankUnited is that it only has local branches in two states. Most branches are in Florida, and some are in New York.

BankUnited does not have many CD options but does have good interest rates. Whether you’re looking for long-term or short-term CDs, you can find higher rates elsewhere. For example, online banks often have higher rates on short CD terms. However, you can feel confident that you’re earning decent interest with BankUnited.

You should look elsewhere if you want to create a CD ladder. A CD ladder is simply multiple CDs with staggered maturity dates so that they regularly pay interest. BankUnited doesn’t have many term options, which means you can’t create a robust ladder. If that’s your goal, consider other banks. Brokers may be a good choice as they usually have terms ranging from a few months up to 10 years. It’s useful to talk with a financial advisor if you have questions about the best way you can use CDs to save money.

Getting an IRA CD

IRA CDs can be added to an IRA portfolio, regardless of whether it’s a traditional, Roth or SEP IRA. IRA CD rates are competitive and this type of CD has almost no risk — but does have a guaranteed return.

The best IRA accounts — which are basically tax-advantaged accounts to help you start saving for retirement — come with plenty of lucrative and high-quality investment options for you to choose from. One of the most popular no-risk investments you can use to round out your portfolio is an IRA certificate of deposit (CD), also commonly known as an IRA CD.

If you’re asking yourself “what is an IRA CD?” or “what are the best IRA CD rates?” then you’re asking the right questions. The best IRA CDs offer great return rates, flexible term lengths, low early withdrawal penalties and a streamlined investment process.

Compare the 6 best IRA CD rates of 2020

6 best IRA CD lenders of 2020

• Ally Bank — Best online bank
• Alliant — Best credit union
• Capital One — Best mobile app
• Discover — Best one-stop banking
• TIAA Bank — Best for yield pledge promise
• Synchrony — Best customer service

Ally Bank — Best online bank

High-yield IRA CDs from Ally Bank are available with term lengths from 3 months to 5 years. The APR rates on IRA CDs span from 0.50% to 1.15% APR and increase as the term length increases. There’s no balance requirement to open an Ally IRA CD, and the bank will let you choose between two rates on your CD: the rate that’s available the day you open it or the day you fund it — whichever is higher. The limit on that rate guarantee is 90 days, and Ally Bank CDs can be opened and managed completely online.

Alliant — Best credit union

Banks aren’t the only institutions to offer IRA CDS; credit unions also offer IRA CDs. Alliant Credit Union has IRA CDs available with terms from 12 months to 60 months. APY rates range from 0.65% to 0.75% depending on the term. Alliant’s minimum deposit requirement is low — only $1,000 — and this credit union has no maximum deposit amount on CDs. The dividends are compounded every month and at maturity, and funds are insured up to $250,000 by NCUA.

Capital One — Best mobile app

Top Cd Rates 2020

Capital One offers IRA CDs with term lengths from 6 months to 60 months. Rates are competitive, ranging from 0.25% on 6-month IRA CDs to 1.00% on 60-month IRA CDs. Capital One IRA CDs have no account minimums, which means that no one will be priced out of this investment option. Capital One also has a highly-rated mobile app available to help you manage your IRA CDs and other accounts.

Discover — Best one-stop banking

Opening an IRA CD through Discover will require a larger initial investment than many of the competitors, with a minimum of $2,500 to get started. The APY rates on Discover IRA CDs range from 0.90% to 1.15%, and term lengths range from 12 months to 5 years. If you’re looking for term length flexibility, Discover offers it.

TIAA Bank — Best for yield pledge promise

If you’re worried that you’re missing out on better IRA interest rates elsewhere, the yield pledge promise from TIAA Bank was made for you. This bank guarantees it looks at comparable banks weekly and will adjust its rate to ensure it’s offering a rate in the top 5% of offers, so the rate you open your IRA CD at will likely be in the higher tier. IRA CDs with TIAA are available with terms from 3 months to 5 years, with rates from 0.35% to 1.35% APY. The minimum to open an account with Yield Pledge is $5,000, but the bank also offers a basic CD and a bump-rate CD with smaller deposit requirements, though you are not guaranteed higher rates.

Synchrony — Best customer service

Synchrony offers competitive IRA CDs with terms from 3 months to 5 years. Rates range from 0.25% to 1.20% APY depending on the term length. The minimum opening balance of $2,000 is a little high, but what’s great about Synchrony is the excellent customer service, and the bank even has dedicated customer support phone lines for long-term customers.

What is an IRA CD?

An IRA is a tax-advantaged account that you can set up when saving for retirement. Within your IRA account, you can have many different types of investments, much like a standard investment portfolio, including certificates of deposit (or CDs).

A CD gives you a fixed-rate, no-risk return for investing money that you leave untouched for a certain period of time. An IRA CD is basically just a standard investment CD — the only difference is that it’s part of your retirement savings account.

IRA CD vs. other investment accounts

IRA CD vs. standard CD

Standard CDs and IRA CDs operate similarly. With both products, you are given a guaranteed rate of return in exchange for leaving a sum of money deposited for a certain period of time. The main difference is that an IRA CD is housed within a retirement account and a standard CD is simply a standard investment account.

When your IRA CD matures, the funds stay within your IRA account. With a standard CD, you can cash out and use the funds as you please. The one exception is a Roth IRA, which allows you to withdraw contributions at any time without penalty. Compare CD rates to see the difference between the two.

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IRA CD vs. IRA account

Best 1 Year Cd Rates

Comparing an IRA CD to an IRA account is a little like comparing apples to oranges. An IRA CD is a type of investment that is part of a portfolio account, and an IRA account is the portfolio account that houses investments like IRA CDs.

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The term IRA account refers to the entire investment portfolio that you have. This can be a SEP, Roth or traditional IRA account. Within each of those accounts, you have different types of investments. One of those investment options is an IRA CD. Basically, an IRA CD is an investment that is part of an IRA account.