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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.

• 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 a 24 Month CD

When it comes to CD options, 2-year CDs are available from many top online banks or brick and mortar financial institutions. The best 24-month CDs offer competitive rates and have low or no minimum requirements to open an account.

6 best 2-year CD rates of 2020

• CIT Bank — 1.00% APY; $1,000 minimum deposit
• Synchrony — 1.00% APY; $2,000 minimum deposit
• Capital One — 0.75% APY; $0 minimum deposit
• Marcus —1.10% APY; $500 minimum deposit
• TIAA Bank — 1.10% APY; $5,000 minimum deposit
• Navy Federal — 1.10% APY, $1,000 minimum deposit

CIT Bank — Best online CD

CIT Bank, headquartered in Pasadena, California, offers fixed-term CDs up to five years in length, with a minimum deposit of $1,000. While several no-minimum CD options exist, the minimum deposit of $1,000 required by CIT Bank is still fairly reasonable. CIT CDs can be funded through electronic transfers, mailed checks or bank wires.

The APY rate on a CIT 2-year CD is higher than most brick and mortar banks and a little lower than some of the other online banking options. Still, at 1.00%, it is an attractive rate.

Synchrony Bank — Best customer perks

Founded in 1988, Synchrony Bank started many as a wholly-owned subsidiary of General Electric. Over time, the company expanded operations to offer a host of products, including certificates of deposit with attractive rates.

While Synchrony’s minimum deposit requirement of $2,000 is higher than some banks, which may be a deterrent for some people. Still, the 1.00% APY is a decent rate for 2-year CDs — plus Synchrony customers get access to unique travel and leisure discounts that may be beneficial to you.

Capital One — Best mobile app

Known for its credit cards and impressive mobile app, Capital One also offers 2-year CDs for investors who want a guaranteed rate of return. CDs through Capital One are available with no minimum deposit, no fees, and high interest rates, regardless of how much is invested.

The bank offers CDs with terms from 6 months to five years, with the highest rates on 48-month and 60-month CDs. People interested in a 2-year Capital One CD might want to consider a longer-term option, as it will offer a better APY rate.

Marcus – Best rate guarantee

If you’re looking for a financial institution steeped in history, you’ll find it at Marcus Goldman Sachs. It was started in 1869 by founder, Marcus Goldman and has thrived in its goal of sharing its financial expertise and grown to become the multinational investment bank that it is today. Goldman Sachs offers many investing products from loans to high-yield savings and CDs and more.

Marcus Goldman Sachs has an interesting setup that sets them apart from many of their competitors. Not only can you open a CD with a minimum deposit of $500, but the bank gives you 30 days to fully fund your CD account. They also have guaranteed rates, which is common among other top banks but isn’t always the case. So, it’s nice to have that assurance when looking for the best 24-month CD rates and which institutions to consider.

One of the interesting things about this pick for best 24-month CD rates is that the institution will give you the highest published interest rate and APY during the first 10 days from the time you open your account. This only applies to Marcus branded CDs with at least $500 deposited during that period.

TIAA Bank – Best IRA compatibility

TIIA Bank has a 5-star BauerFinancial rating, which speaks for itself since BauerFinancial ratings are unbiased, independent ratings. Considering TIIA also offers no monthly account maintenance fees and industry-competitive yields, TIIA CD offerings might be worth a try. Here’s the breakdown.

Highest Cd Rates 2020

TIIA has a minimum deposit requirement of $5,000 to get started, which is larger than many other banks and you also have to be an existing TIIA Bank client who is also eligible for online check deposit enrollment. However, you can access your account anytime using its Apple mobile app. It also has an interesting take on the best 2-year CD rates by backing its annual percentage yield with a promise to always provide you with one of the highest rates from among the top 5% of its competitors. Finally, TIIA also offers you CDs that are IRA eligible, which can help boost your retirement savings plan.

Navy Federal – Best for military and dependents

Navy Federal offers two-year CDs with an APY rate of 1.20% for accounts of $99,999 or lower. If you open a CD with over $100,000, that rate increases to 1.25%. These rates are competitive, but you will need to be a member of the military, a veteran or a dependent of someone who has served to join this credit union. Account minimums for Navy Federal CD’s start at $1,000. You can apply for a CD through the website or at one of 247 branch locations across the country.

Compare the 6 best 2-year CDs of 2020

*Rates accurate as of July 10, 2020

Cd Rates 2020 Edward Jones

What is a 2-year CD?

A certificate of deposit is a product offered by most financial institutions. In essence, it is an agreement between you and your bank. You agree to leave a specific lump-sum deposit for a predetermined amount of time in the bank. In exchange, the bank offers a premium rate for your deposit, which matures at the end of its term.

There are advantages and disadvantages to investing in CDs. One of the biggest advantages is the premium rates offered. However, rates can change and they differ by term and institution. So, always ask or research the current rates before you invest.

A disadvantage is an early withdrawal. You can withdraw your money early, but doing so usually incurs a penalty — often a percentage or even all of the interest you earned. Overall, CDs are a great way to earn more on your money and increase your wealth. Here’s how CDs compare to other savings accounts.

Who is a 2-year CD good for?

A 2-year CD is a great short-to-medium length investment for people who are more risk-averse or are looking for guaranteed returns. The return rates on many of the top 2-year CDs are better than you’ll find with any savings account. While the return may not be as good as some stocks and bonds, it is still a guaranteed return — no matter how the market fluctuates.

Promotional Cd Rates 2020

Cd Rates 2020 1 Year

If you’re not planning to need the money you invest for the next 24 months, a 2-year CD could be the ideal savings and investment tool. If you’ll need the funds prior to that two-year mark, you may want to choose a savings account or money market account to avoid early withdrawal penalties.