UntiedBank is now People’s United Bank
Update 10/30/18: Rate increased to 2.30%. New link.
Update 08/20: Rate increased to 2.08%.
Update 05/10: Rate increased to 1.95% APY. I’m reposting because you actually need to call in to be able to get this rate if you’re an existing customer. Hat tip to reader Mikey. I wouldn’t recommend this account if you don’t already have it as there are better options out there and the rate is very volatile (as seen below). Although you usually keep the rate you signed up for unless you call in.
Update 04/29: Rate decrease to 1.35% APY
Update: 04/24/18: Rate decrease to 1.65% APY
Update 02/24/18: Rate increase to 1.7% APY
Update 01/23/18: Rate increased to 1.61% APY.
Update: Rate increased to 1.35% (from 1.25) on 10/20/17
Update: Rate decreased to 1.25% APY (from 1.35%) on 02/01/2017.
Note: This rate is not guaranteed at all and according to the comments they have a history of lowering rates quickly.
Offer at a glance
- Interest Rate: 1.95% on balances up to $500,000, balances over $500,000 earn 0.05%
- Minimum Balance: $500 to open, $1 thereafter
- Maximum Balance: $500,000 for 1.3% rate
- Availability: Must live in one of the following states: CA, CT, GA, ME, MD, MA, NJ, NY, PA, RI, TX, VA, WA [Maybe:Â CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, WA?]
- Hard/soft pull: UnknownÂ
- Credit card funding: Up To $500
- Monthly fees: $15, waivable
- Insured: FDIC
The Offer
- Earn a 1.95% APY on balances of up to $500,000 on UnitedBank’s Advantage Money Market account.
Avoiding Fees
This account has a monthly service fee of $15, this is waived if you have a daily minimum balance of $2,500 or more. They also charge a $2 fee if you use an out of network ATM.
Our Verdict
I don’t like the fact that there is big $15 monthly fee if you don’t maintain that daily minimum balance of $2,500. That being said, this is one of the highest basic savings account (no requirements for APY) currently available. Interested to know how much can be funded with a credit card and also if it’s a soft/hard pull. Let us know those datapoints in the comments below.
William Charles This looks dead. The link says “Page Not Found” and the entire site redirects to People’s United Bank. #confused
My online account shows a drop from 2.18% to current 1.93% as of 11/1/19.
Is the Advantage Money Market still available online? I didn’t see it in the “Open an Account” page.
Yeah same here. Where is it? Its advertised on the linked page but when you click Open and it shows the various account types available “Advantange Money Market is not to be found”
https://www.bankatunited.com/Landing/Advantage-Money-Market?gclid=CjwKCAjw_IPcBRAjEiwAl44QkZsOLIdHTBHOPc_U4-8wdTeqe6nlnFIyVmq7TrEoC6yZGMuWNGHx-BoCeq8QAvD_BwE&gclsrc=aw.ds
2.10% APY for first 180 days..
Now 2.08% as of 8/20/18.
I called in this week to change my rate. It displayed as 1.93% two days later. Less than a year ago it was 1.35%, so that’s a healthy raise of over 40%.
I have called them twice after seeing a rate change on here. Both times they increased my rate. Thanks DOC!
Does anyone know whether we can fund using an amex card?
I also need to know this.
William Charles nailed it when he basically said that this an account you need to keep your eyes on in terms of the rate. I did call in today and was told it would take up to a week to have my rate raised from 1.69% to the new 1.95%. I will definitely report back if that change doesn’t occur.
Is this the UnitedBank from Chase?
This has been my 2+ years experience with United Bank: once you open your account the rate stays fixed. It doesn’t decrease after 180 days. But it also doesn’t go up EVEN IF THEY ADVERTISE A HIGHER RATE SHOWN FOR THIS ACCOUNT ON THEIR WEB PAGE. If the rate goes up, you can try calling to get it adjusted. But my choice has been to close and reopen since there have been scattered reports of customer service not following through with requests.
Sorry – forget to mention I was referring to United Bank