Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Expert Take
Huntington Bank isn’t the number one bank for high savings account rates, but it does offer a wide variety of services and keeps fees relatively low or easy to avoid. If you live in one of the 11 states it operates in and want a bank with a strong online presence and a good branch network, Huntington Bank may be a good fit.
Pros
- Offers 24-hour grace period to avoid overdraft fees
- Fee-free options for both checking and savings accounts
- Variety of financial services, including military and business banking, lending, insurance, and investment management
Cons
- Low interest rates on most savings accounts
- High minimum balance requirements for higher-tier accounts
- Small ATM and branch networks
Vault’s Viewpoint on Huntington Bank
Huntington Bank is a bank that focuses primarily on the Midwestern United States along with some states in the South. It offers both in-person and online banking and can be a viable one-stop shop for your financial needs.
The available accounts range from simple, low-fee options to more advanced accounts that require significant balances to avoid fees. The greatest drawbacks of the bank are its lack of branches and ATMs outside of its core service region and its low rates on most deposit accounts.
Huntington Bank Certificates of Deposit
APY
0.05% – 5.13%
Term Length
1 month – 72 months
Minimum Deposit
$1,000
Expert Take
Huntington Bank offers CDs with terms ranging from 1 to 72 months. Rates are generally poor but its promotional CDs are more competitive.
Pros
- Variety of terms available
- Promotional CDs have solid interest rates
Cons
- Interest rates on most CDs are low
- $1,000 minimum deposit requirement
- Can only open CDs in-branch
Huntington Bank offers a variety of certificates of deposit (CDs), with terms ranging from as short as one month to as long as six years. Most of the bank’s CDs aren’t worth opening due to low CD rates, but a few promotional CDs are worth considering.
Huntington Bank Savings Account
APY
0.01% – 4.70%
Minimum Balance
$0 – $50
Monthly Maintenance Fee
$4 – $25
Expert Take
Though a fee-free savings account is available, rates are quite low. To qualify for competitive rates with online banks and avoid fees on the high-yield account, you’ll need a minimum balance of at least $25,000.
Pros
- Rates on the money market account are competitive
- Overdraft protection available
Cons
- Low rates on most savings accounts
- High minimum balance to earn a competitive rate
Huntington Bank offers three types of savings account options: the largely fee-free Premier Savings, the Relationship Savings account, and a high-yield Relationship Money Market Account. Only the money market account offers competitive rates, but it requires a $25,000 balance to earn interest and avoid a $25 monthly fee.
Huntington Bank Checking Accounts
APY
Up to 0.03%
Min. Balance to Avoid Fee
$0 – $100,000
Monthly Maintenance Fee
None
Min. Opening Deposit
$0 – $100,000
Expert Take
Customers can choose from a number of checking accounts based on the amount they expect to keep in the account. Minimum balance requirements scale from $0 to as high as $25,000, with the services offered adjusting accordingly.
Pros
- No-fee or minimum account available.
- ATM fee reimbursem*nts with some accounts
- Earn interest on your balance with some accounts
Cons
- Monthly fees as high as $25.
- Top checking account requires $100,000 and a Managed Investment account.
Huntington Bank has four checking accounts for its customers to choose from, ranging from a no-fee, low-frills account to a high-end account aimed at its Managed Investment customers. Higher-end accounts offer perks such as ATM fee reimbursem*nts.
About Huntington
Huntington Bank is one of the largest American banks, with more than $187 billion in assets and 1,000 branches across 11 states. Founded in 1866 and headquartered in Columbus, Ohio, it focuses mostly on customers in the Midwest and South.
On top of its network of physical branches and ATMs, Huntington has a strong online presence. It also offers more than just basic banking services, such as insurance, lending, and investment management.
Huntington Bank Fees
Huntington Bank offers multiple tiers of checking and savings accounts. You can opt for its no-frills options, which have no fees or fees that are easy to avoid but have limited features and perks.
On the other hand, if you open a high-end account, you could face fees as high as $25 a month unless you can maintain a significant balance. But you get solid perks in return, such as unlimited ATM fee reimbursem*nt.
One nice thing is that fees for some common services are relatively low. For example, the overdraft fee is $15 and won’t apply if the account’s final balance for the day is above -$50.
Who is Huntington Best For?
Huntington Bank largely appeals to residents of the states that it services. Ohio, Michigan, Illinois, and Minnesota are its largest markets. Huntington’s low-fee accounts are a solid choice if you want a basic checking and savings account. But customers with larger balances who want to build a strong relationship with a bank, including getting investment advice, might also find Huntington appealing. Small business owners will also find the bank appealing. Huntington Bank has been the top SBA 7(a) loan provider by volume for six years running.
Who Should Consider an Alternative to Huntington Bank?
If you’re looking for the best available interest rates and lowest possible fees, Huntington Bank isn’t the right choice for you, especially compared to online banks, which offer better rates on both checking and savings accounts and come with better perks and fewer fees.
You might also want to consider an alternative if you’re a frequent traveler. Huntington Bank is focused on serving a few particular states. You might struggle to find a branch or ATM if you find yourself in different parts of the country. If you travel a lot, you might be better off with a national bank chain.
How Does Huntington Bank Stack Up to Its Competitors?
Huntington Bank offers a strong mix of basic, low-fee accounts and higher-end accounts with more services and higher fees. Still, it’s worth comparing with other banks before opening an account to ensure Huntington is the right choice for you.
Huntington vs. Vio
Vio Bank is the online bank for MidFirst Bank, the largest privately-held bank in the United States. It offers a much smaller selection of accounts than Huntington Bank, with just CDs, an online savings account, and a money market account available.
If you’re looking for a bank that can offer checking accounts or other financial services, Huntington will be the better choice of the two. But if finding competitive rates and low fees is your primary goal, Vio will appeal. Its savings account offers 1.10% APY on all balances with no fees and only a $100 minimum deposit while its money market account offers 5.30% APY.
Huntington vs. Ally Bank
Ally Bank is a fully online bank that, offers a full suite of banking services in addition to lending and investment services. If you don’t mind not having a network of branches to visit, Ally can be a strong competitor to Huntington Bank.
Ally especially excels against Huntington regarding rates, fees, and minimums. Ally has no minimum balance or opening deposit requirements for its checking or savings accounts. Its savings account also offers a much higher rate than Huntington’s at 4.35% APY. You also get perks like ATM fee reimbursem*nts with Ally’s free checking account.
Huntington vs. Chase
Chase is one of the largest banks in the United States, with almost 5,000 branches spread across 49 states and 16,000 ATMS. You can work with Chase for nearly any financial need, including banking, lending and investing.
Like Huntington Bank, most of Chase’s accounts come with some form of monthly fee or minimum deposit requirement. If you’d prefer to work with a larger institution with a national presence, Chase might be a better fit for you.
Frequently Asked Questions
How Can I Contact Huntington Bank?
Huntington Bank’s customer service is available seven days a week from 7 a.m. to 8 p.m. Eastern time. You can also visit the bank’s website and work with a virtual assistant to get support.
Can I Open a Huntington Bank Account from Anywhere?
Huntington Bank offers online banking services in addition to its 1,000 branches across eleven states. But you cannot open an online bank account with Huntington if you live outside of its service area. To open an account online, you must reside in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, or Wisconsin.
Does Huntington Bank Offer Any Account Bonuses?
Huntington Bank sometimes offers bonuses to customers who sign up for a new account. Currently, new customers can earn up to $600 by opening a qualifying checking account and sign up to receive direct deposits or deposit a sufficient amount to the account.
As a seasoned financial expert with a comprehensive understanding of banking and personal finance, I'll dive into the key concepts mentioned in the provided article about Huntington Bank.
Huntington Bank Overview:
Background:
Huntington Bank, founded in 1866 and headquartered in Columbus, Ohio, is one of the largest American banks with over $187 billion in assets and 1,000 branches across 11 states, primarily focusing on the Midwest and South regions.
Service Offerings:
Huntington Bank provides a range of financial services beyond basic banking, including insurance, lending, and investment management. It caters to both in-person and online banking needs.
Account Types:
Checking Accounts:
Huntington Bank offers four checking accounts, accommodating different balance levels. These accounts vary from a no-fee, low-frills option to a high-end account for Managed Investment customers. Perks such as ATM fee reimbursem*nts are available with higher-tier accounts.
Savings Accounts:
There are three types of savings accounts offered by Huntington Bank. The Premier Savings account is largely fee-free, but to earn competitive rates, a minimum balance of $25,000 is required for the Relationship Money Market Account.
Certificates of Deposit (CDs):
Huntington Bank provides CDs with terms ranging from 1 to 72 months. While most CDs have low rates, the bank offers promotional CDs with more competitive interest rates.
Pros and Cons:
Pros:
- Huntington Bank provides a 24-hour grace period to avoid overdraft fees.
- Fee-free options are available for both checking and savings accounts.
- The bank offers a variety of financial services, including military and business banking, lending, insurance, and investment management.
Cons:
- Huntington Bank has low-interest rates on most savings accounts.
- Higher-tier accounts may have substantial minimum balance requirements.
- The bank has a relatively small ATM and branch network outside its core service region.
Comparisons with Competitors:
Huntington vs. Vio Bank:
Huntington offers a more extensive selection of accounts compared to Vio Bank, which primarily provides CDs, online savings, and money market accounts. Vio Bank may appeal to those seeking competitive rates and lower fees.
Huntington vs. Ally Bank:
Ally Bank, being a fully online bank, competes well with Huntington, especially in terms of rates, fees, and minimums. Ally's no minimum balance or opening deposit requirements and higher savings account rates make it a strong competitor.
Huntington vs. Chase:
Chase, as one of the largest U.S. banks with a national presence, caters to diverse financial needs. If a broader branch network and a wide range of financial services are essential, Chase might be a preferred choice over Huntington Bank.
Who Should Consider Huntington Bank:
- Residents of the states in which Huntington operates, especially Ohio, Michigan, Illinois, and Minnesota.
- Individuals seeking basic checking and savings accounts with low fees.
- Customers with larger balances interested in building a strong relationship with a bank.
- Small business owners, as Huntington Bank has been a top SBA 7(a) loan provider for six consecutive years.
Who Might Consider Alternatives:
- Those prioritizing the best available interest rates and lowest possible fees.
- Frequent travelers who might benefit from a national bank chain with broader ATM and branch networks.
Contact and Account Information:
- Huntington Bank's customer service is available seven days a week from 7 a.m. to 8 p.m. Eastern time.
- Online banking services are available, but accounts can only be opened if you reside in the 11 states within Huntington's service area.
Conclusion:
While Huntington Bank offers a mix of basic, low-fee accounts and higher-end options with more services, individuals should carefully consider their preferences and needs. It's crucial to compare Huntington with other banks to ensure it aligns with specific financial goals and requirements.
