Huntington Bank's High-Yield Savings Options
Huntington Bank does not currently offer a dedicated high-yield savings account. The bank's standard savings products—including their basic savings account and money market account—earn rates that are typically lower than what online banks and credit unions offer. If you bank with Huntington and want higher interest on savings, you have two paths: keep money in their standard accounts for convenience and branch access, or move funds to a separate institution that specializes in high-yield products.
Huntington's savings rates change based on the Federal Reserve's actions and market conditions. As of now, their regular savings account earns a rate that varies by account type and balance tier, but it rarely competes with online banks offering 4% to 5% on high-yield accounts. If rate comparison is your main concern, you may want to check current rates directly with Huntington or look at alternatives before deciding where to hold your money.
Key Takeaways
- Huntington Bank's standard savings and money market accounts do not offer the high-yield rates you will find at online banks or credit unions.
- Rates at Huntington vary by account type and balance, and they typically lag behind institutions that focus on deposit products.
- You can keep a Huntington account for checking and branch access while holding savings elsewhere for better returns.
- High-yield savings accounts at other banks often come with no monthly fees and no minimum balance requirements.
How Huntington's Savings Accounts Work
Huntington offers a basic savings account and a money market account as its main deposit products. The savings account is designed for customers who want a simple place to store money with FDIC insurance protection up to $250,000. The money market account typically requires a higher opening balance and offers tiered interest rates—meaning the more you deposit, the higher your rate—but the top rate still does not match high-yield offerings elsewhere.
Both accounts come with Huntington's branch network and online banking access. If you value the ability to walk into a physical location or prefer managing money through a bank you already use for checking, these accounts may make sense despite the lower rates. The trade-off is convenience and familiarity versus earning power on your savings.
Why Online Banks Pay More
Online banks offer higher rates because they have lower operating costs than brick-and-mortar institutions. They do not maintain physical branches, pay fewer staff members, or spend money on building maintenance. Those savings get passed to customers in the form of higher interest rates on deposits. A high-yield savings account at an online bank can earn 4% to 5% annually, while Huntington's rates are typically a fraction of that.
The trade-off is access: online banks have no branches, so you manage everything through a website or app. Transfers between accounts take one to three business days instead of happening instantly. For many people, especially those who rarely need in-person banking, this is not a real problem. For others, the convenience of a local branch is worth the lower rate.
Moving Money Between Banks
If you decide to open a high-yield account elsewhere while keeping your Huntington checking account, moving money is straightforward. You can set up an external transfer from Huntington to your new bank using the routing number and account number of the high-yield account. This typically takes one to three business days. Alternatively, you can withdraw cash from Huntington and deposit it at the new bank, though this is slower and less secure.
Many people use this hybrid approach: they keep a small emergency fund at Huntington for quick access and branch convenience, and move larger savings to a high-yield account elsewhere. This way you earn better returns on the bulk of your savings while maintaining the flexibility of a local bank for everyday needs.
FDIC Insurance and Safety
Both Huntington and online banks that offer high-yield savings carry FDIC insurance, which protects your deposits up to $250,000 per account holder per bank. This means your money is equally safe whether you keep it at Huntington or at an online bank. The insurance covers the account balance if the bank fails, so the interest rate difference is not a trade-off in safety—it is purely a choice about where to earn more on your money.
If you have more than $250,000 in savings, you can spread it across multiple banks to keep all of it insured. For example, you might keep $250,000 at Huntington and $250,000 at an online bank, with both amounts fully protected.
Comparing Huntington to Other Banks
When deciding whether to keep savings at Huntington, compare the current rate on their money market account to rates at online banks and credit unions. Online institutions like Marcus, Ally, and American Express Personal Savings typically offer rates that are two to three times higher than Huntington's. Credit unions in your area may also offer competitive rates, especially if you are a member.
The comparison should include fees as well. Huntington may charge a monthly maintenance fee on savings accounts if you do not meet a minimum balance, while many high-yield accounts have no fees at all. Over a year, a $10 monthly fee can wipe out a significant portion of the interest you earn on a modest savings balance.
Frequently Asked Questions
Can I keep my Huntington checking account and move savings elsewhere?
Yes. You can maintain your Huntington checking account for everyday use and open a high-yield savings account at another bank. Transfer money between them as needed using external transfers, which typically take one to three business days.
Is my money safer at an online bank than at Huntington?
No. Both Huntington and online banks carry FDIC insurance that protects deposits up to $250,000. Safety is the same; the difference is the interest rate you earn.
What if I need to withdraw money quickly from a high-yield account?
Most high-yield accounts let you withdraw money online or by phone, but transfers to another bank take one to three business days. If you need cash immediately, you would need to keep an emergency fund at a bank with branches or ATMs you can access right away.
Do high-yield savings accounts have minimum balance requirements?
Many online high-yield accounts have no minimum balance, though some require $1 to open. Huntington's money market account typically requires a higher opening balance. Check the specific bank's requirements before opening an account.
How often do savings rates change?
Banks adjust rates based on Federal Reserve decisions and market conditions. Rates can change monthly or stay the same for several months. Online banks tend to adjust rates faster than traditional banks when the Fed makes changes.