Huntington's Savings Account Options and Interest Rates

Huntington Bank does not currently offer a dedicated high yield savings account. The bank's standard savings products—including their regular savings account and money market account—pay interest rates that are substantially lower than what online banks and some credit unions offer. As of early 2024, Huntington's savings rates typically fall in the range of 0.01% to 0.05% APY, depending on the account type and your balance, which is significantly below the 4% to 5% APY available through online savings accounts.

If you bank with Huntington for checking or other services and want to keep your savings there for convenience, you will earn minimal interest. If your primary goal is to earn meaningful interest on savings, you would need to move money to a different institution or use a separate high yield savings account elsewhere while maintaining your Huntington checking account.

Key Takeaways

  • Huntington Bank's savings accounts pay between 0.01% and 0.05% APY, which is far below the 4% to 5% rates offered by online banks.
  • The bank does not have a product specifically branded or structured as a high yield savings account.
  • You can open a high yield savings account at another bank or online institution while keeping your Huntington checking account active.
  • Money market accounts at Huntington may offer slightly higher rates than basic savings accounts, but still fall well below online alternatives.

How Huntington's Savings Rates Compare to Online Banks

Online banks consistently offer rates 50 to 100 times higher than Huntington's savings products. A $10,000 balance earning 0.01% at Huntington generates about $1 per year in interest. The same $10,000 at a 4.5% APY online account generates $450 per year—a difference of $449 annually on a single account.

This gap exists because online banks have lower overhead costs than brick-and-mortar institutions. They do not maintain physical branches, so they pass savings to customers through higher interest rates. Huntington maintains hundreds of branches across the Midwest and Mid-Atlantic, which requires significant operating expense. That cost structure means the bank cannot compete on savings rates.

If you have a substantial emergency fund or are saving toward a goal, the difference compounds quickly. Over five years, $25,000 earning 0.02% at Huntington grows to $25,025. The same amount at 4.5% grows to $31,200—a difference of over $6,000.

Huntington's Money Market Account as an Alternative

Huntington offers a money market account that may pay slightly more than a basic savings account, though the difference is typically minimal—often just 0.01% to 0.02% higher. Money market accounts usually require a higher minimum balance to open (often $2,500 or more) and may limit the number of withdrawals per month.

Even with these trade-offs, Huntington's money market rates remain far below what online banks offer for high yield savings. The account is worth considering only if you need check-writing privileges or debit card access to your savings, which standard high yield savings accounts do not provide.

Opening a High Yield Savings Account Outside Huntington

You do not need to close your Huntington checking account to open a high yield savings account elsewhere. Many people maintain a checking account at a traditional bank for bill pay and everyday transactions, then keep a separate high yield savings account at an online bank for emergency funds or medium-term goals.

To open an account at an online bank, you will need your Social Security number, a government-issued ID, and proof of address. Most online banks can complete the process in 10 to 15 minutes through their website. You can then transfer money between your Huntington account and the new savings account using ACH transfers, which typically take one to three business days.

Common online banks offering high yield savings accounts include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Credit unions in your area may also offer rates competitive with or better than online banks, and some have no monthly fees.

When Huntington's Savings Account Makes Sense

Huntington's savings account is practical if you need to deposit cash frequently and want to avoid ATM fees. If you live or work near a Huntington branch and regularly deposit checks or cash, the convenience of walking in to make deposits may outweigh the lower interest rate. You can also use Huntington's mobile app to deposit checks remotely, which reduces the need for in-person visits.

The account also works if you are saving a small amount—under $1,000—where the interest difference is negligible in dollar terms. If you are building an emergency fund or saving for a specific goal and want to keep all your money in one place for simplicity, the trade-off between convenience and interest rate is a personal decision.

Fees and Minimum Balance Requirements

Huntington's savings account typically has no monthly maintenance fee if you maintain a minimum balance, which varies by account type but is often $100 to $500. If your balance falls below the minimum, the bank may charge a monthly fee of $5 to $10. Some Huntington savings accounts waive the fee if you have a linked checking account with direct deposit.

Online banks offering high yield savings often have no minimum balance requirement and no monthly fees, which means you keep more of your interest earnings. Before opening any account, review the current fee schedule on Huntington's website or ask at a branch, as fee structures change periodically.

Frequently Asked Questions

Can I transfer money from Huntington to a high yield savings account easily?

Yes. You can set up an ACH transfer from your Huntington account to another bank's account through Huntington's online banking or mobile app. The transfer typically takes one to three business days. You will need the routing number and account number of the receiving bank.

Will opening a high yield savings account somewhere else affect my Huntington checking account?

No. Opening an account at another bank does not change your Huntington checking account or any services tied to it. You can keep both accounts active simultaneously and use them for different purposes.

What if I need to withdraw money from a high yield savings account quickly?

Most online banks allow you to transfer money back to your Huntington account within one to three business days. Some online banks also offer debit cards or ATM access, though this varies by institution. Check the specific bank's policies before opening an account if quick access is important to you.

Is my money safe in a high yield savings account at an online bank?

Online banks that are FDIC-insured protect your deposits up to $250,000 per account, the same as Huntington. Check that any online bank you choose displays FDIC insurance information on its website before opening an account.