Huntington's savings account lineup does not include a dedicated high yield savings account

Huntington Bank offers several savings products, but none of them carry the rates you would find at online banks or credit unions specializing in high yield accounts. Their standard savings account, money market account, and certificates of deposit (CDs) all pay rates lower than what's available elsewhere for the same account type.

If you bank with Huntington for checking or other services and want to keep everything in one place, you can use their savings or money market account. But if your goal is to earn the highest rate possible on money you're not spending right now, you would need to open an account at a different bank.

Key Takeaways

  • Huntington Bank does not offer a high yield savings account; their savings and money market accounts pay rates significantly lower than online banks.
  • Huntington's money market account requires a higher opening deposit than their standard savings account but does not pay a meaningfully higher rate.
  • Huntington CDs lock your money for a set term and pay rates that vary by term length, but these rates are also lower than what online banks offer for the same terms.
  • You can compare Huntington's current rates on their website or by calling a branch, since rates change and vary slightly by region.

How Huntington's savings account works

Huntington's standard savings account requires a minimum opening deposit (typically $100, though this can vary by branch and account type). Once open, you can deposit and withdraw money, though federal rules limit you to six withdrawals per month from a savings account before fees apply.

The account earns interest monthly, but the rate is tiered—meaning you earn a higher rate on larger balances. A balance of $1 earns one rate; a balance of $25,000 earns a higher rate; a balance of $100,000 earns an even higher rate. Even at the highest tier, Huntington's rates are typically well below 1 percent, while online high yield savings accounts often pay 4 to 5 percent or higher.

Huntington's money market account versus savings

Huntington offers a money market account as an alternative to their standard savings account. Money market accounts usually require a higher opening deposit (often $2,500 or more) and may offer slightly higher rates in exchange. However, the difference between Huntington's money market rate and their savings rate is usually small—often less than 0.1 percent.

Like the savings account, the money market account is also tiered by balance. You get check-writing privileges and a debit card, which a standard savings account does not include. The withdrawal limits are the same: six per month before fees kick in.

Certificates of deposit at Huntington

A CD is a product where you agree to leave money untouched for a set period—typically three months, six months, one year, or longer. In exchange, the bank pays you a fixed interest rate for that entire term. When the term ends, you can withdraw the money plus interest, or roll it into a new CD.

Huntington offers CDs with various term lengths. Rates are higher than their savings account but still lower than what online banks pay for the same term. If you withdraw money before the term ends, you pay an early withdrawal penalty, which typically equals a few months of interest.

The advantage of a CD is certainty: you know exactly what rate you will earn for the entire term, and that rate will not drop. The disadvantage is that your money is locked away, and pulling it out early costs you.

Why Huntington's rates are lower than online banks

Huntington operates physical branches across multiple states, which means they have costs that online-only banks do not: rent, staff, utilities, and technology to run those branches. Online banks have no branches, so they pass the savings on to customers in the form of higher interest rates.

If you value the ability to walk into a branch and speak to someone in person, you pay for that convenience through lower rates. If you do not need branches and are comfortable managing your account online, an online bank will pay you more on the same balance.

How to find Huntington's current rates

Huntington's rates change over time and can vary slightly by region and account type. You can see current rates on Huntington's website by searching for their savings, money market, or CD rates. You can also call your local Huntington branch or visit in person to ask what rates they are currently offering.

When you compare rates, look at the annual percentage yield (APY), not just the interest rate. APY tells you the true amount you will earn in a year, accounting for how often interest is compounded.

Alternatives if you want higher rates

If earning more interest matters to you, online banks and credit unions typically offer high yield savings accounts that pay 4 to 5 percent APY or higher. These accounts have no monthly fees, no minimum balance requirements, and full FDIC insurance (up to $250,000) just like Huntington accounts do.

You do not have to choose between Huntington and an online bank. Many people keep a checking account at Huntington for everyday use and a high yield savings account at an online bank for money they are saving. Transfers between banks take one to three business days, so you can move money when you need it.

Frequently Asked Questions

Can I earn more interest by keeping a larger balance at Huntington?

Yes, Huntington's savings and money market accounts are tiered, so larger balances earn higher rates. However, even the highest tier at Huntington pays less than what online high yield savings accounts pay on any balance. You would earn more by moving $100,000 to an online bank than by keeping it at Huntington's top tier.

What happens if I need to withdraw money from a CD before it matures?

You can withdraw the money, but Huntington charges an early withdrawal penalty. The penalty is typically a few months of interest. Check your CD agreement or ask your branch what the specific penalty is for your term length before you open the account.

Is my money safe at Huntington if I keep it in savings?

Yes. Huntington is FDIC-insured, which means deposits up to $250,000 are protected by the federal government. Your savings account, money market account, and CDs are all covered separately, so you can have up to $250,000 in each and all are protected.

Can I move money from Huntington to an online bank easily?

Yes. You can set up an external transfer from Huntington to another bank, or you can provide the online bank with your Huntington account information and let them pull the money. Transfers typically take one to three business days. There is no fee to move your money out.