Looking for a quick and easy “no-frills” savings account experience? Live in the Southeast or Midwestern United States? If so, Huntington is certainly a bank you should check out to see if it may be a good fit for you and your money. Huntington Savings currently offers no/low fees, a large number of physical branches throughout the Midwest if you need to bank in person, as well as a solid online and mobile presence (if you’d prefer to bank on-the-go).
About Huntington Bank
Huntington was founded in Columbus, Ohio in 1866 as P.W. Huntington & Company.
Still headquartered in Columbus, Ohio, Huntington Bank is now currently listed as the 39th largest bank in the United States and 500th on the Fortune 500. Huntington currently operates just over 900 physical banking locations scattered throughout Indiana, Illinois, Kentucky, Ohio, Michigan, Pennsylvania, Florida, Wisconsin and West Virginia. It was estimated in 2017 that they have a total revenue of $4.35 billion and $104.185 billion in total assets. As of 2020, they currently employ 15,693 associates.
Huntington Bank has a Better Business Bureau (BBB) rating of “A+”. This is the highest-ranking the agency assigns, on a scale of A+ to F.
About Huntington’s Savings Account Offerings
HNB currently offers 2 types of savings accounts:
Huntington Relationship Savings
This is an interest-bearing savings account that pays a higher rate if you also have either a Huntington 5 or 25 Checking Account or a Private Client Account. This account type has a $10 monthly fee, but it can be waived if you maintain an average daily balance of at least $2,500 or have a Huntington 5 or 25 Checking. * Your interest rate also depends on the account relationship and where you live.
Huntington Premier Savings
This simple savings account pays 0.02% APY on all account balances. The account requires a minimum initial deposit of $50, and there is a $4 monthly fee – but it can be waived with an average daily balance of at least $300 or when you also have an Asterisk-Free Checking Account.
How Can I Deposit and Withdraw Money from a Huntington Savings Account?
Here are the ways Huntington says you can deposit or obtain money from your online account:
- Direct deposits
- Online transfers
- Mobile check deposit
- Wire transfers
- Visit a local branch or ATM
- Use an ATM or visit a local branch
- Online transfers
- Wire transfers
- Request a check be mailed to you
What are Huntington Bank’s Account Fees?
Here’s a list of the most common fees associated with a Huntington Bank Account. The full list can be viewed here.
|Monthly Fee||$4.00 (can be waived if you meet minimum balance or account relationship requirements)|
|Minimum Deposit to Open Account||$50|
|Return Deposit Item||$10|
|ATM||$0 for Huntington ATMs, $3 for non-Huntington ATMs.|
|Overdraft Fee||$37.50 (If you overdraft, make sure to take advantage of their 24-Hour Grace Period to get your account back to positive to avoid this hefty fee).|
|Wire – Domestic Incoming||$15|
|Wire – International Incoming||$15|
|Wire – Domestic Outgoing||$25|
|Wire – International Outgoing||$75|
What Are The Benefits of a Savings Account at Huntington Bank?
- Full Service Bank with mobile and online banking options available.
- Customer Service available 7 days/week.
- Money Scout program – Money Scout analyzes your spending habits and upcoming expenses and automatically transfers money you’re not using from your checking to your savings account… which makes saving a breeze!
- Plenty of local locations available (if you live in the Midwest United States).
- 24-hour Grace Period. Designed to give you more time to deposit to avoid an overdraft fee.
- Overdraft protection.
- All-day Deposits. You can make deposits at ATMs or on the mobile app anytime until midnight.
- Online Bill Pay.
- Mobile Banking.
- Email and Text alerts sent straight to you to notify you of any updates on your account.
- Platinum debit card issued at time of opening account.
- Credit score monitoring.
- Savings “Goal-Getter” program. You can set up 10 savings goals plus an emergency fund for each Huntington savings account you open.
- Same day cash deposit availability as part of your account balance.
What Are The Disadvantages of Opening a Savings Account with Huntington Bank?
- Limited Service Area. This bank only has physical branch locations and ATMs in 9 U.S. States.
- Lower than average interest rate on savings.
- Limit of 6 withdrawals or transfers out of the account allowed per statement cycle.
- Monthly fees – a high balance or an accompanying account is required in order to waive them.
- Check deposits can take up to 2 days to become part of your account balance.
- VERY high fees for overdrafts!
Additionally, while Huntington bank seems to be the total package for consumers wanting a traditional banking experience with a twist of modernization, We’d also suggest that you check out online-only banking experiences if you are wanting to earn a higher than average return on your investment and are comfortable with banking over computer or mobile device…
As of June 2021, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- Vio Bank – 0.57% APY
- CIBC Bank – 0.52% APY
- Ally Bank – 0.50% APY
- Citi Accelerate – 0.50% APY
- First Foundation Bank Online Savings – 0.50% APY
- Goldman Sachs – Marcus Account – 0.50% APY
- Synchrony Bank – 0.50% APY
- TAB Bank – 0.50% APY
- TIAA Bank – 0.50% APY
- American Express Personal Savings – 0.40% APY
- Barclays Bank – 0.40% APY
- Capital One 360 Performance Savings – 0.40% APY
- CIT Bank Savings Builder – 0.40% APY
- Citizens Access – 0.40% APY
- Discover – 0.40% APY
- MySavingsDirect – 0.25% APY
- HSBC Direct – 0.15% APY
Is Huntington Bank FDIC-Insured?
Yes. Huntington Bank is a FDIC member, which means that funds deposited into their accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open An Account with Huntington National Bank?
Opening a savings account with Huntington is a simple and straightforward process. You just need to be a US citizen, over the age of 18 (or a parent to help you if you’re under 18), have a social security number and a $50 initial deposit in order to sign up.
You can visit a local branch in person or apply online via their website.
To apply online:
- Firstly, open your web browser to Huntington
- Next, Select the right savings account for you. Not sure what account you want to open? Compare savings accounts
- Then, Enter your personal information / financial details into the application
- Fund your account with your initial $50 deposit
- Finally, — you’re all set to start using your Huntington bank account!
How To Access Your Huntington Savings Account:
Online: Access your account by logging in with your username and password on their website.
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact Huntington About Your Account:
- Call (800) 480-2265
- Daily, 7:00 am – 7:00 pm (Eastern)
- Online Help Request:
- Submit an online help request by logging into your account and sending a secure message.
- Visit Huntington Customer Support page.
- You can also visit a local branch during their normal business hours of operation.
If you live in the Midwestern United States and you are looking for a no-frills savings account with great benefits like free overdraft protection and customer service available 7-days/week, Huntington may be a good fit for you. The overall APY offered on the account is lower than most online-only banks but they make up for it in the perks that they offer along with the account. For example, if you see that you over-drafted, you have 24 hours to get it back to positive to avoid an overdraft fee.
They also accept mobile and cash deposits 24 hours a day. That’s right, you can bring your cash to a Huntington-supported ATM for deposits any time (without entering a branch). Cash deposits are available same day, while check deposits will become a part of your available balance within 1-2 business days. Huntington also offers account alerts via text or email to let you know if you have a low balance as well as alerts regarding deposits, withdrawals and processed bill payments. Whether you are saving for retirement, college, long-term care, charity, or any other need, Huntington can certainly help you to safely grow your investments…check out their website for more information at Huntington.com.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
The Huntington National Bank : Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 2.6 out of 5 stars
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 5.97
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.