Huntington Bank has two savings accounts, though neither offer competitive yields that will garner much interest in this high-yield environment. Its two money market accounts, however, are much more desirable if you qualify for the best rates.
Account details and annual percentage yields (APYs) are accurate as of February 6, 2024.
Are Huntington Bank savings account interest rates worth it?
Huntington Bank’s savings account rates are much lower than options available from other banks. Rates do not vary substantially based on your balance or relationship with the bank, so whether you’re looking to earn on high balances or low ones, you may want to look elsewhere.
However, its money market accounts do earn decent rates but there are balance and relationship requirements to meet. So unless you are willing to commit to Huntington or have a significant amount to deposit, you’ll find higher rates at other banks.
Overview of Huntington Bank interest rates
Huntington® Premier Savings Account: Huntington’s Premier Savings earns 0.01% APY on all balances, which is substantially lower than the national average savings rate of 0.46% APY (as of February 20, 2024, according to the FDIC), not to mention what you can find from the best high-yield savings accounts. It also charges a monthly maintenance fee of $4 which can be waived with an average daily balance of $300 or by owning an eligible Huntington checking account.
Huntington® Relationship Savings Account: The Relationship Savings Account earns between 0.01% to 0.06% APY depending on your relationship with the bank. To earn the highest APY, you’ll need to have a Huntington Private Client Account.
To waive the $50 monthly membership fee on the Private Client account, you need to have a checking account with at least a $50,000 average daily balance, $100,000 in savings with the bank across all savings products or $500,000 in total with the bank which can include investments. That’s a lot to ask just to earn a low APY.
There is also a monthly maintenance fee of $10 which can be waived if you have a Huntington Perks Checking℠ Account or Huntington Platinum Perks Checking℠ Account or maintain at least a $2,500 average daily balance.
Huntington SmartInvest Money Market℠ Account: The SmartInvest Money Market Account offers rates between 0.25% to 4.85% APY depending on the account balance and relationship tier and comes with no monthly fees. However, in order to be eligible for this MMA, you need a Huntington SmartInvest Checking℠ Account — which requires a minimum balance of $100,000.
Huntington® Relationship Money Market Account: The Relationship Money Market account earns between 0.00% to 4.70% APY, depending on your balance and other accounts held at Huntington Bank.
Balances under $25,000 do not earn any interest regardless of your relationship with the bank. Balances between $25,000.00 to $2,000,000.99 earn 4.49% to 4.70% APY depending on which checking account you have. Finally, balances between $2,000,001.00 to $99,999,999,999.99 earn 0.25% APY regardless of your relationship with the bank.
How much can you earn?
How much you’ll earn depends on your balance, your relationship with the bank, your APY and how long you leave the money in the account.
For the relationship requirements, we assumed a pairing with the Huntington Perks Checking℠ Account (if applicable) and a $10,000 deposit. The Perks Checking Account has no minimum balance requirements and a monthly maintenance fee of $10 monthly maintenance fee which can be waived with $1,000 in total monthly deposits or $5,000 in total relationship balances.
| Account | Deposit Amount | APY | Interest earned after 5 years | Interest earned after 10 years |
|---|---|---|---|---|
| Premier Savings Account | $10,000 | 0.01% | $5 | $10 |
| Relationship Savings Account (with Perks Checking) | $10,000 | 0.01% to 0.06% | $5 to $30 | $10 to $60 |
| SmartInvest Money Market Account | $10,000 | N/A* | N/A | N/A |
| Relationship Money Market Account (with Perks Checking) | $10,000 | 0.00% | $0 | $0 |
*To qualify for this account, you must have a SmartInvest Checking Account (which requires you to maintain $100,000 in total relationship balances).
How Huntington Bank compares
Other banks have much more competitive rates and minimum balance requirements compared to Huntington Bank.
The SoFi Checking and Savings Account, for instance, doesn’t require any minimum balance and yields 0.50% APY on checking and up to 4.60% APY on savings when enrolled in direct deposit, the savings yield drops to 1.20% if deposit requirements aren't met. The BMO Alto Online Savings Account has a rate of 5.10% APY, and also comes with no fees and no minimum balance requirements.
If in-person banking is important to you, the Capital One 360 Performance Savings account earns 4.35%, with no minimum deposit and no monthly fees.
| Account | APY | Min Deposit | Monthly Maintenance Fee |
|---|---|---|---|
| Huntington Premier Savings Account | 0.01% | $50 | $4 (waivable) |
| SoFi Checking and Savings Account | 0.50% to 4.60%* | $0 | $0 |
| BMO Alto Online Savings Account | 5.10% | $0 | $0 |
| Capital One 360 Performance Savings | 4.35% | $0 | $0 |
*0.50% APY on checking and up to 4.60% APY on savings when enrolled in direct deposit, the savings yield drops to 1.20% if deposit requirements aren't met.
Other savings options by Huntington Bank
In addition to savings and money market accounts, Huntington Bank also offers CDs which offer more attractive alternatives to consider.
Huntington Promotional Fixed Rate certificates of deposit are available for seven- or 11-month terms. The seven-month term earns 5.13% APY and the 11-month term earns 4.86% APY.
Huntington Standard Fixed Rate certificates of deposit range from one- to 72-month terms, but the rates are just 0.10% APY for all but the one- and three-month term options — those both earn 0.05% APY. Both the Promotional and Standard Fixed Rate CDs have a minimum deposit requirement of $1,000.
If you have at least $100,000 to deposit into a CD, the bank offers Huntington Promotional Jumbo Fixed Rate CDs with two term options available: a 215-day term that earns 5.13% APY and a 335-day term that earns 4.86% APY.
Huntington Bank review
Huntington Bank offers a full suite of banking products, including checking, savings, money market, CDs, loans, credit cards and investments. It was founded in 1866 and has its headquarters in Columbus, OH.
It is the 20th largest bank in the U.S. with over $186 billion in assets, and has more than 1,000 branches in 11 states.
Frequently asked questions (FAQs)
Currently, Huntington Bank’s Premier Savings Account offers a 0.01% APY on all balances. And, with its Relationship Savings Account, you could earn up to 0.01% to 0.06% APY (depending on your balance and other accounts open at Huntington).
Depending on your minimum balance amount, you could earn between 0.00% to 4.70% APY in the Relationship Money Market Account, even if you have no other accounts with the bank.
Currently, no. The savings rates at Huntington Bank are below the national average and wouldn’t qualify as a high-yield savings account. You’ll need to look elsewhere to take advantage of more competitive yields.
Yes, Huntington Bank is FDIC-insured. That means your deposits are insured by the federal government up to $250,000 in the event the bank fails. It covers accounts like checking, savings, money market deposit accounts and time deposits (such as CDs).
Yes, your savings are safe at Huntington Bank. It’s insured by the FDIC, so each depositor will be reimbursed up to $250,000 per owner, per type of account.
