Huntington Bank is a midwest full service bank with a lot of offerings for both consumers and businesses. If you're not from the midwest, you may not have heard of them, but they have a large presence in 8 states.
They are best known for solid checking account products, and solid business banking products. In fact, we've named Huntington Bank to our list of the best business checking accounts.
Read our Huntington Bank review and see how they compare to the other best banks.
- Full service bank with a broad range of offerings
- Low deposit rates compared to other online banks
- Relatively fee-heavy compared to the best banks
Who Is Huntington Bank?
Huntington Bank is a full-service bank with branches in the Midwest. It was formed in 1866 and is headquartered in Columbus, OH.
As of March 31, 2019, the bank had $108 billion in assets. It has 900 traditional and supermarket branches primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia, and Wisconsin. There are also over 1,800 ATM locations.
While Huntington offers plenty of loan products, investments, and insurance, in this article, we’ll focus on deposit accounts.
What Do They Offer?
Looking at checking, savings, and CDs, Huntington offers the following products.
There are three checking products to choose from. Which one you choose depends if you want completely free checking or the ability to earn interest.
For all checking accounts, overdraft and return fees are $37.50 each with up to four per day. The first of each fee is $23 during a 1-year period. There is a 24-hour grace period on overdraft fees. If the account is not overdrawn by more than $4.99 by the end of the next business day, the fee is waived.
Mobile banking and online bill payment are also available.
There is no maintenance and there are no monthly fees. Open an account with no deposit. This account doesn’t earn any interest. Non-Huntington ATM usage will incur a $3 fee. There are no checks included with the account, so you’ll need to buy checks.
None of Huntington’s checking accounts will earn you much interest. The following two checking accounts are the only two that do earn interest.
Huntington 5 Checking
There is currently a 0.15% APY and no deposit is needed to open an account. There is a $5/month fee if you have less than $5,000 in the account. Five non-Huntington ATM charges are waived per cycle. Checks are not included with this account, so will you need to order some.
Huntington 25 Checking
This has currently a 0.25% APY. A $25,000 balance must be maintained to avoid the $25/month fee. There is unlimited, no-fee, non-Huntington ATM usage with this account. The account also includes unlimited checks.
Huntington offers two types of CDs: accounts that have less than $100,000 and Jumbo CDs for accounts with $100,000 or more. They also run promotional rates, which is the best rate on offer. All CDs require a $1,000 minimum to open.
Promotional 11-month CD
This has 1.50% APY. This is lower than similar products. Check out our list of the best bank CD rates.
Fixed-Rate CDs (Less Than $100,000)
Rates start at 0.01% for a 1-month CD and go up to 0.55% for a 6-year CD.
Jumbo Fixed-Rate CDs ($100,000 or More)
Rates start at 0.01% for a 7-day CD and go up to 0.55% for a 5-year CD.
Money Market Accounts
Huntington’s money market accounts are tied to the Huntington 5 and 25 checking accounts or a private client account. If you don’t have any of those accounts, you’ll need to maintain a $2,500 balance or pay a $10/month fee.
Interest on money market accounts is tiered. You’ll earn more if you have an existing Huntington account. If you don’t have an existing account, the rate is 0.05% APY. If you have a Huntington 5 account, the rate is 0.15%. If you have a Huntington 25 account, the rate is 0.20%.
Are There Any Fees?
Yes — there are many. You certainly have to watch out for fees with Huntington. In addition to the fees mentioned above, there are also the following common fees:
- Stopping Payment: $31
- Return Deposit Item: $10
- Cashier Check: $6.00
You can see the full list of fees here.
How Do I Open an Account?
Checking and money market accounts can be opened online. You must be:
- Eight years old or older
- A U.S. citizen
- A resident of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, or Wisconsin
You’ll also need a U.S. government-issued ID like a driver’s license or passport and a Social Security number.
CDs must be opened at a branch.
Is My Money Safe?
Yes. Huntington is FDIC-insured, which means each depositor is covered up to $250,000. Huntington also uses bank-grade encryption.
Is It Worth It?
If you are seeking high-yields, Huntington is not in that game. If you are looking for deposit accounts with minimum fees, you’ll still need to look elsewhere. So whom is Huntington for?
Some people like a full-service bank where everything can be done in one location and branches are available as well. With a range of products and services including checking, money market accounts, CDs, loans, mortgages, credit cards, investments, insurance, and private banking, Huntington seems to have it all. For these services, some people are willing to give up some yield on deposits, which makes Huntington a great choice.