Huntington Bank does not currently offer a dedicated high yield savings account

Huntington Bank's standard savings accounts earn interest rates well below what online banks and credit unions advertise as "high yield." As of now, Huntington does not market a savings product specifically branded as high yield. Their regular savings accounts typically earn rates in the range of 0.01% to 0.05% annual percentage yield (APY), depending on the account type and balance tier—rates that have not kept pace with inflation or with competing institutions.

If you opened a Huntington savings account in the past year, you may have seen promotional rates for limited periods, but these are temporary introductory offers, not permanent features. Once the promotional window closes, the rate drops to the standard tier. This matters because the difference between 0.01% APY and 4.00% APY means hundreds of dollars per year on a $10,000 balance.

Huntington does offer money market accounts, which sometimes carry slightly higher rates than savings accounts, but these are still not competitive with what you would find at online banks or credit unions focused on deposit rates. The trade-off is that money market accounts often require higher minimum balances and limit the number of withdrawals per month.

Key Takeaways

  • Huntington's standard savings accounts earn less than 0.10% APY, which is significantly lower than rates offered by online banks and many credit unions.
  • Huntington does not offer a product specifically labeled as a high yield savings account.
  • Money market accounts at Huntington may earn slightly more than savings accounts but still fall short of rates available elsewhere and come with withdrawal limits.
  • If you want to earn meaningful interest on savings, you will need to look outside Huntington or move funds to a different institution.

How Huntington's savings rates compare to other banks

Online banks and some credit unions currently offer savings accounts with APY rates between 4.00% and 5.00%, depending on market conditions and the institution. Huntington's rates are roughly 40 to 50 times lower. On a $10,000 balance, that difference amounts to $400 to $500 per year in lost interest income.

The reason for this gap is structural. Huntington operates a large branch network across the Midwest and Mid-Atlantic, which requires significant overhead for physical locations, staff, and technology infrastructure. Online banks have lower operating costs because they do not maintain branches, so they can pass savings to customers in the form of higher deposit rates. Credit unions, which are member-owned rather than shareholder-owned, also tend to prioritize competitive rates on savings.

Huntington's business model prioritizes lending and wealth management services over deposit rates. They make money primarily through loans, credit cards, and investment products—not by paying high rates on savings. This is a common trade-off at traditional banks with large branch networks.

What Huntington savings products actually offer

Huntington's main savings vehicle is the Huntington Savings Account, which comes in a few variations. The standard version requires a minimum opening deposit (typically $100) and earns interest on balances. There are no monthly maintenance fees if you maintain a minimum balance, usually around $300 to $500 depending on the specific account tier.

The Huntington Money Market Account is another option. It typically requires a higher minimum balance—often $2,500 or more—and limits you to a certain number of withdrawals per month (usually six). In return, it may earn a slightly higher rate than the savings account, though still well below market rates for high yield products elsewhere.

Huntington also offers Certificates of Deposit (CDs), which lock your money away for a set term (3 months, 6 months, 1 year, 2 years, or longer) in exchange for a may provide rate. CD rates at Huntington are typically higher than savings rates but still lag behind what online banks offer. The trade-off is that you cannot access the money without penalty until the term ends.

When a Huntington savings account might still make sense

If you already bank with Huntington and use their checking account, keeping savings in the same institution simplifies transfers and account management. Moving money between your own accounts at the same bank is when ready and free. If you only have a small amount to save—under $1,000—the difference in annual interest is minimal, so convenience may outweigh the rate disadvantage.

Huntington's branch network is also valuable if you need in-person banking services regularly. Some people prefer the ability to walk into a branch to deposit cash, speak with a banker, or handle complex transactions face-to-face. Online banks cannot offer this, so if branch access is important to you, the lower rate may be an acceptable trade-off.

If you are saving for a specific short-term goal and want the security of knowing your rate will not change, a Huntington CD might be worth considering—especially if you can lock in a rate during a period when the Federal Reserve is holding rates steady or signaling cuts ahead.

Better alternatives if you want higher interest rates

Online banks such as Marcus, Ally, American Express Personal Savings, and Wealthfront Cash Account currently offer savings rates between 4.00% and 5.00% APY with no monthly fees and no minimum balance requirements. These accounts are FDIC-insured just like Huntington accounts, so your money is equally safe.

Credit unions often offer competitive rates on savings accounts and money market accounts, especially if you are a member. Some credit unions have no minimum balance requirements and no monthly fees. You can search for credit unions in your area through the CO-OP Network or Alliant Credit Union, which accepts members nationwide.

If you want to keep your primary banking relationship with Huntington but earn higher interest elsewhere, you can open a savings account at an online bank or credit union and transfer money between institutions as needed. Transfers typically take one to three business days, so this works well for money you do not need when ready access to.

Understanding the difference between savings and money market accounts

A savings account is designed for frequent deposits and withdrawals. You can add or remove money whenever you want without penalty. Interest rates are typically lower because the bank cannot count on the money staying put.

A money market account is a hybrid between a savings account and a CD. It usually offers a higher interest rate than savings, but in exchange, the bank limits how many times per month you can withdraw funds—often to six withdrawals. If you exceed the limit, you may face a fee or the account may be converted to a savings account. Money market accounts also typically require a higher minimum balance to open and maintain.

For most people saving money they might need to access, a regular savings account is more practical. Money market accounts make sense if you have a larger sum you want to set aside for several months and do not plan to touch it frequently.

How interest rates on savings accounts are set

Banks set deposit rates based on the federal funds rate, which is the interest rate the Federal Reserve charges banks to borrow from each other overnight. When the Fed raises its rate, banks have more incentive to offer higher rates on deposits to attract and keep customer money. When the Fed cuts rates, banks lower deposit rates.

However, banks do not move in lockstep. Online banks typically respond faster to Fed rate changes and move more aggressively because they compete primarily on rates. Traditional banks like Huntington move more slowly and offer lower rates because they compete on convenience, branch access, and bundled services.

The Federal Reserve's rate decisions are announced roughly every six weeks. If you are watching rates and considering where to save, checking the Fed's schedule and recent decisions can give you a sense of whether rates are likely to move up or down in the coming months.

Frequently Asked Questions

Does Huntington offer any promotional rates on savings accounts?

Huntington occasionally runs promotions offering higher APY for a limited time—sometimes 3 to 12 months. These rates are advertised on their website and in branches. Once the promotional period ends, the rate reverts to the standard tier. Check Huntington's current offers before opening an account, but do not count on promotional rates as permanent.

Can I move money from Huntington to an online bank without closing my Huntington account?

Yes. You can open a savings account at an online bank and transfer money from Huntington without closing any Huntington accounts. Transfers between banks take one to three business days. You can keep your Huntington checking account and move only the savings portion to earn higher interest elsewhere.

Are savings accounts at online banks as safe as Huntington?

Yes, as long as the online bank is FDIC-insured. FDIC insurance protects up to $250,000 per depositor per bank, regardless of whether the bank has branches. Check the bank's website for the FDIC insurance statement. Most major online banks are FDIC-insured.

What happens to my interest if the Fed cuts rates?

When the Fed cuts rates, banks lower the APY on savings accounts. Your existing balance is not affected—you keep what you have earned—but new interest accrues at the lower rate going forward. This is why locking in a higher rate through a CD can be valuable if you expect rates to fall.

Is there a penalty for withdrawing money from a Huntington savings account?

No. Huntington savings accounts allow unlimited withdrawals without penalty. Money market accounts may charge a fee if you exceed the monthly withdrawal limit, but regular savings accounts do not. This is one advantage of savings accounts over CDs, which charge a penalty for early withdrawal.