Huntington Bank's High-Yield Savings Options

Huntington Bank does offer a high-yield savings account called the Huntington Premier Savings Account. This account pays interest on the money you deposit, and the rate is higher than what you would earn in a traditional savings account at most brick-and-mortar banks. However, the actual interest rate changes based on market conditions and how much money you keep in the account, so you should check Huntington's website or call a branch to see the current rate before opening one.

Huntington also offers other savings products, including regular savings accounts that pay lower interest rates. The Premier Savings Account is the one designed specifically for people looking to earn more on their savings. You can open this account online, by phone, or in person at a Huntington branch.

Key Takeaways

  • Huntington Bank's Premier Savings Account is their high-yield option, though the interest rate varies and you should check the current rate before opening.
  • Interest rates on savings accounts change regularly based on what the Federal Reserve does with its rates, so the amount you earn will not stay the same forever.
  • You can open a Premier Savings Account online, by phone, or at a branch, and you will need an initial deposit to start.
  • Huntington may require you to maintain a minimum balance to earn the advertised rate, so read the account details carefully.

How Interest Rates Work on Huntington Savings Accounts

The interest rate Huntington pays on a Premier Savings Account is called the annual percentage yield, or APY. This is the amount of interest you earn in a year, expressed as a percentage of your balance. If you have $10,000 in the account and the APY is 4%, you would earn roughly $400 in a year (though the actual amount depends on how often the bank compounds, or adds, the interest).

Huntington's rates move up and down based on what the Federal Reserve does. When the Fed raises its rates, banks typically raise the rates they pay on savings. When the Fed lowers rates, banks lower what they pay you. This means the rate you earn today will not be the same six months from now. You can check Huntington's current rates on their website or by calling your local branch.

Minimum Balance and Account Requirements

Huntington may require you to keep a minimum amount of money in your Premier Savings Account to earn the advertised interest rate. The minimum balance requirement varies depending on the specific account terms, so you need to confirm this before you open the account. If your balance drops below the minimum, Huntington may pay you a lower rate or charge you a monthly fee.

You should also ask whether Huntington charges any monthly maintenance fees on the Premier Savings Account. Some banks waive fees if you maintain a certain balance or set up direct deposit. Others charge a small monthly fee regardless. These details matter because a fee can eat into the interest you earn.

How to Open a Premier Savings Account at Huntington

You can open a Huntington Premier Savings Account in three ways: online through Huntington's website, by phone at their customer service number, or in person at a branch near you. If you open online, you will need to provide your Social Security number, address, and date of birth so Huntington can verify your identity. You will also need to make an initial deposit, which is usually at least $25 to $100, though this amount can vary.

If you already have a checking account with Huntington, opening a savings account is faster because the bank already has your information on file. You can often link the two accounts so money moves easily between them. If you are new to Huntington, the process takes a bit longer because the bank needs to complete identity verification, but it usually finishes the same day or within one business day.

Comparing Huntington to Online Banks

Online banks like Marcus, Ally, and American Express often pay higher interest rates on savings accounts than Huntington does. This is because online banks have lower costs — they do not pay for physical branches or as many employees. If earning the highest possible interest rate is your main goal, you may find a better rate at an online bank.

However, Huntington has advantages if you value in-person service or already bank there. You can walk into a branch to deposit cash, speak to someone face-to-face about your account, or handle problems when ready. Online banks have no branches, so all service happens by phone, email, or chat. Choose based on what matters more to you: the highest rate or the convenience of a local branch.

Moving Money In and Out of Your Savings Account

Once you open a Premier Savings Account, you can deposit money by transferring it from another bank account, depositing cash or a check at a Huntington branch, or setting up direct deposit from your paycheck. Transfers from other banks usually take one to three business days. Deposits at a branch are available when ready.

When you need to withdraw money, you can transfer it back to your checking account or another bank account. Huntington allows a certain number of withdrawals per month before charging a fee — federal rules used to limit this to six, but that rule changed, so ask Huntington what their current policy is. You can also withdraw cash at a Huntington ATM or at a branch in person.

What Happens to Your Interest if Rates Drop

If the Federal Reserve lowers interest rates, Huntington will lower the rate they pay on your Premier Savings Account. This means you will earn less interest on your balance going forward. Your existing money stays in the account, but the interest you earn each month will be smaller. This is normal and happens at every bank.

You are not locked into a rate. If Huntington's rate becomes too low compared to other banks, you can move your money to a different bank that pays more. There is usually no penalty for closing a savings account, though you should confirm this with Huntington before you open one. Some people move their savings between banks as rates change to keep earning the best available rate.

Frequently Asked Questions

Is my money safe in a Huntington savings account?

Yes. Huntington Bank is a member of the Federal Deposit Insurance Corporation, or FDIC. This means the federal government insures your deposits up to $250,000 per account type. If Huntington fails, you will not lose your money — the FDIC will pay you back.

Can I have multiple savings accounts at Huntington?

Yes, you can open more than one savings account at Huntington. Each account is insured separately up to $250,000 by the FDIC, so if you have two savings accounts with $200,000 in each, both are fully protected. However, having multiple accounts can make it harder to track your money, so most people keep just one.

What is the difference between a Premier Savings Account and a regular savings account?

The main difference is the interest rate. A Premier Savings Account pays a higher rate than a regular savings account. Both are savings accounts where you deposit money and earn interest, but the Premier version is designed for people who want to earn more on their balance.

Do I need a checking account to open a savings account at Huntington?

No, you do not need a checking account. You can open a Premier Savings Account on its own. However, if you already have a Huntington checking account, linking it to a savings account makes it easier to move money between the two.

What happens if my balance falls below the minimum?

If Huntington requires a minimum balance and your balance drops below it, the bank may pay you a lower interest rate or charge you a monthly fee. Contact Huntington to ask what happens in your specific situation, because the penalty varies by account.