Huntington does not offer a dedicated high yield savings account
Huntington Bank's standard savings accounts earn interest rates well below what you will find at online banks or credit unions. As of early 2024, their regular savings accounts pay rates in the range of 0.01% to 0.05% annually, depending on your balance and account type. That means $10,000 in a Huntington savings account earns roughly $1 to $5 per year.
If you are looking for a savings account that pays 4% to 5% annually—what online banks now call high yield—Huntington is not the place to find it. Their business model relies on branch networks and in-person service, which costs more to operate than online-only banks. Those costs get passed to customers through lower interest rates on deposits.
Huntington does offer other products that may fit your needs, but none of them are marketed as high yield savings accounts. Understanding what they actually have, and what the trade-offs are, matters before you move money around.
Key Takeaways
- Huntington's savings accounts pay 0.01% to 0.05% annually, which is roughly one-tenth of what online banks pay on high yield savings accounts.
- Huntington offers money market accounts that may pay slightly higher rates than savings accounts, but still fall short of online alternatives.
- If you want higher interest on savings, you will need to move money to an online bank, credit union, or money market fund outside Huntington.
- Huntington's value proposition is branch access and integrated checking-savings management, not interest rate competition.
What Huntington's savings accounts actually pay
Huntington offers several savings products: a basic savings account, a money market account, and certificates of deposit (CDs). The basic savings account is the most common choice, and it pays the lowest rate. Your rate depends on your balance tier—higher balances earn slightly more, but the difference is small.
Money market accounts at Huntington typically pay a bit more than savings accounts, but the gap is narrow. A money market account might pay 0.10% to 0.15% annually, compared to 0.01% to 0.05% on savings. You also get check-writing privileges and a debit card, which a savings account may not offer. The trade-off is a higher minimum balance requirement, often $2,500 to $10,000 depending on the account type.
CDs at Huntington pay higher rates because your money is locked away for a set term—typically three months to five years. A one-year CD might pay 4% to 5%, which is competitive. But you cannot touch that money without paying an early withdrawal penalty, usually three to six months of interest.
How online banks beat Huntington on savings rates
Online banks like Marcus, Ally, and American Express Personal Savings offer high yield savings accounts that pay 4% to 5% annually with no minimum balance. They can offer these rates because they have no branch network, no tellers, and no physical overhead. All of that cost savings gets passed to depositors as higher interest.
The catch is that online banks have no branches. You cannot walk in and deposit cash or speak to someone in person. Everything happens through an app or website. If you value that in-person service—or if you need to deposit cash regularly—Huntington's branch network has real value, even if the interest rate does not.
Credit unions often split the difference. Many credit unions offer savings accounts that pay 2% to 3% annually and have physical branches. If you are a member of a credit union, checking their rates is worth your time before moving money to an online bank.
When Huntington's CDs make sense
If you have money you will not need for six months to a year, Huntington's CDs can be worth considering. A one-year CD at Huntington currently pays rates in the 4% to 5% range, which matches or beats many online banks on the same term. The rate is locked in for the full term, so you know exactly what you will earn.
The risk is that if interest rates fall, you are stuck with your rate for the full term. If rates rise, you cannot move your money without paying a penalty. Online banks also offer CDs, often at the same rates, so compare before you commit.
Huntington's early withdrawal penalty on CDs is typically three to six months of interest. That means if you break a one-year CD after three months, you lose three months of the interest you would have earned. Read the terms for the specific CD you are considering, because the penalty varies by term length.
Moving money to a higher-paying account
If you decide to move your savings to an online bank or credit union, the process is straightforward. Most online banks let you link your Huntington account and transfer money electronically. The transfer usually takes one to three business days.
You do not have to close your Huntington account. Many people keep a Huntington checking account for bill pay and branch access while moving savings to an online bank for the higher rate. That way you get both the convenience of a local branch and the interest rate of an online competitor.
If you have direct deposit set up with Huntington, you can change it to point to your new savings account at another bank. Your employer's payroll system will need the new routing number and account number, which your new bank will provide. The change usually takes one or two pay periods to go into effect.
Comparing your options side by side
| Account Type | Huntington Rate | Online Bank Rate | Huntington Advantage |
|---|---|---|---|
| Savings Account | 0.01%–0.05% | 4%–5% | Branch access, cash deposits |
| Money Market Account | 0.10%–0.15% | 4%–5% | Check writing, debit card |
| 1-Year CD | 4%–5% | 4%–5% | Locked rate, no online-only risk |
The table shows that Huntington's rates are competitive only on CDs. For everyday savings, online banks pay 50 to 100 times more interest. The question is whether Huntington's branch access and integrated account management are worth the cost to you.
Frequently Asked Questions
Can I get a higher rate if I keep a large balance at Huntington?
Huntington does offer slightly higher rates for larger balances, but the improvement is minimal. A $100,000 balance might earn 0.05% instead of 0.01%, which is $50 per year instead of $10. An online bank would pay $4,000 to $5,000 on the same balance. The difference is not worth staying for higher balance tiers alone.
What if I need to deposit cash regularly?
Online banks cannot accept cash deposits, so if you receive cash regularly, Huntington's branches are genuinely useful. You could deposit cash at Huntington, then transfer the money to an online bank's savings account once a week or month. This hybrid approach lets you keep the convenience of cash deposits while earning a higher rate on most of your savings.
Do Huntington's CDs have a penalty if I need the money early?
Yes. Early withdrawal penalties are typically three to six months of interest, depending on the CD term. A one-year CD broken after three months costs you three months of interest. Read the specific terms before opening a CD, because the penalty structure varies.
Can I move my money to an online bank without closing my Huntington account?
Yes. You can keep your Huntington checking account open for bill pay and branch access while moving savings to another bank. Link your Huntington account to your new bank's transfer system, and the money moves electronically in one to three business days. You do not have to close anything.
Are online banks safe if they have no branches?
Online banks are insured by the Federal Deposit Insurance Corporation (FDIC) just like Huntington. Your deposits are protected up to $250,000 per account type per bank. The lack of a branch does not affect the safety of your money, only how you access it.