If you live in the midwest, you may have noticed a growing number of Huntington Bank branches. What do they offer and should you consider moving your money to one of these locations? We’ll take a look at the pros and cons plus give you a few alternatives to compare it to.
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About Huntington Bank
The Huntington National Bank is a subsidiary of Huntington Bancshares Incorporated, which is worth over $108 billion. Headquartered in Columbus, Ohio, it is one of the leading banks in America.
Huntington has over 950 branches. The majority of the offices are in the Midwest. The bank has offices in Michigan, Ohio, Indiana, Pennsylvania, Wisconsin, Illinois, Kentucky, and West Virginia. It also operates in Florida, Hong Kong, and the Cayman Islands.
For the past few years, Huntington Bank has been known as the leading lender of small business loans in Wisconsin and Illinois. In the fiscal year 2018, the bank became the leading originator of small business loans throughout the country.
Huntington Bank reported a 44% increase in small business loans as compared to the previous year. The bank extended 1,200 small business loans during 2018, which is a record for the entity.
Huntington Bank has acquired several banks and financial organizations over the past few decades. In March 2015, it acquired Macquarie Equipment Finance Incorporated for over $450 million. Because of this financial deal, the bank gained assets worth $900 million.
In September 2014, Huntington Bank acquired 24 branches in Michigan from Bank of America. It gained deposits worth $750 million through this deal.
Huntington Bank continues to expand its operations through financial leadership, excellent customer support, and innovative products and services.
Huntington Bank Features and Fees
Huntington Bank offers customers these services:
- Checking and savings accounts
- Personal loans
- Auto loans
- Investment options
- Insurance options
- Credit cards
The bank’s free checking account is free, which is surprising because these accounts are rarely free nowadays.
You can also open a Relationship Money Market or Relationship Savings account at the bank. You can enjoy a waiver on the service fee if you link the account to the Huntington Bank 25 or Huntington Bank 5 account.
Huntington Bank has a product for all of your banking needs. You can keep your cash in a basic or savings account. The bank also offers investment options for more significant amounts of money.
As the name implies, this account has straightforward terms. It is ideal for those who have saved.
The account does not have a minimum balance. Hence, this account offers flexibility. It also does not have monthly service charges and hidden fees.
However, the downside is this account does not pay interest. You can take advantage of the promotional offer for this account though. This offer provides a bonus of $150 if all conditions are met.
First, open an online Huntington Asterisk-Free checking account. Within 60 days of opening the account, you should deposit at least $1,000. Your $150 bonus will be deposited after meeting all requirements.
This offer is open to applicants living in Ohio, Indiana, Illinois, Michigan, Kentucky, West Virginia, and Pennsylvania.
Huntington 5 Checking Account
This is an interest-bearing account that provides a 0.05% annual yield and a 10% bonus for points earned via a linked Voice Credit Card.
In addition, you can withdraw cash from non-Huntington Bank ATMs five times for free. Huntington Bank waives fees for these five cash withdrawals, and also reimburses fees charged by the ATM for these withdrawals.
Enjoy relationship rate benefits for savings accounts after opening the Huntington 5 Checking Account. $5 per month is deducted as maintenance fees. This amount goes down to zero if you maintain a total relationship balance of $5,000. There are no minimum deposit requirements for this account.
Huntington Bank 25 Checking Account
This interest-bearing account yields 0.10% interest on all balance tiers plus free ATM withdrawals. Huntington Bank waives fees on cash withdrawals from non-Huntington Bank ATMs. You will also be reimbursed for fees charged by a different ATM owner.
Receive a 10% bonus on points gained through a linked Voice credit card and gain access to better relationship rates for your savings account after opening a checking account. Free check orders also come with this account.
The monthly maintenance fee is $25 per month but if you maintain $25,000 in combined relationship balances, then it will be zero.
The bank offers some standard benefits to checking account holders. There’s a 24-hour grace period where customers can avoid overdraft charges if they make deposits within this period.
Customers can also make deposits any time of the day, until midnight by using the bank’s ATM or mobile app. This is a handy feature for busy people.
Huntington Bank also offers deposit-to-deposit overdraft protection. If you overdraw cash from your checking account, the bank will transfer funds via a linked account. This is free under certain conditions.
Another plus, the bank sends free alerts via email and text on all account activities so you can receive real-time updates.
You do have the option to open a money market account to complement your checking account. Unfortunately, the returns on this account are moderate. Other banks offer higher interest rates. Check our list of Best Interest Rates to compare.
The main benefit of the bank’s savings account is that you can easily avoid the monthly fee. You can do this by linking your checking account to your savings account.
The minimum deposit requirement is also a significant advantage. You’ll need to deposit $50 to open your account, which is an ideal solution for those who are new to saving.
However, these savings accounts offer low-interest rates. If you want higher interest rates, you will need to consider other banks, and for this, we’ll point you to our list of Best Online Savings Accounts with High Interest.
Certificates of Deposit
The interest rates on most CDs offered by Huntington Bank are low. However, the bank also provides a few promotional CDs at competitive interest rates. As of this writing, there’s only one promotional offer–the 11-month CD has 1.50% APY with a minimum opening balance of $1,000.
If you want short-term CDs, then the 11-month CD offer may be the right choice for you.
The signup process for the bank’s various tools is simple. You can open checking accounts and savings accounts online and even apply for the Voice credit card through their website.
Online applications are also available for finance options including personal loans, auto loans, home equity, and mortgages.
The application process takes only a few minutes and you will need to provide your social security number and a copy of your passport or driving license.
The bank uses 256-bit TLS encryption to protect your data while it is in transit. You can, therefore, carry out online transactions with complete peace of mind.
The 256-bit encryption employed by Huntington Bank is much stronger than the industry-standard 128-bit encryption. The bank takes customer data security seriously. This is a critical requirement in this era of increased identity theft and online fraud.
Huntington Bank also sends email through a secure system. The bank uses Secure Mail in collaboration with Cisco to ensure that customers’ financial information remains confidential and safe. Unauthorized persons cannot access information sent through this system over the internet.
To read the encrypted file attachment, you must enter a password, which you need to set during the registration process.
There are also online monitoring tools that detect suspicious account activity. Huntington Bank will immediately alert you via text and email if any suspicious activity occurs.
If you notice unauthorized transactions or identity theft, then you should contact the bank’s support staff by phone. You can also report ID theft and fraud at the email addresses on the online banking security page.
Huntington Bank provides a secure app for all of your banking needs. You can download and install the Huntington Bank banking app on your PC, tablet, or smartphone. The app works on both Android and iOS. It will give you full and ready access to your account so you can monitor your balance and transfer money on the go.
You can even use this app to deposit checks without visiting the bank’s branches. Deposits can be made until midnight. These features are all free.
Bill payment is just a few clicks away. You only need to specify the amount of the bill and the intended recipient. The bank will handle the rest. There is no need to stand in long queues.
The app has security features to prevent unauthorized transactions. For instance, you can log in using the TouchID and Fingerprint Login. This method is easy, secure, and fast. You won’t have to enter your password every time.
The app can help you to locate ATMs nearby and gives you the ability to contact customer support using live chat.
Huntington Bank provides customer service support 24-hours-a-day and 7-days-a-week. You can contact the bank’s representatives at any time to solve any problem.
For general customer service support, you can call (800) 480-2265. For live chat support, click on the chat icon on the support page.
Huntington Bank Pros and Cons
Offers overdraft protection: Offers a 24-hour grace period on overdrafts and the ability to make deposits until midnight.
Customer service: Provides friendly and professional 24/7 customer support.
Mobile access: Simple and safe mobile app for both Android and iOS allowing customers to deposit checks without visiting branches.
Asterisk-Free Checking: Zero charges and no minimum balance requirement.
Full service banking not available nationwide: Service is limited to the Midwest.
Monthly fees: High monthly balance requirement on checking accounts to waive monthly fees and expensive overdraft charges.
Low interest rates: You'll find more competitive rates on CDs, savings and checking accounts at other banks.
As we mentioned, some banks offer better interest rates than Huntington Bank on CDs and savings accounts. Here they are:
TIAA Bank offers up to 2.20% APY on CDs. The interest can compound daily for up to 5 years–this is the maximum term. The minimum deposit term is three months, and the minimum deposit is $5,000. This is a rather high requirement. However, the bank promises a high-interest rate that belongs to the top 5% in the U.S. banking market.
Capital One 360
Capital One 360 offers a CD up to 2.20% APY. CD terms range from 3 months to 5 years. There is no minimum deposit requirement. This is ideal for new savers.
Ally Bank offers CD APYs up to 2.25%. There is no minimum deposit requirement. The bank offers some of the most flexible CD options.
Is Huntington Bank Right for You?
Huntington Bank provides financial services for all your consumer needs. Whether it is a savings account, checking account, credit card, or different kinds of loans, you can find all types of financial products at Huntington Bank.
You can benefit from the financial services of this bank if you are a Midwest resident. If you live outside this region, then you may be better off with another bank.
Huntington Bank is one of the leading banks in the Midwest. The bank offers financial stability and is growing fast. It has made several notable acquisitions over the years and is the number one bank in originating SBA loans. The bank’s customer support service is excellent, while financial products and services are diverse. The bank can satisfy the financial needs of many consumers and businesses.
The rates for CDs and savings accounts are modest. However, the bank excels on all other fronts. If you live in the Midwest area, then you should think about utilizing the services of Huntington Bank–one of the biggest financial entities in the region.