If you’re looking for a good way to save money and earn interest in 2024, Huntington Bank has some interesting options. Their promotional money market accounts and certificates of deposit (CDs) can help you grow your savings. However, it’s important to understand the requirements and benefits of each account type before you decide.
Key Takeaways
- Huntington offers a Relationship Money Market Account that earns interest if you maintain a balance of at least $25,000.
- Promotional Fixed Rate CDs provide higher interest rates for shorter terms, making them a good choice for quick savings growth.
- Jumbo Fixed Rate CDs are available for larger deposits, offering competitive rates for those who can invest $100,000 or more.
- The Perks Checking Account can help you qualify for better rates on savings and money market accounts.
- Huntington’s interest rates may not be the highest in the market, so it’s wise to compare with other banks.
1. Relationship Money Market Account
The Huntington Relationship Money Market Account is a great way to earn interest while keeping your money accessible. This account offers competitive rates, especially if you maintain a balance of $25,000 or more. Here are some key features:
- Earn Interest: You can earn between 4.49% to 4.70% APY on balances from $25,000 to $2,000,000.
- FDIC Insured: Your savings are protected up to applicable limits.
- No Monthly Fees: Avoid monthly maintenance fees by keeping the required balance or linking to a Perks Checking account.
Interest Rate Benefits
| Balance Range | Interest Rate | APY |
|---|---|---|
| $0.01 to $24,999.99 | 0.00% | 0.00% |
| $25,000.00 to $99,999.99 | 4.40% | 4.49% |
| $100,000.00 to $249,999.99 | 4.40% | 4.49% |
| $250,000.00 to $499,999.99 | 4.40% | 4.49% |
| $500,000.00 to $999,999.99 | 4.40% | 4.49% |
| $1,000,000.00 to $2,000,000.99 | 4.40% | 4.49% |
Unlimited Transfers and Withdrawals
With this account, you can enjoy:
- Unlimited cash withdrawals and transfers at Huntington ATMs and branches.
- The ability to write checks, giving you more flexibility with your funds.
The Relationship Money Market Account is designed to help you grow your savings while providing easy access to your cash. Make the most of your money with this account option!
2. Promotional Fixed Rate CDs
Huntington Bank offers Promotional Fixed Rate CDs that can help you earn more on your savings. These CDs provide higher annual percentage yields (APYs) compared to standard rates, making them an attractive option for savers. Here are some key details:
- Minimum Deposit: You need at least $1,000 to open a Fixed-Rate CD.
- Term Lengths: The available terms are 5 months and 9 months, which means you can lock in your rate for a shorter time.
- APY: The 5-month term offers a competitive 4.60% APY.
| Term Length | APY |
|---|---|
| 5 months | 4.60% |
| 9 months | TBD |
Benefits of Promotional Fixed Rate CDs
- Higher Returns: These CDs typically offer better rates than standard options.
- Shorter Commitment: With terms of only 5 or 9 months, you can access your money sooner.
- Safe Investment: Your money is insured up to $250,000, providing peace of mind.
Promotional Fixed Rate CDs are a great way to grow your savings without taking on much risk. They are ideal for those who want to earn more interest while keeping their funds secure.
In summary, if you’re looking for a way to boost your savings, consider Huntington’s Promotional Fixed Rate CDs. They offer a solid return with a relatively short commitment, making them a smart choice for many savers. Take advantage of these rates while they last!
3. Jumbo Fixed Rate CDs
Huntington Bank offers jumbo fixed-rate CDs for those looking to invest larger amounts. These accounts require a minimum deposit of $100,000. Here’s what you need to know:
Key Features:
- High APY: Jumbo CDs often provide better interest rates compared to standard CDs.
- Term Options: You can choose from various term lengths, typically ranging from 152 days to 270 days.
- Daily Compounding: Interest is compounded daily, maximizing your earnings.
Current Rates:
| Term Length | APY |
|---|---|
| 152 days | 4.60% |
| 270 days | 3.56% |
Jumbo CDs are a great way to earn higher interest on large deposits while keeping your money safe.
Considerations:
- Early Withdrawal Penalties: Be aware of penalties if you withdraw funds before the term ends.
- Minimum Deposit: Ensure you can meet the $100,000 minimum requirement.
- Limited Access: Funds are tied up for the duration of the term, so plan accordingly.
In summary, Huntington’s jumbo fixed-rate CDs are an excellent choice for those with substantial funds looking to earn competitive interest rates while keeping their money secure.
4. Perks Checking Account
The Huntington Perks Checking Account offers a great way to manage your money while earning rewards. This account is designed for those who want to enjoy benefits without the hassle of high fees. Here are some key features:
- No monthly maintenance fee if you maintain a balance of $1,000 or more.
- Access to a $400 cash bonus for eligible new customers who open an account by October 7, 2024.
- Unlimited transactions at Huntington ATMs and branches.
Interest Rates
| Balance Range | Interest Rate | APY |
|---|---|---|
| $0.01 to $24,999.99 | 0.00% | 0.00% |
| $25,000.00 to $99,999.99 | 4.40% | 4.49% |
| $100,000.00 to $249,999.99 | 4.40% | 4.49% |
| $250,000.00 to $499,999.99 | 4.40% | 4.49% |
| $500,000.00 to $999,999.99 | 4.40% | 4.49% |
| $1,000,000.00 to $2,000,000.99 | 4.40% | 4.49% |
| $2,000,001.00 and above | 0.25% | 0.25% |
The Perks Checking Account is a smart choice for those looking to maximize their savings while enjoying easy access to their funds.
In summary, the Huntington Perks Checking Account is a solid option for anyone wanting to earn rewards and enjoy flexible banking. With its $400 cash bonus and no monthly fees, it stands out as a great choice for 2024.
5. Platinum Perks Checking Account
The Platinum Perks Checking Account from Huntington offers great benefits for those who maintain a higher balance. This account is designed for customers who want to earn interest while enjoying various perks.
Key Features
- High Interest Rates: You can earn competitive interest rates when your balance is $25,000 or more.
- No Monthly Fees: If you keep the required balance, you can avoid monthly maintenance fees.
- Access to Bonuses: Currently, you have 1 week left to get a $400 bonus if you meet the deposit requirements.
Interest Rates Table
| Balance Range | Interest Rate | APY |
|---|---|---|
| $0.01 to $24,999.99 | 0.00% | 0.00% |
| $25,000.00 to $99,999.99 | 4.40% | 4.49% |
| $100,000.00 to $249,999.99 | 4.40% | 4.49% |
| $250,000.00 to $499,999.99 | 4.40% | 4.49% |
| $500,000.00 to $999,999.99 | 4.40% | 4.49% |
| $1,000,000.00 to $2,000,000.99 | 4.40% | 4.49% |
| $2,000,001.00 and above | 0.25% | 0.25% |
Benefits of the Platinum Perks Checking Account
- Unlimited Transactions: You can make unlimited transfers and withdrawals without any fees.
- Free Checks: Enjoy the convenience of free checks with your account.
- FDIC Insured: Your deposits are insured up to the applicable limits, providing peace of mind.
The Platinum Perks Checking Account is a great choice for those looking to maximize their savings while enjoying flexibility and security.
6. High-Yield Savings Accounts
High-yield savings accounts are a great way to earn more on your savings. These accounts typically offer better interest rates than regular savings accounts. Here’s what you need to know:
Key Features of High-Yield Savings Accounts
- Higher Interest Rates: These accounts often provide rates that are significantly above the national average.
- Accessibility: You can easily access your funds when needed, making them a good option for emergency savings.
- FDIC Insured: Your money is protected up to $250,000, ensuring safety while you earn interest.
Comparison of Huntington Bank’s Savings Accounts
| Account Type | APY (Annual Percentage Yield) | Monthly Fee | Minimum Balance Requirement |
|---|---|---|---|
| Premier Savings Account | 0.01% | $4 | $300 (to waive fee) |
| Relationship Savings Account | 0.01% – 0.06% | $4 | $300 (to waive fee) |
Why Choose a High-Yield Savings Account?
- Better Returns: You can earn more interest compared to traditional savings accounts.
- Flexibility: Withdrawals and transfers are usually allowed, giving you access to your money.
- Low Risk: These accounts are a safe place to keep your savings while still earning interest.
High-yield savings accounts can be a smart choice for those looking to grow their savings while keeping their money accessible.
In summary, while Huntington Bank offers some savings options, you may find better rates elsewhere. Always compare different banks to find the best deal for your savings needs. Remember, Huntington honors℠ banking is available for those who serve our communities, providing additional benefits for eligible individuals.
7. Standard Fixed Rate CDs
Standard Fixed Rate CDs from Huntington Bank offer a simple way to save money with a guaranteed interest rate. These CDs are a safe choice for those who want to earn a bit more than a regular savings account.
Key Features:
- Minimum Deposit: $1,000
- Term Lengths: Options range from 1 month to 72 months.
- Interest Rate: All terms currently offer a 0.50% APY.
Comparison of Terms and Rates:
| Term Length | APY |
|---|---|
| 1 month | 0.50% |
| 3 months | 0.50% |
| 6 months | 0.50% |
| 12 months | 0.50% |
| 24 months | 0.50% |
| 36 months | 0.50% |
| 60 months | 0.50% |
| 72 months | 0.50% |
Benefits of Standard Fixed Rate CDs:
- Predictable Earnings: You know exactly how much interest you will earn.
- Flexible Terms: Choose a term that fits your savings goals.
- Safety: Your money is insured up to $250,000.
Standard Fixed Rate CDs are a good option for those who want to save money without taking risks. They provide a steady return, making them a reliable choice for future plans.
8. Money Market IRA
A Money Market IRA is a special type of account designed for retirement savings. It combines the benefits of a money market account with the tax advantages of an IRA. Here are some key points to consider:
- Tax Benefits: Contributions to a Money Market IRA can be tax-deductible, helping you save more for retirement.
- Safety: Like other IRAs, your funds are FDIC insured, which means your money is protected up to certain limits.
- Access to Funds: You can access your money through checks or transfers, making it easier to manage your savings.
Key Features of Money Market IRAs
| Feature | Description |
|---|---|
| Minimum Deposit | Typically $25,000 to open the account |
| Interest Rates | Competitive rates that can vary by balance |
| Withdrawal Options | Check-writing, ATM, and electronic transfers |
A Money Market IRA is a great way to save for retirement while earning interest on your savings. IRAs are a way for you to provide for yourself in your retirement.
In summary, a Money Market IRA can be a smart choice for those looking to grow their retirement savings while enjoying the benefits of a money market account. Consider your options and choose the best plan for your financial future!
9. Interest Rate Benefits
Understanding Interest Rates
Interest rates on money market accounts can change based on various factors. The Federal Reserve’s decisions play a big role in how these rates are set. When the Fed cuts rates, the interest you earn may also drop.
Current Trends
As of October 2024, the top money market account rates are still competitive. Here’s a quick look at how they compare:
| Type of Account | Average APY (%) | Top APY (%) |
|---|---|---|
| Money Market Account | 0.45 | 5.84 |
| High-Yield Savings Account | 0.50 | 5.84 |
| Fixed Rate CDs | 0.60 | 6.00 |
Key Points to Remember
- Variable Rates: Most money market accounts have variable rates, meaning they can go up or down.
- Promotional Rates: Some accounts offer promotional rates for a limited time, which can be higher than standard rates.
- Impact of Fed Rates: Changes in the Federal Reserve’s rates can affect your earnings.
It’s essential to keep an eye on the market and choose accounts that offer the best rates to maximize your savings.
In summary, understanding the interest rate benefits of your money market account can help you make informed decisions about your savings. Always compare rates and consider your options to ensure you’re getting the best deal possible.
10. Unlimited Transfers and Withdrawals
Having unlimited transfers and withdrawals is a significant advantage of Huntington’s money market accounts. This feature allows you to manage your funds without worrying about limits, making it easier to access your cash when you need it. Here are some key points to consider:
- Flexibility: You can move your money freely without restrictions, which is great for managing expenses or emergencies.
- Convenience: Access your funds through Huntington ATMs and branches without any hassle.
- Free Checks: You also have the option to write checks, adding another layer of convenience.
Benefits of Unlimited Transfers
- Easy Access: You can withdraw or transfer money anytime without worrying about hitting a limit.
- Better Financial Management: This feature helps you keep track of your spending and savings more effectively.
- No Extra Fees: Unlike some accounts that charge for additional transactions, Huntington allows you to move your money freely.
Unlimited transfers and withdrawals can help you manage your finances better, giving you peace of mind knowing your money is always accessible.
Summary
In summary, Huntington’s money market accounts offer unlimited transfers and withdrawals, making them a great choice for anyone looking to keep their cash liquid and accessible. This feature, combined with competitive rates, makes it a strong option for savers in 2024.
| Feature | Details |
|---|---|
| Transfers/Withdrawals | Unlimited |
| Access Points | Huntington ATMs and branches |
| Check Writing | Available |
Final Thoughts on Huntington’s Money Market Rates for 2024
In conclusion, Huntington Bank offers some appealing money market account rates for 2024, especially for those who can meet the balance and relationship requirements. While their savings accounts may not be the best choice due to low interest rates, the money market accounts can provide better returns if you have a significant deposit. However, if you don’t meet the criteria, you might find better rates at other banks. Always compare your options to ensure you’re getting the best deal for your savings.
Frequently Asked Questions
Kuldeep Nirgude is a computer science student with a strong interest in finance and marketing. With a focus on analyzing industry trends, he writes articles that simplify complex concepts and empower readers to make informed decisions. Kuldeep is dedicated to bridging the gap between technology and business, and is committed to staying updated on the latest innovations shaping the economy.