APY GUY: Maximize Your Savings & Earnings

CD Rates

13 Lucrative Alternatives To CDs and Savings Accounts


image credit: pixabay

Every investor wants to earn a reasonable rate of return. 

Your rate of return can produce an income to pay for living expenses, or funds can be reinvested to increase your investment portfolio.

The current interest rate environment makes it difficult to earn a decent return on traditional deposit accounts.

Interest Rate Landscape

Interest rates have steadily declined since the early 1980’s when they were at their highest point in modern history. According to NerdWallet and the Federal Reserve Bank of St. Louis, a 3 month CD in December of 1980 would have earned you a whopping 18.65% APY.

Today, however, you’d be hard-pressed to find a yield even one-tenth that size. And you’d have to lock up your funds for many years to even come close.

Since the onset of COVID-19 and the subsequent recession, the interest rate environment for savers has gotten even worse. The Federal Reserve System chairman Jerome Powell has made it clear they intend to hold key rates at historically low levels for an extended period of time. And thanks to low rates of inflation, the Fed will likely be able to keep its promise.

That being said, many savers that have historically relied on FDIC-insured investment vehicles for their savings and investments are now searching for safe alternatives that feature higher returns.

Below is our breakdown of the most worthy alternatives to traditional CDs and savings accounts.

Have you considered the following?

Paying off High Interest Debt

Reducing debt can generate an attractive rate of return.

You can earn a higher rate of return by paying off debt that carries a high rate of interest.

If the rate of interest you remove is higher than the rates available on CDs and saving accounts, you’re financially better off.

The average interest rate on credit card debt is over 21%, and interest rates on student loans average between 4.5% and 7.6%, depending on the type of loan.

Here’s a simple example, assuming that the investor pays off the highest interest rate debt first.

  • You pay off a $3,000 credit card balance with a 20% annual interest rate, saving you $600 interest expense. You now have $600 available to use toward another debt.
  • Next, you apply the $600 in saved credit card interest and $4,400 additional dollars to pay off $5,000 in student debt. This debit has a 6% annual interest rate, saving you $300 in interest. 
  • Finally, you apply the $300 in saved student loan interest and $1,700 additional dollars to pay off $2,000 in additional student debt. This debit has a 4.5% annual interest rate, saving you $90 in interest. 

The result? You invested $9,100 to pay down debt, and saved $990 in interest costs. Your return, in terms of interest costs eliminated, is over 10%. This is a much higher return than rates for CDs and savings accounts.

A growing number of investors are considering the returns from peer-to-peer lending.

Peer to Peer Lending

Peer to peer lending provides an alternative to traditional bank loans, and offers a competitive rate of return to investors.

With peer-to-peer (P2P) lending, borrowers are connected with lenders through an online marketplace, with the P2P company serving as a facilitator.

The borrower doesn’t have to go through a lengthy loan approval process. The application process is simplified, and decisions are made quickly. The lender earns a return, based on a share of the interest rate charged to the borrower.

Companies such as Upstart and Funding Circle facilitate personal and business loans. PriceWaterhouseCoopers estimates that the market could reach $150 billion or higher by 2025.

As an example, Upstart states that the average 3-year loan has an annual percentage rate of 20%, and that over 478,000 loans have originated on the site. P2P lenders can earn annual returns from 6 to 10%. 

These are unsecured loans, and there is a risk of default by a borrower. Upstart’s default rate is between 4% and 9%. Fortunately, you can spread your risk by investing a small dollar amount in a number of different loans.

Both the SEC and state entities regulate P2P lenders.

ETF And Dividend Stocks

Over the long term, common stocks have offered higher returns than CD and savings accounts.

One way to measure the average return on common stocks is to use the Standard and Poor’s (S&P) 500 Index. This is an index that tracks the investment performance of 500 large company stocks.

The average annual return for the index from 1957 through 2018 is roughly 8% (7.96%). While the average return is higher, the year-to-year volatility creates risk for investors. The index generated a 34% increase in 1995, and a 38% decline in 2008. 

Common stocks can be a successful investment for individuals who hold a portfolio of stocks over the long term. 

An exchange-traded fund (ETF) is a portfolio of stocks that tracks the performance of an underlying index, such as the S&P 500 Index. ETFs are listed on exchanges, and their shares are traded each business day. Purchasing an ETF is an inexpensive way to invest in a diversified portfolio of stocks.

You can reduce stock market volatility by purchasing dividend stocks. These stocks pay a high dividend, as compared to the overall stock market. Typically, high-dividend stocks represent companies that are well established, and produce consistent profits.

Assuming dividend reinvestment, high-dividend stocks posted compound annual returns of 11.7% between 1986 and 2016. According to Ned Davis Research, dividend stocks posted an average annual return of 10.07% between 1972 and 2013.

Stock investors are exposed to volatility, as explained earlier. By reinvesting a high dollar amount of dividends, investors can benefit from compounding interest, or the ability to earn a return on prior dividend payments.

Compounding interest increases returns, and reduces the impact of stock price declines on the annual rate of return. ETFs and high-dividend stocks are appropriate for investors who are willing to take a moderate level of risk to earn higher returns.

Corporate, Municipal, and Government Bonds

A bond is a debt instrument that pays an investor a fixed interest rate each year, and returns the original (principal) amount when the bond reaches maturity. Many investors use bonds to earn a predictable amount of income each year.

Most bonds receive a credit rating, based on their ability to make all required interest payments and repay the investor’s principal amount at maturity. 

A default means that the bond missed an interest payment, principal repayment, or both. Investors should consider the bond rating for every investment, in order to minimize the risk of a bond default. 

Standard and Poor’s and other institutions analyze bonds and provide a bond rating. 

Investors can purchase several types of bonds.

Corporate Bonds

Debt issued by corporations to raise capital. Companies that generate consistent profits and limit the total debt can make all required debt payments. These firms typically receive a higher bond rating than other businesses with inconsistent profits.

Municipal bonds

States, cities, and local governments issue municipal bonds. The bond may be secured by the taxing power of the municipality (general obligation bonds), or funded by a specific revenue source.

Government bonds

The US federal government issues Treasury bonds. These bonds are backed by the full faith and credit of the US, and have the highest bond rating for creditworthiness.

Barclays Capital reports that bonds earned an average annual return of 4.3% from 1915 to 2014. Keep in mind, however, that inflation reduces the purchasing power of the income paid on a bond. Inflation averaged 3.2% during the same time period, meaning that the average “real” return was (4.3% – 3.2%), or 1.1%

CD and savings account investors are also subject to inflation and reduced purchasing power. So, it’s useful to compare CD and savings rates to the 4.3% annual return on bonds.

Real Estate Investing, REITS

With REITs you can invest in a diversified portfolio of properties or property management companies. The average 20 year return on a REIT is 11.8%.

Investors can diversify their investment portfolios and earn competitive rates of return by investing in real estate. 

Investopedia explains that the average 20-year return in commercial real estate is 9.5%, while residential real estate averages 10.6%.

  • Purchasing individual properties is complicated, and carries several forms of risk. You need to understand current prices in the market, so that you can negotiate a reasonable purchase price. 
  • You’ll need an expert who can ensure that the title of the property is legally transferred to you. 
  • If you want to build or make changes to an existing structure, you’ll need to get permits and follow local building code regulations.

Real estate investment trusts (REITS) allow you to invest in a portfolio of securities, and avoid the challenges of purchasing individual properties.

Like stocks and mutual funds, REITS are securities, and they trade on exchanges. You can invest in a diversified portfolio of properties, and invest in property management companies.

Kiplinger lists SITE Centers (shopping centers) and Boston Properties (commercial property) as two of the best REITs for investors.

The average 20-year return for a REIT is 11.8%.

Rewards Checking

If you’ve used credit cards and received rewards, you might consider a rewards checking account. You can potentially earn high interest rates, cash back rewards, and even signup bonuses.

Reward checking interest rates may be higher than what you’re currently earning in a checking or savings account. These accounts offer free checking, and many will refund ATM fees.

There are some drawbacks to rewards checking accounts, however.

  • Debit card usage: The most common requirement is that the owner must use the account debit card a minimum number of times each month (10 times is typical). If you don’t meet the usage requirement, you’ll earn less interest.
  • Types of debit card purchases: Some accounts may also require debit card purchases for a minimum dollar amount. You may not be able to meet the minimum usage requirement with a number of small purchases.
  • Balance caps: The bank may cap the dollar amount that you can use to earn the higher interest rate. Read the agreement details carefully to determine if there is a cap.

If you’re self-disciplined and monitor your debit card usage and balance, you can earn a higher return with rewards checking.

Foreign Currency CDs

These CDs can offer a higher rate of return, but investors are exposed to currency risk while their deposits are active.

The risk with foreign currency CDs is currency depreciation against the US dollar while your funds are deposited.

When the investor converts back to dollars, the owner is exposed to the currency fluctuation that took place during the tenure of his/her deposit. If the US dollar’s value has strengthened compared to the other currency, the investor will get back fewer dollars when the CD matures. Conversely, if the US dollar has weakened compared to the other currency, the investor will get back more dollars when the CD matures.

Many traditional banks do not offer these products. TIAA Bank (formerly EverBank) is the most well known institution serving the space. They have two products – WorldCurrency CDs and WorldCurrency Baskets. You can choose from a number of currencies in both developed and emerging countries. The World Currency Baskets let you diversify into a number of currencies. You can read more in our rundown of foreign currency CDs.

Home Improvements / Rent Property as Airbnb

Earn a rate of return on an asset that you already own.

Upgrade your home- particularly if you own a second home- and rent your property as an Airbnb.

Airbnb is an online marketplace that connects people who want to rent out their homes with people who are looking for accommodations in that locale. It currently covers more than 81,000 cities and 191 countries worldwide.

The company is the largest home-sharing platform in the U.S., with more than two million people on average booked every night into its listings worldwide.

Many people earn income from Airbnb, particularly if they upgrade their homes to make them more attractive to a potential renter. You can make small improvements in your kitchen, or a spare bedroom, and post photos and a video of your home on Airbnb.

The risk for Airbnb hosts is that a renter may do damage to your home. However, Airbnb’s Host Guarantee program provides protection for up to $1,000,000 in damages to covered property in the rare event of guest damage, in eligible countries.

If you travel or have a second home, you can use the time away as an opportunity to rent your home and earn income.

Use start-ups like AirDNA to estimate how much your rental property could generate in Airbnb income. Research average nightly rates plus expected vacancy rates to get an estimated monthly income report for your property.

Diversified Portfolio of Growth Stocks

Growth stocks offer a potentially higher rate of return than the broad market, with a higher level of risk. A growth mutual fund may be an option for a small percentage of your investment portfolio.

The Motley Fool explains that: “Growth stocks prioritize going from small, up-and-coming businesses to leaders in their respective industries as quickly as possible. Early on, growth stocks tend to concentrate on building up their revenue, often at the cost of delaying profitability until a future date. After a period of time, growth stocks start focusing more on maximizing profit.”

Growth stocks may not produce consistent earnings, and these firms typically reinvest available earnings into the company. In most cases, growth stocks do not pay a dividend, which means that your return is generated from an increase in the stock price.

As mentioned earlier, average annual return for the S&P 500 stocks from 1957 through 2018 is roughly 8% (7.96%). While the average return is higher, the year-to-year volatility creates risk for investors. 

You can purchase a growth mutual fund that invests in dozens (or hundreds) of stocks. If a particular growth stock declines sharply in price, the impact on your portfolio is minimized.

Add Capital To Existing Business

Consider investing in yourself.

If you own and operate a successful business, you can invest additional capital. Maybe you use the added capital to fund a marketing campaign for a new product, or to buy inventory to meet seasonal demand.

A company that generates a 10% profit can use additional capital and generate a similar return. You know your business better than anyone else, and you can use the invested capital where your firm needs it the most.

Home Addition To Increase Value

If the owner has a smaller home in a highly desirable location and is considering a home sale, an addition could sharply increase the potential sale price of the home. The gain on sale may be far more than the cost of the home addition.

As mentioned above, the average annual return on residential real estate is 10.6%.  However, making right changes to your home can differentiate your property from others in the neighborhood. Talk with a realtor about an addition or remodeling project, and take advantage of your home’s location.

Private Equity Investing

If you have a high net worth, and can keep dollars invested for at least 4-5 years, private equity investing is an option for you.

Private equity funds invest in private companies that do not trade on an exchange. The fund managers work to make changes and increase the sales and profits of the purchased company. In most cases, the private equity fund attempts to sell the company for a gain after 6-10 years.

You must meet net worth minimums and other requirements before you can invest in a private equity fund. The fund also requires investors to keep funds invested for 4-5 years, so that the funds can be used to improve the company’s performance.

Private equity investing offers higher returns, with a higher level of risk. In some cases, the purchased businesses cannot be sold for a gain, or generate a loss for the fund.

Investing Options to Avoid

If you’re looking for higher rates of return, avoid these three types of investments.

Annuities

An annuity is an investment that pays a fixed stream of payments to an investor over time. Retirees use annuities that pay an income for a fixed number of years, or for the remaining life of the investor. Variable annuities allow purchasers to invest in stock and bond portfolios.

Annuities are complex, and the fees can be expensive. Many annuity investors do not understand the investment, and the fees charged reduce the rate of return.

Stock Options

Options are an investment tool that allows the buyer to speculate on the increase or decrease in the future price of a stock. Option prices are highly volatile, and some options expose the investor to an unlimited amount of risk. 

Commodity Trading

Commodities are materials or agricultural products that trade on exchanges. Commodities can change rapidly in price, based on weather, crop production, and world events. Like stock options, this investment exposes the investor to a large level of risk.

If you hold Crytpo long term: Cryptocurrency Savings Accounts

Crypto currency savings accounts are fairly new products that started popping up around 2017. If you already own cryptocurrency like Bitcoin, Ethereum, Litecoin or any of the smaller ones AND you plan on holding it for a while, then these may be worthy of further consideration. They can offer crypto holders between 1.5% – 14.99% APY and interest is generally paid out weekly or even daily in some cases.

Next Steps

Talk with a financial advisor, and do your homework. Consider the potential risks and rewards for each investment alternative. If you diversify your investments, you can earn a higher return than rates on Bank CDs and savings accounts.

Fifth Third Bank CD Rates & Savings Accounts: Are they Worth Opening in 2021?


image credit: 53.com

Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size. With over six million customer accounts and locations in 10 different states, this bank has earned itself a reputation as a large regional bank with decent account options and good accessibility for those living in midwestern or southeastern states. 

Fifth Third Bank was born of numerous mergers through the years, the most notable of these taking place between Third National Bank and Fifth National Bank in 1908 (which is how The Bank of the Ohio Valley, founded in 1858, eventually came to be known as Fifth Third Bank).

Fifth Third Bank’s CD rates are unimpressive at the moment, so this bank probably won’t be a good choice for you if you’re after a high-yield certificate of deposit.

With that said, there are many deposit accounts offered through this institution, and one or more of them might be up your alley. Here’s a closer look at what Fifth Third Bank has available for its customers, who is eligible to join this bank, and any other account details you might need to know if you’re interested in becoming a member.

Fifth Third Bank CD Rates + Account Details

Please note that Fifth Third Bank certificates of deposit cannot be opened online currently. We cover how to open a Fifth Third Bank CD in the following section.

Fifth Third Bank claims CD rates vary by location, but at this time it appears that all Fifth Third Bank certificate of deposits, even promotional accounts, are earning the same (exceptionally low) rates regardless of zip code.

The same rates (shown below) were obtained running a few scenarios. First, using 45202, the zip code for Cincinnati, Ohio. Second, using 6007, the zip code for Elk Grove Village, IL right outside Chicago. And the third, using 27531, the zip code for Wake County, NC right outside Raleigh.

All Fifth Third Bank certificate of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

Fifth Third Bank CD Rates

TermAPY
7 – 89 days0.01%
3 – 6 months0.01%
6 – 12 months0.01%
12 – 24 months0.01%
24 – 36 months0.01%
36 – 48 months0.01%
48 – 60 months0.01%
60 – 84 months0.01%
84 + months0.01%

For context, the national average for a 12 month CDs sits at 0.24% APY currently. Although you cannot beat that here at Fifth Third Bank at the moment, they have been known to offer competitive deposit rates in the past.

If you can get past the low rates you’ll find that the terms are flexible and unique in that they go all the way down to 7 days and all the way up to 84 months. In a normal interest rate environment these rates would be tiered by balance amount – with higher yields paid on higher balances. Today, however, rates remain the same across all balance amounts.

Fifth Third Bank requires a $500.00 minimum deposit to open a CD with a term of 3 months or more and a $5,000.00 minimum deposit to open a 7-89 Day CD or to open any promotional CD.

Fifth Third Bank Promotional CD Rates

TermAPY
5 months0.05%

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. While this tactic has been quite successful for them in the past, their current CD promotions fall far behind the standard rates offered by online banks such as Discover or TIAA bank.

Interest is compounded continuously and credited monthly either back into your CD or to a Fifth Third checking or savings account. 

Fifth Third Bank Certificate of Deposit Grace Period

The grace period for withdrawing or adding funds penalty-free at Fifth Third Bank is much shorter than usual on their short term CDs. That said, renewal upon maturity is not automatic unless you opt into this feature.

CDs with maturities shorter than 32 days have a grace period of just one day. For all other CDs it is ten days.

Early Withdrawal Penalties

  • Early withdrawal from a CD of 7 to 364 will cost you 1% of the principal withdrawn,
  • Early withdrawal from a CD of 365 days to 36 months will cost you 2% of the principal withdrawn,
  • and from a CD of 36 months or greater will cost you 3% of the principal withdrawn

How to Open a Certificate of Deposit at Fifth Third Bank

Anyone residing in one of the ten states in which Fifth Third operates AND is at least 18 years old with a valid form of identification can apply to join Fifth Third Bank and open a CD. These states are:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

As mentioned, many of Fifth Third Bank’s deposit accounts such as CDs cannot be opened online. To open any of their CDs, you will need to visit a Fifth Third Bank branch — there are over 1,123 — and speak with a banker.

Fifth Third Bank Savings Accounts and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including traditional savings accounts, money market accounts and multiple types of checking accounts. These are all FDIC insured up to the maximum allowed limit of $250,000 per depositor or $500,000 for joint accounts.

Most Fifth Third Bank deposit accounts come with monthly maintenance fees, only some of which are avoidable, and almost all of which are $5 a month. These accounts have low minimum balance requirements and some have interest bonuses.

The Fifth Third Goal Setter Savings account is an interest-bearing account that is designed to help you set and reach savings goals. These goals can range anywhere from $500 to $25,000 each. You will receive a one-time interest bonus equal to the total amount the account has earned when you reach your first savings goal. Open this account for yourself or for your child. Fifth Third Bank mentions contacting them for current rates, however, we ran scenarios again in Ohio, Illinois and North Carolina and found the rate to sit at 0.01% APY.

A Fifth Third Relationship Saving account is almost identical to a Goal Setter savings account, except that it earns an APY of 0.02% instead of 0.01% on all balances. This also lets you make automatic transfers between your checking account and this account and can be used as a savings account for your children.

Fifth Third Relationship Money Market savings accounts offer tiered interest rates that are somewhat higher than the previously mentioned savings accounts. For every month you keep an eligible linked checking account, earn the higher relationship interest rate posted. No minimum opening deposit is required.

Fifth Third Standard + Relationship Money Market Rates

BalanceStandard APYRelationship APY
$0.01 – $9,9990.01%0.02%
$10k – $24,9990.01%0.02%
$25k – $49,9990.01%0.02%
$50k – $99,9990.01%0.02%
$100k – $249,9990.01%0.02%
$250k +0.01%0.02%

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively, and able to be used only on college spending; Minor Savings accounts, simple accounts designed for those under the age of 18; Health Savings accounts.

Avoid the $5 monthly service fee on all of Fifth Third Bank’s savings accounts if:

  • you and all other account owners also have a Fifth Third Checking or Express Banking account,
  • you maintain an average daily balance of $500 or more,
  • the primary account owner is under the age of 18, or
  • you are enrolled in Fifth Third Military Banking.

This fee is automatically waived for all new Goal Setter Savings accounts for the first six months.

In compliance with Federal regulation, all savings accounts are limited to a total of six transactions per month. You will incur excessive withdrawal fees, determined by account type, for every time you exceed this.

If you open a Fifth Third Bank account with a debit card and ATM access, you’ll want to note that there are more than 50,000 surcharge-free ATMs (including Allpoint, Presto!, and 7-Eleven ATMs) across the country that are considered in-network to Fifth Third members.

Final Thoughts

Fifth Third Bank doesn’t excel when it comes to rates currently, and in fact falls below the national average(s).

If yields are your number one factor in determining who to bank with then Fifth Third likely won’t make the cut. However, if you value in-person banking with an established institution and a robust suite of product offerings then Fifth Third Bank may be worth your consideration.

SunTrust Bank Money Market Review + CD Rates and Savings Accounts


image credit: suntrust.com

[Update February 2021: SunTrust Bank’s fixed and variable rate deposit accounts including CDs, savings and money market accounts, have not seen a rate change yet this year.]

SunTrust Bank​, now Truist, is a hybrid brick-and-mortar and online bank. Their branch locations are limited to a handful of Southeastern states, but their personal banking products can be managed 100% digitally – making this corporation accessible to just about anyone.

In 2019, BB&T and SunTrust merged to become Truist Financial Corporation. But today, the two banks still operate separately and offer a distinct set of products.

On the savings side of the equation, SunTrust’s FDIC-insured products include interest checking, savings accounts, money market accounts, and CDs.

But how do they stack up?

First off, if you value an in-person banking experience and don’t live in the Southeast, SunTrust likely isn’t for you. But if you do live near a branch and/or you’re ready to go digital then you could consider them as an option. Just don’t expect much in the way of savings rates at the moment.

SunTrust Essential and Select Savings + Advantage Money Market Account Details

All of SunTrust deposit and savings accounts are federally insured by the FDIC to the legal limit of $250,000

SunTrust Bank offers two savings account options:

SunTrust Essential Savings Account

BalanceAPY
$0.010.01%

A ​SunTrust Essential Savings​ account earns a pitiful rate of 0.01% APY. This almost makes the national average of 0.06% APY look less terrible than it really is.

Interest is compounded daily and credited quarterly. You need only maintain an average daily balance of $0.01 to avoid closure, so while there is technically a minimum balance requirement, access to this account isn’t restricted to wealthier individuals.

This account doesn’t require a minimum opening deposit either, and it also doesn’t charge any monthly maintenance fees. There is, however, an incentive to go paperless in the form of a $3 paper statement fee.

SunTrust Bank Select Savings Account

BalanceAPY + loyal customer bonus
$1,0000.01% + 1.0% bonus (up to$25)

With a ​SunTrust Bank Select Savings​ account, you’ll be getting a slightly less basic account with a (sort of) better rate. The standard APY on this account is also 0.01%, but loyal customers can earn an annual bonus worth 1% APY of their balance up to $25. In other words, you can make up to $25 on top of whatever you’re earning from the paltry 0.01% APY.

A Select Savings account comes with a $7 monthly maintenance fee that can’t just be dodged by going green with billing, but it​ can​ be avoided in one of two ways:

  1. setting up automatic transfers totaling $25 or more per statement cycle
  2. or by maintaining an average daily balance of at least $1,000.

SunTrust Advantage Money Market Account

BalanceAPY
$10,0000.01% + promo introductory rate (call for details)

Finally, there are the ​SunTrust Advantage money market accounts​. The national average rate on a money market is currently a measly 0.09%, so you might be surprised to find that right now, SunTrust Bank is paying only 0.01%. But this isn’t always the case—this bank often offers promotional introductory rates that are far better than this, but you’ll actually have to call customer support to inquire about offers in effect as rates vary by area and account history and aren’t posted or searchable.

And although rates aren’t currently listed, they are tiered rates calculated by balance. These are the balance tiers:

  • Tier 1: <$9,999.99
  • Tier 2: $10,000 – 24,999.99
  • Tier 3: $25,000 – 49,999.99
  • Tier 4: $50,000 – 99,999.99
  • Tier 5: $100,000 – 249.999.99
  • Tier 6: $250,000 – 499,999.99
  • Tier 7: $500,000 – 999,999.99
  • Tier 8: $1,000,000 – 1,999,999.99
  • Tier 9: $2,000,000+

Interest on a money market account is compounded daily and credited monthly. A minimum balance of $10,000 is enforced through a $17 low balance fee. This can be avoided by either meeting the balance requirement or setting up an electronic transfer/deposit of at least $100. You will need to make a deposit of at least $100 upon account opening.

No matter what SunTrust savings account you have, you’ll be restricted to 6 transactions per account, per month—this, of course, is the government’s rule, not SunTrust’s. Transact more than this and you will incur a fee of $6 per transaction on an Essential or Select savings account and $15 per transaction on a money market savings account.

One final note on SunTrust Bank savings accounts, which may or may not make up for these lackluster rates, is that they make you eligible for a 10% loyalty cash bonus if you a) Have a SunTrust Rewards Credit Card​ and b) Redeem the cash bonus you get from this card into a deposit account (via ACH transfer). Essential, Select, and Advantage Money Market savings accounts count toward this bonus.

SunTrust Bank CD Rates

SunTrust Bank Advantage CD​ rates are similarly elusive, but you can ​search current promotional rates by area here​. This is what we found for the vast majority of zip codes. If you found something different please leave us a comment on this post, or email us a screenshot of the rates you see.

SunTrust Bank CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
18 month0.05%
24 month0.05%

To give the offers above some context, the current national average on a 12 month CD sits at just 0.27% APY currently. All SunTrust certificates do manage to come in slightly above this, however much better deposit rates can still be had elsewhere.

A minimum deposit of $2,000 is required to open an Advantage certificate account. In the fine print, you’ll see that SunTrust Bank requires you to have a checking account with them before they’ll let you open an Advantage CD.

Early withdrawal penalties are issued based on the amount of time you have left on a term, not the full length of the term upon issuance. The fees are as follows:

  • If you have 1 to 31 days remaining, you’ll pay 180 days’ interest.
  • If you have 1 to 6 months remaining, you’ll pay 270 days’ interest.
  • If you have 12 to 24 months remaining, you’ll pay 360 days’ interest.
  • If you have 24 to 60 months remaining, you’ll pay 720 days’ interest.
  • And if you have more than 60 months remaining, you’ll pay 1080 days’ interest.

You can make ONE penalty-free withdrawal within 7 days of opening or renewing an account.

Banking Experience and Customer Sentiment

Both BB&T and SunTrust ATMs are available for SunTrust customers to use. This adds up to over 2,000 ATMs to use surcharge free. On top of that, SunTrust Bank has ​branch locations​ in the following states:

  • Alabama,
  • Arkansas,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Maryland,
  • Mississippi,
  • North Carolina,
  • South Carolina,
  • Tennessee, and
  • Virginia.

You will be refunded up to 3 times per statement cycle for transactions made using out-of-network ATMs.

SunTrust Bank scores about average in the customer banking experience department. The bank has received a fair amount of negative reviews recently, especially with regard to mortgages and personal loans, but has 3.5 stars overall out of 679 reviews on WalletHub. This is slightly better than average, but out of 169 reviews on ConsumerAffairs (which seems to be the place people go to complain), the bank has 1.1 stars.

In general, SunTrust Bank physical branch locations, good enough remote service, and easy set-up processes are sources of satisfaction for many. While unexpected account closures—a theme across many digital bank review forums—and merger complications are common complaints against the bank.

If you bank with SunTrust Bank, you can probably count on decent customer service over the phone, but if you live near a branch location, you’re likely to get better service there. To get in touch with customer support, call 1-(800)-786-8787 (hours not listed).

The SunTrust Bank app performs well with ​4.4 stars on Google Play​ and ​4.1 stars on the App Store​. The bank’s mobile and online platforms are said to be easy-to-use and relatively glitch-free.

ACH Transfer Limitations:

SunTrust Bank limits external ACH inbound transfers to $10,000 per transaction and per day, and outbound ACH transfers to $2,000 per transaction and per day.

Final Thoughts

Yes, this bank has offered stellar APYs in the past, however with the savings rates offered today there is little to be excited about here.

This bank is going to be more for people that live in the Southeastern part of the country who prefer the option of walking into a branch to manage their accounts. This isn’t going to be a great fit for rate hounds, low-income individuals, or anyone looking to grow their money with FDIC-insured savings vehicles. Account options are limited, come with the potential for rather steep fees, and are generally at or below average in terms of rates.

Spectrum Credit Union CD Rates – 0.75% APY + 0.50% APY Money Market


Spectrum Credit Union is a small financial cooperative with just over 100,000 members and less than $4 billion in assets, based primarily in San Francisco and Maryland. 

Founded originally as Bechtel Employees Federal Credit Union in 1973, the institution was first intended to serve the banking needs of Bechtel Corporation employees. Becthel Corp is an engineering firm that is one of the largest construction companies in the United States and is the 11th largest privately held company in the country.

Since becoming Spectrum Credit Union, the company made another acquisition in 2012 with the larger Chevron Federal Credit Union. Today, Chevron Federal Credit Union is the parent company to Spectrum.

Spectrum now serves employees of Bechtel, Charles Schwab & Co., residents of San Francisco and Maryland, and more.

Plus, even if you don’t fall within one of their location or employment-based eligibility brackets, you can always join a Spectrum non-profit partner foundation to become a member.

This credit union offers competitive CD and money market rates, making it a strong option for many savers despite a declining interest rate environment.

Spectrum Credit Union CD Rates + Account Details

As with most credit unions, your deposits are federally insured by the NCUA up to $250,000. Spectrum CDs can be opened with just $500, but the APYs scale slightly upward with larger deposit amounts. Below are the current deposit rates and terms available at Spectrum.

Spectrum Credit Union CD Rates

CD TermAPYAPYAPY
deposit amount:$500 – $50k$100k$250k
3 month0.50%0.50%0.50%
6 month0.50%0.50%0.50%
9 month0.50%0.50%0.50%
12 month0.55%0.60%0.65%
24 month0.55%0.60%0.65%
36 month0.60%0.65%0.70%
48 month0.60%0.65%0.70%
60 month0.65%0.70%0.75%

To put the annual percentage yields listed above in perspective, the current national average for 12 month CDs sits at just 0.15% APY.

Some online banks are still offering 12 month CDs with rates above Spectrum’s, but not by much. In fact, up until April 2020 Spectrum had the most lucrative APY anywhere in the country.

Dividends on these deposit accounts are compounded daily and credited monthly. You can opt to have these deposited back into the certificate, paid out by check, or automatically moved to another deposit account. 

If your balance drops below $500, you’ll stop earning interest.

There is a 10 day grace period on these accounts; if you make changes to a CD outside of this window, be prepared to pay for it. The early withdrawal fees for each term are as follows:

  • 12 months or less: three months’ interest 
  • 24 months: six months’ interest
  • 36 months: nine months’ interest
  • 48 and 60 month: 12 month’s interest

Spectrum Credit Union Money Market Rates + Account Details

Spectrum MarketEdge money market savings accounts offer rates well above the national average just like their deposit products, however, higher APYs can be found with a number of online banks.

Spectrum “MarketEdge” Money Market Rates

BalanceAPY
$0 – $2,499.990.30%
$2,500 – $250k0.50%

There is no minimum balance requirement with the MarketEdge money market account. If your average daily balance comes in under $2,500, you’ll earn a more modest rate of 0.40% APY which is the same yield as their regular savings account.

There are no monthly maintenance fees and interest is compounded daily and credited monthly. Transactions are limited to no more than six per month.

Other Savings Accounts Offered by Spectrum Credit Union

The $25 Spectrum share that you’ll have to buy to become (and stay) a member of the credit union goes right into a Spectrum Primary Share Savings account. This account comes with an APY of 0.40% and can be added to (above the initial required share deposit). You’ll need to keep your balance above $25 to avoid a $5 monthly low balance fee.

image credit: spectrumcu.org

A lucrative youth savings account called MySavings account offers a promotional rate of 7.0% APY on balances up to $1,000. Spectrum members under 21 years of age are eligible for this account, and with a rate like this, it is a fantastic way to get kids excited about savings!

To open this account and earn the 7.0% APY, you’ll need to:

  • Have a Social Security number
  • Have a valid email address
  • Opt into eStatements within 60 days of opening and out of paper statements

Account balances that surpass $1,000 earn the standard APY of 0.40%. Keep your account total above $25 to earn interest, but don’t worry, you won’t be charged any fee for low balances.

Spectrum also offers another savings account type for anyone looking to put away money for specific purposes, called a sub-savings account. When you open a sub-savings account within your primary savings account, you’ll continue earning the same rate but will be able to keep designated funds separate.

There are no monthly maintenance fees for any Spectrum savings accounts. There is, however, a $25 overdraft fee and a $1 fee for out-of-network ATM transactions. Spectrum savings accounts are subject to federal regulation D transaction limits.

About Spectrum Credit Union + Eligibility

There are a number of ways to join Spectrum Credit Union. We’ll go over the easiest ways first. If you don’t find that you’re eligible, don’t worry Spectrum offers many loopholes for membership that allow practically anyone in the US to join. Keep reading to see all of the ways to qualify.

Individuals that qualify include:

  • Non-manual Bechtel and affiliate employees
  • Charles Schwab & Co. employees who work in, or are paid from, San Francisco
  • Spectrum family members or roommates
  • U.S. members and employees of Safari Club International or Project Management Institute, Inc.
  • Those that live, work, worship, or attend school in qualifying San Francisco neighborhoods (see below, call 510-251-6000 or 800-782-8782 to confirm eligibility)
  • Those that live, work, worship, or attend school in Maryland’s Frederick County, Thurmont, Woodsboro, Emmitsburg, or surrounding areas (call to confirm eligibility)

Qualifying San Francisco neighborhoods include:

  • Bayview
  • Bernal Heights
  • Chinatown
  • Financial District
  • Hunters point
  • North Beach
  • Portala
  • Potrero Hill
  • Russian Hill
  • South of Market
  • Telegraph Hill
  • The Mission
  • The Panhandle
  • Visitacion Valley
  • Western Addition

If you do not meet any of the above criteria, you can still join Spectrum by becoming a member of either the Contra Costa County Historical Society (CCCHS) for a $40 annual fee or the Navy League of the United States for (NLUS) for a $55 annual fee. Anyone can join these nonprofit organizations and membership to either will make you eligible for membership with Spectrum Credit Union.

The CCCHS, located in Martinez, California, is devoted to providing historical records and heritage of Contra Costa County to the public. Though many members of this historical society are members of other local historical groups as well, this is not required; and if you so choose, you can become a member without ever setting foot in Contra Costa County. The NLUS dedicates itself to serving members and veterans of the Navy through education and advocacy. 

Spectrum Credit Union participates in co-op shared branching with over 5,000 credit union branches. Spectrum members can also access and manage their money at any Chevron branch or through over 85,000 surcharge-free ATMs. There are nine Spectrum branches across California, Texas, Virginia, and Utah and six Chevron branches across California, Louisiana, Mississippi, and Texas.

At the end of the 2019 fiscal year, Spectrum/Chevron held nearly $3.6 billion in assets, and that figure includes $3 billion in net member loans. There are over 100,000 members across the country.

Final Thoughts

Although Spectrum Credit Union is rather tiny in size – both by membership and assets held – they still offer some of the best savings rates in the country of any federal credit union.

That said, reports of slow service and occasionally poor customer service can be found on a few review sites online.

Keep in mind, you’ll also have to manage banking without access to in-person branches if you don’t live near one of their very few physical locations.

Bethpage Federal Credit Union CD Rates – Up to 0.75% APY!


image credit: bethpagefcu.com

Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.

Headquartered in Bethpage, New York, this  member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation. 

Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974. 

Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.

Keep reading for more information about Bethpage FCU’s suite of deposit products.

Bethpage FCU CD Rates + Account Details

Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.

Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.

Bethpage FCU CD Rates

CD TermAPY
3 month0.40%
6 month0.40%
12 month0.45%
18 month0.45%
24 month0.50%
30 month0.55%
36 month0.55%
39 month bump-up0.55%
48 month0.60%
60 month0.75%

To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22%. That said, higher APYs can be had through online banks or other credit unions with nationwide acceptance. If you’re looking to bank locally, you can review our rundown of the top CD rates in New York this month to see how Bethpage Federal Credit Union’s CD rates compare.

Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.

The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.

To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.

Bethpage FCU Money Market Rates + Account Details

Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.

Bethpage Federal Credit Union Money Market Rates

BalanceAPY
$500 – $24,9990.40%
$25k – $49,9990.40%
$50k +0.40%

The national average for money market accounts sits at just 0.11% APY currently, but higher rates can be found through a handful of online banks.

You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.

Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%. 

Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.

Other Savings Accounts Offered by Bethpage FCU

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.

The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.

For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.

About Bethpage FCU + Eligibility

Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership. 

That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.

There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.

There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information. 

Final Thoughts

Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory. 

Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.

Huntington Bank CD Rates and Money Market Review


image credit: huntington.com

[Update February 2021: Huntington Bank lowered the APY on some of their variable rate money market accounts (shown below). The APY on their fixed rate CDs remains unchanged from October of last year.]

Originally founded as The Huntington National Bank in 1866 in Columbus, Ohio, Huntington Bank has maintained its regional status over the years despite several mergers and acquisitions and hefty asset growth.

Today, Huntington Bank is the 28th largest U.S. bank by asset size with over $113.8 billion in assets and $90.7 billion in deposits.

The regional bank serves seven states in the Midwest:

  • Ohio,
  • Illinois,
  • Indiana,
  • Kentucky,
  • Michigan,
  • Pennsylvania,
  • and West Virginia.

The holding company of which Huntington Bank is the banking subsidiary is called Huntington Bancshares. This entity trades on the NASDAQ under the ticker HBAN.

If you’re a consumer looking to earn a good rate of return on the money you deposit, this bank leaves much to be desired.

Its deposit products—CD and money market accounts, specifically—are far from competitive and even lag the national average currently.

That said, the bank has good branch and service accessibility and lets you waive account fees fairly easily, so if you can look past low APYs, there are some advantages.

In this review we’ll be looking at Huntington Bank’s CD Rates and Relationship Money market account.

Huntington Bank CD Rates + Account Details

Huntington Bank’s deposit products are insured by the FDIC up to $250k per depositor or $500k on joint accounts.

Their CD rates, while competitive in the past, are extremely low at the moment. This is on par with what we see at many large national banks today, such as Bank of America or Wells Fargo, who have very little incentive to attract new savers with high returns. I wouldn’t expect this trend to turn anytime soon, given the FEDs commitment to keep rates near zero through 2022.

We should also note that in a normal interest rate environment Huntington Bank’s deposit rates would increase with deposit size, but today all come with the same APY (annual percentage yield).

Huntington Bank CD Rates

TermAPY
1 month0.01%
3 months0.01%
6 months0.05%
9 months0.05%
12 months0.05%
18 months0.05%
24 months0.10%
36 months0.10%
48 months0.10%
60 months0.10%
72 months0.10%

To give these yields (above) some context, the current national average on a 12 month CD sits at roughly 0.22% APY nationally.

All Huntington Bank certificates of deposit require a minimum opening deposit of $1,000.

Interest is compounded daily and credited either monthly, quarterly, semi-annually, annually, or at maturity. You get to choose the frequency.

Huntington Bank offers Jumbo CDs and IRA CDs as well however these all come with the same yields shown above. Certificates with balances of $100,000 are considered to be Jumbo CDs. This bank has also offered promotional deposits in the past, but is not running any at this time.

Early withdrawal penalties

If you need access to your funds prior to the maturity date of your Huntington Bank CD you will incur the following penalties:

  • For terms of 91 days or less, you will owe the full term of your account in simple interest.
  • For terms of 92 days to 1 year, the penalty is 3 months interest.
  • For terms of 1 year to 18 months, the penalty is 6 months interest.
  • Finally, for terms of more than 18 months, the penalty is 12 months interest.

The minimum early withdrawal penalty is 7 days interest.

There is a standard grace period of 10 days for Huntington Bank CDs in which you can withdraw or add funds to your deposit. All accounts are automatically renewable unless you specifically request otherwise except for accounts used for public funds or those with opening balances of $100,000 or more with a term of less than one month. These are not eligible for automatic renewal.

Huntington Bank Relationship Money Market Account Rate + Details

A Huntington Bank Relationship Money Market account offers more attractive yields than the fixed rate CDs but also comes with a significantly steeper minimum deposit requirement of $25,000.

The precise interest rate you’ll earn, however, depends on your “relationship” with the bank. And by this, they mean which other accounts you hold with them.

The rate table below shows the APY you’ll earn based on the type of account(s) you hold.

Huntington Bank Relationship Money Market Rates (including 90 day promotional rate)

Account HeldAPY on money market
Standard0.05%
Huntington 5 Checking0.05%
Huntington 25 Checking0.05%
Private Client Account0.08%

To put these yields in perspective the current national average for a money market account with a balance of less than $100,000 is 0.08% APY.

That said, there are still a number of online banks with savings accounts and/or money market accounts featuring rates above 0.50% APY and minimum balances requirements of less than $1,000.

All of Huntington Bank’s money market accounts have promotional, introductory interest rates that last for 90 days before dropping down to the standard 0.05% APY (or 0.08% APY for private clients).

The MMA of a customer with a Huntington 5 Checking account, for example, begins with an interest rate of 0.05% APY. This drops back down to 0.05% after the 90-day introductory period is up and leaves you with a blended APY of 0.05% for the year.

Interest is compounded monthly and credited monthly.

Avoid Fees

These accounts have the potential to ding you $25/month in maintenance fee. Here’s how to avoid that:

  1. Maintain an average daily balance of at least $25,000 (which is also the only way to earn dividends on your balance).
  2. Maintain either a Huntington 5 or Huntington 25 Checking account.

A Huntington Bank MMA does have check-writing capabilities, but checks are only free if you also have a Huntington 25 checking account.

Huntington Bank Fee Schedule

TypeFee
Wire Transfers – Domestic Incoming $15
Wire Transfers – Domestic Outgoing $25
Wire Transfers – International Incoming $15
Wire Transfers – International Outgoing $75
Stop Payment$31
Return Deposit Item$10
Foreign Currency Fee$8 (exchange rates apply)
Expedited Delivery$25 (debit or ATM card)
Cashier Check$6

Checks are also available but the cost per box varies based on design.

If you plan on using a Huntington Bank ATM card you’ll want to note that Huntington Bank charges a $3 fee for each out of network cash withdrawal on top of whatever the ATM owner charges.

Huntington Bank Account Features + Customer Sentiment

One of the noteworthy account features across many Huntington Bank accounts is the 24-Hour Grace, which is basically built-in overdraft protection.

This protection feature will give you 24 hours to make a deposit to bring your balance positive in the event of an overdraft. It is applied for free to all checking, savings, and money market accounts with Huntington Bank.

Relationship rate benefits take certain decent Huntington Bank products—like savings and money market accounts—and make them better. So if you intend to join Huntington, know that you will get the most out of this membership if you have multiple accounts with the bank.

This bank hasn’t received the best ratings from other review sites online with scores ranging between 1.5 (ConsumerAffairs) and 3.5 (WalletHub) stars. That said, the majority of the dis-satisfaction tends to reside on the loan site with mortgage and auto loan clients being the most vocal about their negative experiences.

The Huntington Bank app has a 4-star rating on Google Play and a 4.8-star rating on the App Store. This app has been praised for being comprehensive and having unique features that you don’t always see in a banking app.

You can reach customer service in a number of ways. You can call (800) 480-2265 from 7:00 AM to 7:00 PM ET, live chat with a representative through the Huntington website, tweet @AskHuntington, or even direct message the bank on Facebook.

Customer service isn’t the only important aspect of overall banking experience. As mentioned, Huntington Bank has great accessibility. There are over 800 Huntington Bank branches and 1,400 ATMs across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia, and this bank does a good job of placing its branches strategically for maximum convenience. Case in point, if you live in the Midwest, you’ve probably even seen a Huntington Bank hub in your local grocery store.

Huntington Bank customers can make ATM and mobile deposits up to midnight with All Day Deposit.

Final Thoughts

As is often the case, you’ll have to decide whether Huntington Bank is right for you depending on what you value in a bank.

Huntington Bank isn’t going to be good for those that prioritize high interest-bearing deposit accounts, but if you’re looking for in-person banking and a regional bank culture, then Huntington Bank might be right for you.

Huntington has hundreds of conveniently located branches in the Midwest and great customer service accessibility (even if the customer service isn’t always great), which might make it attractive to individuals that just want their personal banking to be easy.