Huntington Bank Review

Huntington Bank began in 1866. Today, it is part of a holding company, Huntington Bancshares, with 1,068 different branches concentrated in the Midwest. Headquartered in Columbus, Ohio, it is a full-service bank catering to the needs of its consumers, businesses and commercial clients. Those living in the Midwest and with plenty of wealth to stash away in interest-earning accounts would benefit from banking with Huntington; but if you live paycheck-to-paycheck, dip into savings frequently or withdrawal from ATMs, it’s not a good fit.

How Huntington Bank Stacks Up

Pros
  • Multiple credit card options
  • Variety of checking accounts choices
  • Mobile app and online banking
Cons
  • High minimum deposits
  • Low APY
  • Loan details unavailable without applying

What’s Interesting About Huntington Bank

Huntington Bank offers two different reward credit cards to choose from. That’s a great idea since not everyone needs a lot of frequent flyer miles or other similar rewards. This flexibility is highly appreciated by customers looking for the right institution to bank with.

Huntington also provides a variety of checking accounts. It offers three choices to fit your needs and goals. Since it has a mobile app and online services, banking on the go is a breeze.

Things to Consider

A drawback to using Huntington Bank is its high minimum deposits, low APYs, and the lack of transparency in basic loan information available. Understandably, loan rates are sometimes not published for many reasons. However, when scouring for basic details like available terms, minimum or maximum loan amounts, and any fees or penalties that might apply, the lack of readily available information was disappointing. The only exception was with the auto loans. If you want the details for other loans, you’ve got to submit a request for a personalized quote.

Checking and Savings Accounts

Huntington Bank differs from other banks when it comes to checking accounts. Instead of one standard checking account with all the pre-selected bells and whistles, you get three choices to meet your checking needs: Asterisk-Free, Huntington 5, and Huntington 25.

The Asterisk-Free checking account is the most basic. It doesn’t earn interest, allow for free ATM withdrawals, or provide you with free check writing. Yet, it is free to open and maintain and has no minimum balance requirements.

Huntington 5 is the next step up. It has a 0.05% APY and up to five free ATM withdrawals per cycle. Like the former, though, it doesn’t give you free check writing and there is a $5 monthly maintenance fee unless you maintain a minimum balance of $5,000.

Huntington 25 is the premium checking account and comes with the most benefits. It earns 0.10% APY and comes with unlimited free ATM withdrawals and free check writing. However, there is a $25 maintenance fee per cycle unless you maintain a minimum balance of $25,000.

In addition to these features, Huntington 5 and 25 checking accounts both offer a 10% credit card bonus on points rewards, as well as no maintenance or minimum balance fees if you pair these checking accounts with a savings or money market account.

Huntington also offers two different, standard savings accounts: Premier and Relationship.

The Relationship account gives you free checking overdraft protection when linked to the Huntington 5 or 25 checking accounts. Without the linked checking accounts, you must maintain a daily minimum balance of $2,500 in your Relationship account or pay a $10 monthly maintenance fee. The APY starts at 0.05% for savings only, which is lower than the national average of 0.09%, but bumps to 0.15% if linked to Huntington 5 account or 0.20% if linked to Huntington 25 account.

The Premier savings account is similar but you’ll earn 0.02% APY. Being the most basic, it still gives you free overdraft protection when linked to the Asterisk-Free checking account. You must maintain a minimum balance of $300 if you don’t have a checking account, or pay a $4 monthly maintenance fee.

Money Market Accounts

Money market accounts are a great tool to boost your savings and build wealth. They often come with limited check writing and debit card abilities but reward you with a higher APY than conventional savings or checking accounts.

Huntington’s money market account doesn’t yield the APY most would hope for. In fact, there’s no interest accumulating at all until there is at least $25,000 maintained in the account. Then, the starting APY is 0.50%, which is well above the national average of 0.15%. If you have the Huntington 5 or 25 checking accounts, then the APY bumps to 0.57% and 0.62% respectively, but that rate remains unchanged until your money market account balance passes the $2 million mark. Then, the APY falls to 0.25%.

Finally, if you pair your money market account with a Huntington 5 or 25 checking account and maintain a minimum daily balance of $25,000, you’ll save yourself $25 in monthly maintenance fees.

CDs

Huntington Bank has a variety of CDs to meet virtually every need. They vary in terms ranging from 1 month to 72 months with fixed APYs for the term of each CD, which adds plenty of flexibility. However, the minimum deposit to open any CD is $1,000.

The bank is currently running a 7-month CD promotion with 1.25% APY, which is competitive among top high-yield contenders. The only problem is that while the promotion rate for the 7-month CD ranks high, the rates for all remaining CDs do not. The published averages for CD rates with the FDIC are currently higher than all of Huntington CD rates. So, it might be better to shop around before you invest.

Credit Cards

Huntington has an interesting choice for credit cards, called its Voice Credit Card®. It allows some personalization in card rewards. It has two options to choose from: 3X Rewards or Lower Rate.

The 3X Rewards option has 10 categories to choose from to earn reward points. Customers can change the category each quarter. By choosing the rewards option and selecting one of the pre-determined categories (like groceries), cardholders earn three times the rewards each time the card is used for that category during the quarter. Accumulate reward points and redeem them for cash, travel, gift cards or select merchandise. The APR varies but ranges between 13.49% and 27.49%.

The Lower Rate card gives 2% lower APR on your purchases compared to its counterpart, which ranges between 11.49% and 25.49%. It might be a good choice for those who just want to save on interest.

For cards, the APR is pretty decent considering the national average is 15.10%. Cash advance APR is a different story, though, and ranges from 25.49% to 30.49%. So, if you can avoid using the cash advance feature, it’s probably better to do so. Both cards carry no penalty rate to the APR, even with late payments. Plus, there are no foreign transaction fees or annual fees to worry about. Finally, there is a 1-day grace period for late payments. After that, late payment fees can be up to $38.

Personal Loans

Although Huntington bank offers personal loans, there is little information available concerning the usual details like loan limitations, APR ranges, fees and more. An easy online form allows you to pre-certify for lending, but not all loans (personal, mortgage and auto) are available in all locations. So, if you’re considering a personal loan, call ahead to determine the financing available in your location.

Mortgage Loans

Huntington originates a variety of mortgage loans, including a fixed rate for 15 and 30-year terms, ARM, FHA, VA, USDA, and specialty loans. Like personal loans, mortgage rates are not published and vary by state, credit history and other factors. However, an online tool allows you to submit a request for a personalized quote for your mortgage needs.

Mortgage Refinancing

Mortgage refinancing is available in fixed rates for 15- and 30-year terms, ARM, FHA, USDA, and VA loans. However, again, rates and other essential details needed for informed decision making are not published. You must use the rate tool to request a personalized quote for more information. Although the application for this is simple, it can slow the process down, especially if you’re still shopping around.

Home Equity Loans and HELOCs

Home equity loans, first mortgage equity loans and home equity lines of credit are all available through Huntington. Home equity loans and lines of credit are lending opportunities that you can leverage when you have major expenses. When issued, the lender holds a lien against your home until the debt is repaid. Home equity loans are generally issued in a lump-sum payment for a predetermined amount. HELOCs are similar but approved sums are disbursed as you need them. So, you only pay interest on the amount that you actually use.

Rates and terms vary by state, credit history and more, but are also not available without a rate quote.

Car Loans

Direct car loans are available but limited to borrowers living in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. APRs vary according to your location, term, year of the car you’re purchasing and other factors, but there is a handy rate tool to give you a general picture of what rates you might expect.

Using an Illinois zip code (61615, for example), current auto loan APRs start as low as 4.89% for a 2020 car with a 66-month term and bump to a starting APR of 8.59% for a 2012 car with a 36-month term. The older the car, the shorter the term and the higher the APR.

These rates are not so great when you consider that other lenders might offer lower rates for financing, depending on your credit history. So, if you’re looking to finance a new or used car, you might do better to shop around before deciding on a lender.

The Final Word

Huntington Bank might be a good choice for someone who likes a lot of flexibility in banking choices. However, it might not be well suited for those wanting high-yield results — 1% or greater, for wealth-building opportunities. Although APYs can and do change, the current rates might prevent you from achieving better returns. Also, the high minimum deposits required by some services might not be reasonable for some individuals. So, consider your needs and goals and shop around before you decide on which bank or financial institution makes the most sense for you.