Compare Savings Account Options

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There are a variety of savings products that can help put your money to work for you. We have information and a comparison table to help you compare savings accounts.
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As you’ll see, there are a lot of similarities between the different types of savings products and options and they all have a role to play in helping you achieve your financial goals.

Savings vs Money Market Accounts (MMAs)

Savings accounts and money market accounts (MMAs) have a lot in common, but there are two big differences. MMAs often have a higher required minimum balance for earning interest, along with having check-writing privileges – similar to a checking account. With a savings account, you can have access to your account online or through an ATM, but you can’t write checks.

If you’re a Huntington customer, you can take advantage of several digital banking tools like Savings Goal Getter that can help you manage and track your savings.

Open a Huntington Savings Account

Savings accounts are great for setting aside cash for big purchases, like buying a house, or for emergency rainy day funds. You can set up scheduled transfers from your Huntington checking account to your savings account which can help you reach your savings goals even faster.
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Savings vs Certificate of Deposit (CD)

Both Certificate of Deposits (CDs) and deposit savings accounts can help you save money, but work in different ways and serve different purposes.

CDs generally pay fixed interest rates during a specific length of time. Deposit savings accounts have a variable interest rate. When interest rates are high, you can open a CD and “lock-in” at that rate. If interest rates drop, the interest rate on your CD will not change. When interest rates are low, you can open or fund your deposit savings account. When interest rates go up, your deposit savings interest rate will typically go up.

When a CD reaches the term limit, it’s said to have “matured.” When the CD matures, you can withdraw the funds without penalty or reinvest it. Huntington will contact you when the CD nears maturity to explain your options. Deposit savings accounts don’t have term limits or maturity dates. You have access to the funds. Due to the easy access to the money, deposit savings accounts are great for emergency savings and general savings. CDs are better when it’s planned purchase, and you know how much time you have before you need the money. Then, you can select the best term (time) at the best interest rate for your purchase.

The traditional CD described above is the most common type, but there are other options available. Some financial institutions offer the non-traditional CD varieties including the following: step-rate, bump-up, penalty-free, add-on, and variable rate CDs. These CDs may pay slightly lower interest rate in return for flexibility.

Compare Savings Accounts

This table can help explain the differences between Huntington’s deposit savings accounts, MMAs, and CDs. All deposit savings, MMAs, and CDs are FDIC insured.

  Deposit Savings Money Market Account (MMA) Certificate of Deposit (CD)
When to Deposit Funds
Anytime
Anytime
Money can be added when opening a CD or when it renews.
1 of 8
Number of Withdrawals per Month
Withdrawals prior to maturity can be subject to early withdrawal penalty. Reference your CD agreement for additional details.
2 of 8
Minimum Balance to Earn Interest
$0.01
$25,000
$1,000 or $100,000 for a Jumbo CD.
3 of 8
Variable or Fixed Interest
Variable
Variable
Fixed during the term of the CD.
4 of 8
Monthly Maintenance Fee
For our Huntington® Relationship Savings accounts, it is $0 if you also have a qualifying Huntington checking account or an average daily balance of $2,500. (Otherwise $10).

For our Huntington® Premier Savings account, it is $0 a month if you also have a Huntington checking account or an average daily balance of $300. (Otherwise $4).
$0 if you also have a qualifying Huntington checking account or an average daily balance of $25,000. (Otherwise $25).
$0
5 of 8
Time to Withdraw without Penalty
Not applicable
Not applicable
Varies
6 of 8
Term
Not applicable
Not applicable
7 of 8
Eligible for Individual Retirement Account (IRA)
No
Yes
Yes
8 of 8

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Regulations limit the number of transfers that can be made on savings and on money market accounts during the calendar month or statement cycle. See additional information in the Account Documents.

The information provided in this document is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.

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