|
Rates and Account Review
Last updated: October 3, 2008
DirectHuntington is the online banking division of Huntington, a 141-year old bank with $54 billion in assets headquartered is in Columbus, Ohio. The Anywhere Savings account is the bank's online-only high yield savings account.
The Anywhere Savings account is not available to California residents.
| | Balance | APY | Interest Rate | $0 - $2,499.99 | 1.50% | 1.49% | $2,500-$9,999,99 | 2.00% | 1.99% | $10,000-$19,999 | 2.20% | 2.18% | $20,000-$49,999 | 3.00% | 2.97% | $50,000-$99,999 | 3.00% | 2.97% | $100,000-$999,999 | 3.00% | 2.97% | $1,000,000.00+ | 1.50% | 1.49% |
| www.directhuntington.com
(888) 810-1381
>> Reader Reviews |
Minimum Deposit
$1 | Monthly Fee
None | Minimum Balance
$1 | Compounding
quarterly |
DirectHuntington came on the scene during the height of the Online Savings Account boom in early 2007. In those days, new banks had to make a grandiose offer to attract any attention from savings account saturated savers, and that's what DirectHuntington did. The Internet bank came out with the Anywhere Savings account which paid a nice 5.30% annual percentage yield (apy) on balances up to $100,000.
That grabbed people's attention.
DirectHuntington Lowers Minimums and Drops Monthly Fees
One of the negatives of the Anywhere Savings account was that it required a minimum of $1,000 to open and to maintain in order to avoid a $3 monthly fee. Fortunately, the fee was dropped and now it only takes $1 to open an account and there are no balance requirements to worry about.
ATM Card
The Anywhere Savings account comes with an ATM card for easy access to your money. This may benefit people who live or work near a Huntington ATM the most, since non-Huntington ATM owners may charge a fee to use their machine.
Rate Tiers
It used to be real easy to earn a good rate on the Anywhere Savings account when it had only two rate tiers. Balances up to $100,000 earned a higher rate than balances above $100,000. But Direct Huntington expanded the tiers in February 2008 by adding five more levels. Now it takes far more money to earn the best yield on this account -a minimum of $20,000 is required.
Transfers
The Anywhere Savings account uses the “linked” account system to transfer funds in and out. When you open your Anywhere Savings Account, you will establish an electronic link to your existing checking, savings, or money market accounts.
The link will first be validated by the Trial Balance system where Huntington will make two small deposits into your current account. Once you receive the deposits, you will need to login to DirectHuntington and enter the exact amounts received. This is done to prove that the account you linked to is actually yours.
You can then move money in or out of your accounts by using the online banking system.
You can also deposit money by an ACH transfer that is not linked to your account (just use the bank's routing number 044000024) and you can mail in checks.
There is a 5 business day hold on deposits, but funds will begin to earn interest as soon as they arrive in your account.
Earning Interest
One feature that hurts the Anywhere Savings Account is that interest compounds and is paid on a quarterly basis. These may mean that if you close your account before the interest posts to your account, you may lose your earnings for the entire quarter.
Most other online banks post interest each month.
|
RSS
