Huntington Bank Boosts 14-Month CD Rate To New Heights

It’s been about five years since Ohio-based Huntington Bank (Huntington) offered a competitive CD. That changed last week when Huntington began offering a near rate-leading 5.13% APY on its 14-month CD Special. The minimum opening deposit is $1k, with a balance cap of $99,999.99. Huntington also has a 425-day Jumbo CD Special earning 5.13% APY, with a $100k minimum/$2 million maximum deposit. (If you don’t feel like doing the math, 425 days is the equivalent of 14 months.)

As stated on the CD landing page,

We reserve the right to limit the number of accounts per customer above $2 million.

According to CSR, the Early Withdrawal Penalty (EWP) for the CD Specials is determined when a partial withdrawal or early closure is made: if a withdrawal/closure is made within the first eleven months, the EWP is 1% on the amount withdrawn. A withdrawal/closure made during months 12, 13, or 14 will incur an 2% EWP on the amount withdrawn.

Checking Bonus

I had hoped I could included a mention of Huntington’s last checking bonus, but for the last several months, the checking bonuses have been limited to business checking accounts. If you happen to be looking for a new business checking account, you could earn a bonus of $100, $400, or $1,000 now through May 7, 2023. Applying for a bonus can be done online or in-branch. Complete details are available on the Business Checking Account Promotions page.

Availability and Account Opening

Headquartered in Columbus, Ohio, Huntington Bank’s market area includes Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

The CD Special and Jumbo CD Special can only be opened by individuals: brokers, agents, public entities, and financial institutions are barred from opening these promotional CDs.

Opening a 14-month CD Special or 425-day Jumbo CD Special can only be done in-branch. As the 22^nd largest bank in the country, Huntington Bank has 940 branches located in Illinois (105), Indiana (42), Kentucky (10), Michigan (324), Ohio (371), Pennsylvania (48), West Virginia (26), and Wisconsin (17).

Funding and Other Details

The following information is from a conversation with CSR. (Huntington does have an Account Disclosures page, but the CD Disclosure has been removed from the website.)

• Funding – ACH, wire, check, or internal transfer.
• Interest – Compounding and crediting can be monthly, quarterly, or annually, whatever you choose; interest can be withdrawn penalty-free.
• Maturing Funds – Cashier’s check to address on file or internal transfer.
• Beneficiaries – Unlimited, equal share, Social Security numbers are required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – ChexSystems.

Note: If you call Huntington to get more information (800.480.2265), don’t make the mistake I did with the phone tree. Do not choose “New Customer;” pick “Customer Service” instead. "New Customer" took me a CSR who told me that CDs were not within her scope of knowledge, which was a bit strange. She told me that the “CD people” would have the answers to my questions, but since I was not a current Huntington Bank customer, they wouldn’t speak with me. Thinking she misunderstood me, I explained I wanted to open a CD and needed to talk to someone familiar with CDs. She repeated that “they” would not speak with me and I had to go into a branch to talk to someone. LSS, I called a branch (which didn’t have many answers either) and was told to call the 800-number again, but go for the Customer Service option. Eureka!

Bank Overview

Huntington Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.33% (excellent) based on June 30, 2022 data. Huntington Bank has an excellent capitalization level (11.09%), the result of holding $178.09 billion in assets with $19.75 billion in equity. Please refer to our financial overview of Huntington Bank (FDIC Certificate # 6560) for more details.

Established in 1866 as The Huntington National Bank of Columbus, Huntington Bank has grown to become the fifth largest bank headquartered in Ohio, with deposits in excess of $148 billion. Starting in 1979, Huntington Bank began an expansion that included the acquisition of 55 banks in five states, the most recent being the 2021 acquisition of TCF National Bank (Sioux Fall, South Dakota).

How the 14-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, two banks have a higher rate than currently offered on the Huntington Bank 14-month CD Special. The following table compares the 14-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 4/4/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.