Huntington Bank has been offering a very competitive rate on its Premier Plus Money Market Account. It has a 1.25% APY for balances from $20K to $2M. No interest is paid on balances under $20K. This is listed in the bank's rate finder page as of 9/29/2011.
One worrisome issue for money market accounts is the question about how long the competitive rates will last. I contacted the CSR via the online chat, and I was told the typical reply that the rate could change at any time. We do have the rate history of this account. You can view the history in our rate table for Huntington Bank. On July 1, 2011, the yield increased from 1.01% to 1.25% APY, and it has remained at 1.25% APY since that time.
One worrisome thing to note regarding Huntington is its online savings account. I first reported on this account in 2007 when the yield was 5.30% APY. The yield is no longer even close to being competitive. It's now only 0.15%. So that's not a good sign that the money market account will remain competitive.
To avoid monthly fee, you either have to maintain an average daily balance of $20,000 or establish a link to a qualifying Huntington checking account. I was told by the CSR that the Asterisk-Free Checking Account qualifies. This has no minimum balance requirements or monthly service fees.
I was told by the CSR that to open an account new customers must reside in one of the states where they have branches. These states include Ohio, Michigan, Indiana, Kentucky, West Virginia and Pennsylvania. You can open the account online, by phone or at a branch. Huntington Bank has branches in many cities in the above states.
Huntington Bank Overview
Huntington Bank is headquartered in Columbus, Ohio. It's a sizable regional bank with $52.8 billion in assets. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 13.92% (above average) based on June 2011 data. Please refer to our financial overview of Huntington Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6560).
How This Money Market Rate Compares
The best nationally available savings account rate continues to be 1.30% APY at UFB Direct. You can also get a 1.25% APY money market account at Incredible Bank, AmTrustDirect and at MyBankingDirect. These rates are accurate as of 9/29/2011.