Huntington Bank Business Premier Savings Account 2024 Review
Finding a good business savings account can be a challenge. Most do not provide decent interest rates and charge a long list of fees. The best business savings accounts can provide an attractive place to park funds for future projects, though. Here’s what you need to know about the Huntington Bank Business Premier Savings account to see if it fits your business’s needs.
The Huntington Bank Business Premier Savings account won’t be a good fit for most businesses. It may be an option if you already bank with Huntington Bank and want to keep your accounts at the same institution. Otherwise, one of the better online business savings accounts likely provides a much better business savings account solution.
Huntington Bank Business Premier Savings Account Pros & Cons
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Compared to Other Business Savings Accounts
Huntington Bank Business Premier Plus Money Market
The Huntington Bank Business Premier Plus Money Market account is another option you may want to consider. This account charges a $10 monthly maintenance fee unless you maintain an average account balance of $10,000 or more.
The account offers a high introductory interest rate if you’re a new Huntington customer who can bring a significant amount of new cash to the bank when you open an account. However, the rate only lasts for 180 days before dropping to an unimpressive ongoing interest rate.
Fifth Third Bank Business Savings Account
The Fifth Third Bank Business Savings account charges a $5 monthly service fee that can be waived with a $10,000 minimum balance. It allows 20 free monthly deposits but charges fees for cash deposits, and offers a tiered interest rate structure with very low rates across all tiers.
Read our full review of the Fifth Third Bank Business Savings Account.
Live Oak Bank Business Savings
The Live Oak Bank Business Savings account offers a very competitive interest rate on all balance tiers and does not charge any monthly maintenance fees. As an online bank, it does not accept cash deposits or provide physical branch access, which could be drawbacks for some businesses.
Read our full review of the Live Oak Bank Business Savings account.
PNC Premium Business Money Market Account
The PNC Premium Business Money Market account charges a $12 monthly maintenance fee that can be waived with a $2,500 minimum balance. It offers 30 free monthly deposits, up to $5,000 in free cash deposits per month, and access to PNC's branch/ATM network, but pays extremely low interest rates across all balance tiers.
Read our full review of the PNC Premium Business Money Market account.
Monthly Maintenance Fee
The Huntington Bank Business Premier Savings account charges a $5 monthly maintenance fee. You can get this fee waived if you maintain a $500 average balance in the account.
Monthly Deposit Limits
Huntington Bank doesn’t have a limit on the number of deposits you can make into this account each month. Other banks usually offer a number of deposits for free before charging an excess deposit fee.
Cash Deposit Fees
This account doesn’t charge you to deposit cash as many other business checking and savings accounts do. Other accounts normally offer a free monthly cash deposit limit and then charge a small fee for each additional $100 of cash you deposit.
Interest Rates
The interest rate this account pays is so low you likely shouldn’t consider interest as a feature of the account.
This is on par with other business savings accounts found at most brick-and-mortar banks. Online business savings accounts could easily outperform this interest rate in a meaningful way.
Other Account Fees
Most banks charge a variety of fees to use different features of your account. Here are some of the fees you may come across when using a Huntington Bank Business Premier Savings account.
Other Service Fees - Huntington Bank Business Premier Savings
| Type | Fee |
|---|---|
| Excess withdrawal fee | $2.00 per excess withdrawal over 6 per statement |
| Out-of-network ATM fee | $2.00 each |
| Incoming domestic wire transfer | $17.00 each |
| Incoming international wire transfer | $20.00 each |
| Outgoing wire transfer | $75.00 each |
Account Management and Access
This account is fairly basic as far as business savings accounts go. You do get access to their suite of business banking tools, though. These include tools to help you with your company’s money include:
- Cash position
- Cash flow forecast
- Online banking
- Mobile banking with remote deposit capture
- Email and text alerts
- Overdraft protection for a linked Huntington Business Checking account
- Automatic transfer
- Access to branches and ATMs
How to Open
You can apply for a Huntington Bank Business Premier Savings account online or by visiting your local Huntington branch. Huntington only allows businesses in the following states to open an account:
- Colorado
- Illinois
- Indiana
- Kentucky
- Michigan
- Minnesota
- Ohio
- Pennsylvania
- South Dakota
- West Virginia
- Wisconsin
The business types they allow to apply include:
- Sole proprietorship
- Partnership
- Limited liability company
- Corporation
- Association
When applying, Huntington Bank states you’ll need to provide information about yourself, beneficial owners, controlling parties, and your business. This could include:
- Business formation paperwork
- Business tax identification or employer identification number
- Name, address, date of birth, and more information about 25% or large owners of the company
- Social Security number
How to Choose the Right Business Savings Account
Banks offer different types of business savings accounts because each company has unique banking needs. What may fit one business may be an awful choice for another.
Businesses can speed up the process of finding the right account by making a list of needs and priorities. Then, they can eliminate accounts that don’t fit before focusing on the ones that do.
Here are some common concepts many businesses prioritize to help you build your list.
Interest rate
A savings account's interest rate is often a top consideration when choosing a savings account. This number tells you how much money your deposits will earn while they sit in your account.
FDIC or NCUA insurance coverage
FDIC or NCUA insurance protects your deposits up to insurance limits in case a bank or credit union fails. Make sure any account you choose offers this coverage. It counts personal and business accounts separately unless you’re a sole proprietorship.
If you deposit funds above insurance limits, look into the financial stability of the bank you choose.
Monthly maintenance fees
Most business bank accounts charge a monthly maintenance fee of some sort. These fees don’t make much sense for a business looking to save money. Try to find an account that doesn’t charge this fee or one that has the option to get the fee waived easily.
Minimum balance requirements
A bank may offer to waive your monthly maintenance fee if you maintain a minimum balance in the savings account. The exact amount required and the method used to calculate that amount vary by bank.
Transaction limits and excess transaction fees
Savings accounts traditionally have withdrawal item limits. Some also have deposit item limits. If you exceed either of these limits, you usually have to pay a fee per excess transaction.
Cash deposit limits and excess cash deposit fees
A bank may limit the amount of cash you can deposit each month without incurring fees. When you exceed that limit, you normally have to pay a small fee per $100 of excess cash deposited.
Physical bank locations and hours
If you choose a brick-and-mortar bank, make sure to consider how conveniently branches are located to your business. Hours of operation could be another key consideration.
Other products
Your company may be looking to open a new banking relationship for all banking products. In these cases, features of loans or a checking account may take priority over savings account features.
