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Huntington Bank VS Simmons Bank: Which Bank Should You Choose?

bank selection

What if we were tasked with choosing our own families?

The thought alone seems daunting. We trust our families with our lives, how does one make such an important decision?

Choosing the right bank can be just as big of a decision.

We trust our bank with our private information, our finances, and our futures. In some cases, your personal banker can become just like a family member.

So again, how does one make such an important decision?

There are so many options for banking institutions available, it can seem rather overwhelming for some. The key is to remember all the information you need is out there for the taking.

Instead of searching through websites and endless articles on which bank you should choose, let us take the legwork out of it for you.

Huntington Bank is the 32nd largest bank in the United States and is currently located across 8 states, in contrary, Simmons Bank is the 145th largest bank in the nation and is located across 4 states. Both of these banks would make a great second family, but which one would be the best fit for your lifestyle and finances?

Huntington Bank

PROS

  • Location availability – With over 1,000 locations throughout Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, Illinois and Wisconsin, Huntington is one of the largest banks in the country. This means you have more accessibility to your finances and a better chance of having one on one contact with a banker, their online banking system is great as well. Use this guide to log in your bank account if you’re having problems.
  • 24-hour overdraft grace period – One cool feature Huntington offers is the grace period for overdrafts. Have you ever forgotten about an automatic payment you set up on a bill and were mortified when you noticed your account in the negative?

That’s usually when the looming dread starts to set in when you think of the overdraft fees that will start hitting your account any second. Well, Huntington gives you a little break. They notify you when the transaction occurs and give you 24-hours to deposit the funds back into your bank account before they begin to apply fees. This feature can be a true lifesaver!

  • Fraud Protection – Huntington takes the extra step of offering chip cards. Chip cards add an additional layer of protection against fraud so that your funds and personal information become more secure. Huntington also offers support against fraudulent activities 24-hours a day, 7 days a week.

CONS

  • Limited auto financing – Huntington offers auto financing to consumers in limited states and branches and only through auto dealers who bank commercially through Huntington, which makes this a very limited feature.
  • 0% Interest rate on checking accounts – Huntington Bank offers free checking which is a plus however the interest rate is 0%, meaning your money will not be growing while it is sitting.
  • Low CD interest rates – The purpose of having a Certificate of Deposit, or CD, is to leave your money in the bank and allow it to grow. With interest rates from 0.01-0.55%, there is not much growth potential for your funds.

Simmons Bank

PROS

  • Mobile Banking App – Simmons bank is only located in 4 states. What happens if you need to go out of town or relocate? With the addition of a mobile app that allows you to bank wherever you are, Simmons gives you more access to your funds and their features.
  • Checking Options – Simmons Bank offers its customers 5 different options for checking accounts: Classic, Interest, Opportunity, Simply and Simply Student Checking. This means there is likely always something to fit everyone’s needs.
  • Free Checks on select accounts – A nice feature Simmons Bank offers is free checks for Classic and Interest checking account holders. This can be a great feature for those of you who tend to write a lot of checks.

CONS

  • Limited location availability – Simmons has 145 branches nationwide, this can severely put you in a bind if you need to travel. Luckily they do offer an app with mobile banking. However, nothing really beats face to face contact with a banker.
  • $100 minimum start balance – In an age where the average bank requires a $25-50 minimum balance to start checking accounts, Simmons $100 minimum starting balance is steep.
  • Monthly service charges – The monthly service charge for a checking account at Simmons Bank can range from $6-10, this is only waived by meeting a $500 daily balance in the account.

In Conclusion

While both Huntington and Simmons are both reputable banking establishments, no bank is perfect.

The key to deciding which to choose lies in figuring out exactly what it is you need out of a bank, then determining which of these banks does and does not have those features.

The pros and cons listed above are just a few of the key services and offerings from these establishments. We always encourage you to dive in and do your own research, starting with visiting your local branch of each institution and talking to a personal banker.

Customer Service can often be a big deciding factor for some.

Take a chance and make a choice, your money will be glad you did!

Good Luck.

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