These days you have a great deal of choices when it comes to parking your cash. It’s hard to believe that just a few short years ago you basically had to rely on your local bank or the then one of the very new online savings account providers. This is great news for consumers because it keeps rates competitive and makes sure customer service remains top-notch. So, that’s why I wanted to introduce one of the relatively new banks entering the online savings and money market arena. Aurora Bank actually isn’t a new bank at all. In fact, they were established all the way back in 1921 and made it through The Great Depression with flying colors. So as you can see it isn’t just some fly-by-night bank.
Aurora Bank provides many of the products and services you’ve come to expect from any bank, online or retail. Obviously, they have competitive online savings and money market accounts, but they also provide checking accounts, CDs, home loans, and many business and commercial services. They are a full-service operation and don’t just cater to the online savings crowd.
- Competitive interest rates compounded daily, posted monthly
- No monthly fee (with daily average balance of $500 or more in an Aurora Bank Savings Account or $1000 in an Aurora Bank Money Market Account)
- Easy access: up to six withdrawals per month from your Aurora Bank Money Market Account
- ATM card offers flexible access to Aurora Bank Savings Account
- May be linked to certain accounts for overdraft protection
- FDIC Insured
Opening an Account
I’ve opened plenty of savings accounts at various institutions, and I’m pleased to see that Aurora Bank is really no different in that regard. The account opening process is pretty straightforward and you will be required to provide your personal information, some employment information, and any bank accounts you’d like to link to your new Aurora account. As long as you have your Social Security Number and driver’s license handy, it will only take a couple of minutes to go through the process.
Once you link up to another bank account you will have to wait for Aurora Bank to make a few test deposits to ensure the information was correct, but after that you’ll be all set. You can then easily transfer money back and forth. If you want, you can also go on to order an ATM card, set up overdraft protection, or add any other features you might need. But I didn’t find any snags or oddities during the initial process.
As always, interest rates are constantly changing. Sometimes from day-to-day. That means it’s good to always have options open or have money in a few different places so you can take advantage. So, think of Aurora Bank as another tool in your financial toolbox. The rates are good, sometimes among the best out there, and other times a few basis points behind, but they will certainly treat you right, and that is important. And since there’s no monthly fee as long as you deposit the minimum, it’s a no-risk proposition.
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.