In this era of low-interest rates and uncertainty in the banking sector, many customers are on the hunt for fresh opportunities. Aurora Bank stands out as one option worth considering. Actively seeking new depositors, the bank boasts rather competitive returns on its accounts. If a high-yield account for your emergency savings is what you’re after, Aurora Bank might be the fit for you.
THE BACKGROUND OF AURORA BANK
Some individuals might be skeptical about Aurora Bank due to its ownership by Lehman Brothers. It should be noted that the bank is slated to be sold by the bankruptcy-stricken company by 2012, a move which may bring about changes in policy once new management steps in. However, it’s important not to let the bank’s current ownership deter you. This financial institution is FDIC insured, ensuring the safety of your money, even in the event of a bank failure.
It’s also worth pointing out that Aurora Bank has been in business since 1921 when it was established as the Delaware Savings And Loan Association. Despite changes in ownership and challenging periods, the bank continues to flourish, earning a four-star rating from Bankrate.com.
WHAT AURORA BANK HAS TO OFFER
Among the appealing accounts offered by Aurora Bank is its savings account, along with the option of a money market account. These accounts can be linked with others for overdraft protection, and come with an ATM card for easy access. Interest rates are competitive, compounded daily, and interest earnings are posted to your account monthly.
However, prospective customers should note that Aurora Bank does impose minimums on its accounts, with potential fees if the average daily balance falls below the minimum. Regular savings accounts require a minimum of $500, while money market accounts need a minimum of $1,000. These accounts are geared more towards long-term emergency savings, not for frequent withdrawals.
It’s essential to understand that interest will not accrue in the money market account unless the minimum requirement is met. Moreover, inactivity in the account for three years will result in a monthly charge. As such, regular deposits are a necessary part of the upkeep.
Furthermore, Aurora Bank provides CDs with competitive returns.
IN SUMMARY
While Aurora Bank might not be the top bank out there, it does offer competitive rates along with ATM access. Your money is secure with Aurora Bank. That said, it is still advisable to explore other options before opening an account.
