In these times of low-interest rates and uncertainty in the banking world, many people are looking for new opportunities. Aurora Bank stands out as a potential choice. It actively seeks new customers and offers competitive returns on its accounts. If you’re looking for a high-yield account for your emergency savings, Aurora Bank could be a good fit.
Some folks might be cautious about Aurora Bank because it is owned by Lehman Brothers. However, it’s worth noting that Lehman Brothers plans to sell the bank by 2012, which might bring about changes in management and policies. Despite this, you shouldn’t let the current ownership scare you off. The bank is FDIC insured, which means your money is safe even if the bank goes under.
Aurora Bank has a long history, dating back to 1921 when it was known as the Delaware Savings and Loan Association. Despite changes in ownership and tough times, the bank still thrives, earning a four-star rating from Bankrate.com.
Aurora Bank offers appealing savings and money market accounts. These can be linked with other accounts for overdraft protection and come with an ATM card for easy access. The interest rates are competitive, compounded daily, and credited to your account monthly.
However, keep in mind that Aurora Bank has minimum balance requirements. Regular savings accounts need at least $500, while money market accounts require $1,000. If your balance drops below these minimums, you could face fees. These accounts are designed for long-term savings, not for frequent withdrawals.
Interest won’t accrue in the money market account unless you meet the minimum balance requirement. Plus, if the account is inactive for three years, there will be a monthly charge, so regular deposits are necessary.
Aurora Bank also offers certificates of deposit (CDs) with competitive returns.
In short, Aurora Bank provides competitive rates and ATM access, ensuring your money is safe. However, it’s wise to explore other options before deciding to open an account.