In today’s world of low-interest rates and banking uncertainties, many people are looking for new opportunities. Aurora Bank is one option that stands out. They’re actively seeking new customers and offer competitive returns on their accounts. If you’re looking for a high-yield account for your emergency savings, Aurora Bank might be a good choice.
### Aurora Bank Background
Some people may have concerns because Aurora Bank is owned by Lehman Brothers. However, the bank is expected to be sold by the financially troubled company by 2012, which might lead to policy changes with new management. It’s important not to be discouraged by the current ownership. Aurora Bank is FDIC insured, meaning your money is safe even if the bank fails.
Aurora Bank has been around since 1921 when it was founded as the Delaware Savings and Loan Association. Despite ownership changes and tough times, the bank has continued to do well, earning a four-star rating from Bankrate.com.
### What Aurora Bank Offers
Aurora Bank has some attractive options, including savings and money market accounts. These accounts can be linked to others for overdraft protection and come with an ATM card for easy access. They offer competitive interest rates that are compounded daily and posted to your account monthly.
Keep in mind that Aurora Bank has minimum balance requirements, and you might face fees if your average daily balance falls below the minimum. A regular savings account needs a minimum of $500, while money market accounts require at least $1,000. These accounts are more suited for long-term savings rather than frequent withdrawals.
If you don’t meet the minimum requirements, money market accounts won’t earn interest. Also, if the account is inactive for three years, there will be a monthly charge, so regular deposits are a must.
Aurora Bank also offers CDs with competitive returns.
### Conclusion
Aurora Bank may not be the top bank out there, but it does offer competitive rates and ATM access. Your money is safe with them. However, it’s a good idea to explore other options before opening an account.