Can Aurora Bank savings accounts truly be termed competitive?
Do they have the least amount of fees with the highest savings rate? Read the Aurora Bank Savings Review to find out.

Requirements of Aurora Bank–

With a minimum deposit of $500 you can open a savings account at Aurora Bank. Some important facts you will want to know are:  1) you never want to let your balance drop below that initial $500. When it does, they will charge you a $5.00 monthly fee. This shouldn’t be too much of a big deal because 2) Aurora Bank only allows one monthly transaction. If you should happen to forget that once a month deal, they will charge you $10/transaction. 3) If you deposit $7500 in the savings account, you are considered a preferred customer and eligible for up to 5 ATM rebates each month. Gold customers (deposit $25K or more) are eligible for up to 10 rebates each month. As Aurora Bank only has 2 physical branches (one is in New Jersey, the other in Delaware) finding one of their ATMs might be a bit of a problem, especially if you live on the West Coast. This brings the idea of depositing larger amounts, so you can get that gold customer status, clearly into view.

Competitive interest rate? –

What Aurora Bank has in its favor is that they compound the interest daily and pay it monthly. I suppose if you were to compare interest rates with Chase Bank, you could say that Aurora bank, at .90%  APY had competitive rates. If you were to compare with other banks on our website, (banks like Ally, American Express or Discover) you might whistle a different tune. Presently, the best online interest rates are going for better than 1.24% APY.

Additional Fees on Aurora Savings-

With a few more ways that Aurora Bank creeps into your pocketbook, we will wrap up our assessment of Aurora Bank high yield savings account. Outgoing wire transfers are going to cost you $15/ea. You can make unlimited transfers to Aurora Bank accounts – just don’t wire money to outside accounts. If you would like a copy of your statement, or if you loose your ATM card, you will pay $5.00 and $3.00 respectively unless you happen to get into their preferred or gold customer status.

Summary of Aurora Bank Savings Account

Not too many online banks can be a ‘one-stop-shop’ anymore. Aurora Bank may compete with others as far as Checking or CD accounts go, however, as far as their high yield savings account compares. . . I will just say that with a sub-national average APY, and a few too many other stipulations attached, this account just doesn’t stack up with the best interest rates or services. Don’t take my word for it, you can compare their rates with the best banks. You can view video links and full analysis on our Aurora Bank Review as well. If the Aurora Savings is not what you are looking for, look at our Aurora Money Market Review, that might be what you want to use. It pays to be well informed.