Review of Harris Bank Savings, their three savings account options and rates. What you need to know about Harris Savings Accounts.

Savings Products from Harris Bank

Harris Bank believes savings accounts should be accessible for everyone. Their online savings accounts serve youth and adults alike. Their savings accounts offer the best rates to high-balance customers, however.

Three Options—an Account Option for You

To help your children acquire the habit of saving, youth to 17-years old may open their very own online savings account. It takes just $25 to open account. The banking portal is very easy to understand so access for your children would be simple. For adults the regular statement savings account is a good account. The interest rates are not the best interest rates available online but the account is easy to open and maintain. To open an acc1unt you need a minimum balance of $100. There is a $4.50 monthly service fee on balances less than $500. The link for the statement savings account indicates the fee can be waived with “auto-save” but fails to disclose the terms of “auto-save” unless you find the footnote. The terms are simple—just have a pre-authorized transfer to the account every month—and the fees are waived. But it would be easier to understand if this information was linked like much of the other enhanced or premium features on this and other accounts. Interest rates on the statement savings account are currently .01% APY on balances less than $25,000 and .05% APY on balances greater than $25,000. Harris Bank also offers the Premium Savers account which does earn the best interest rates on savings. However the very best APY is not available until your account balance exceeds $75,000. Currently the highest savings rate is .15% APY but again you must average greater than $75,000 to earn that rate.

Health Savings Account—Amazing Rates!

Where the regular savings account from Harris Bank may lack in offering the best interest rates, the health savings account offers the highest interest rates. To qualify for the account you must have a high-deductible health insurance plan. There is a minimum opening deposit of $100 but that is waived if you enroll in automatic payroll deposit. The interest rates are tiered according to your account balance but the maximum 1.25% APY is realized on balances greater than $10,000.

Summing-up Savings with Harris Bank

Online savings accounts with Harris Bank are accessible for even the youngest of customers. The highest interest rate saving account is the Premium Savers account with a balance greater than $75,000. All other accounts offer nominal interest rates on savings. For a novice, the Harris Bank website is simple to navigate and the information is generally presented in a clear and easy to understand manner.