Aurora Bank Review – Savings, Checking and CDs

There was a time not too long ago where I could walk down the street and have my local bank provide me a mortgage, savings and checking account and any size CD I wanted.  And, everything I mentioned had a good interest rate where I could make money with deposits and save money with loans.  Today however, nearly all of my local banks have closed and I've become just another statistic to a trillion dollar corporation.

A few months ago, when interest rates we're slightly higher than they are right now, I decided to lock in a few CDs with Aurora Bank.  A little research quickly lead me to Aurora Bank because they had and continue to have the best CD rates available.  As my savings continue to grow, I plan to increase my deposit accounts with these guys because they also have great rates on savings, checking and MMA's.  Let's take a full look at the product offering from Aurora Bank.

Aurora Bank Checking

Sadly, as the economy continues to decline, the idea of owning a free-free checking account is becoming less and less likely.  Many banks have started charging customers for the use of their debit card but Aurora Bank continues to offer all of their deposit accounts for free.  The current interest rate (as of 8.28.2011) on Aurora Bank checking accounts is 0.83% APY for balances over $1,000 and that's as good as you'll find anywhere.  Also included with this account are the protections any consumer should expect:

  • ATM withdrawals from an extensive, nationwide network
  • Check writing, check card purchases, electronic transfers, direct deposit
  • Eligible for overdraft protection

Aurora Bank Savings & MMA

The safest place any consumer can keep their money is in a savings account with an FDIC insured bank.  Aurora Bank offers a standard savings account along with a money market account and both have pretty respectable savings rates.  Current interest rates for each account are as follows (minimum $1,000 balance):

  • Savings Account – 0.88% APY
  • Money Market Account (up to $100,0000) – 0.94% APY
  • Money Market Account (over $100,000) – 1.05% APY

In looking at the interest rates above, they're good but not great.  Aurora Bank currently beats other online banks like FNBO Direct and HSBC Direct but falls behind Ally and Discover Bank.

Aurora Bank CDs

This was the feature that attracted me to Aurora Bank and even though the rates look low, they're ridiculously high when compared to all other online banks.  CD's allowed me to lock in interest rates before they went even further down and with other investing channels (like the stock market) failing to produce a long-term, positive return you may want to consider locking in today's rates.  Below you fill find a table of up-to-date Aurora Bank CD rates.

CD Term
APY for up to $100,000 Invested
APY for over $100,000 Invested
6 months
12 months
18 months
24 months
36 months
48 months
60 months

Every once in a while, a bank which is not well known comes around and provides consumers something that a bigger bank cannot.   Aurora Bank offers everything any customer could need in a bank and can always rest easy knowing their money is FDIC insured.  Interest rates are very high when compared to other online banks and their CD's are, without a doubt, the best you'll find anywhere.  Visit Aurora Bank for more information on anything your heart may desire.

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Last Edited: June 27, 2017 @ 3:42 pm
About Michael Pruser

After spending a ton of money to go to the private University of Miami, Michael now enjoys spending time at home, writing personal finance articles for the world to read. His journey out of debt continues 500 words at a time.