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Aurora Bank Review

by Ryan Guina

I love using the Internet to find deals. In addition to finding ways to save money with coupon codes and promos, I like to find ways to make my money work for me. Banking is one of the most essential parts of a financial plan, and it makes sense to find a good bank that offers solid interest rates, and more importantly, won’t bleed you dry with and endless stream of fees.

Aurora Bank is a bank that will meet the needs of most individuals, from high interest rates, to a free interest bearing checking account, to high CD rates and low mortgage rates, Aurora Bank has something for almost anyone.

Aurora Bank Review

Aurora Bank LogoAurora Bank is FDIC insured and has been around for over 80 years. They offer a wide range of accounts, including online savings accounts, free online checking, CDs, and mortgages.  They were also recognized by Bankrate.com as a Top Tier 100 Highest Yields bank.  In addition to being FDIC insured, Aurora Bank received a Safe and Sound 4 Star Rating from the BankRate Safe and Sound Rating.

Here are some more details about the accounts offered by Aurora Bank:

Internet Savings and Money Market Accounts

Aurora Bank Savings AccountYou only need $1 to open an online savings account with Aurora Bank, and the money market account requires that you maintain an average daily balance of at least $1,000 to earn the highest interest rates on your account. You only need to maintain an average daily balance of $500 to avoid any monthly fees. You can get access to your fund with an ATM card and you can use your savings account as overdraft protection by linking it to other accounts. As noted by BankRate, Aurora Bank’s interest rates are among the highest in the nation. 

Free Online Checking

Aurora Bank offers a rarity nowadays – a free, interest bearing checking account (if your average daily balance exceeds $1,000). Not only are most banks doing away with free checking, but many banks don’t offer any interest on their checking accounts unless you jump through hoops (such as making a certain number of debit card transactions, maintain an obscenely high average daily balance, etc.).  You won’t find those hoops with Aurora Bank. What you will find is a truly free checking account, a free first order of checks, a free check card, and easy ATM access. Aurora Bank is a member of the STAR ATM network, which has over 36,000 surcharge free ATMs throughout the nation. Your checking account is also eligible for overdraft protection. The best part? The interest rate for Aurora Bank checking is higher than the interest offered for savings accounts at most banks. Aurora Bank currently features an interest rate of 0.83% when your balance exceeds a minimum of $1,000.

Certificates of Deposit (CDs)

Aurora Bank offers a variety of CD options, ranging from 6 months to 5 years. There is a low minimum opening deposit requirement of $1,000 per Certificate of Deposit, and the CDs automatically renew at maturity unless you elect to withdraw the funds. The interest rates are solid and fairly comparable to the high end of the national averages, and were recently ranked among the best by Kiplinger’s. Certificate of Deposit interest rates change frequently, so I recommend visiting their website for more information and current interest rates. 

Aurora Bank Mortgages

Aurora Bank Offers a variety of home loans, including the standard 15 and 30 year fixed rate mortgages, as well as an Adjustable Rate Mortgage (ARMs), Jumbo mortgage, and FHA loan. The rates they offer are very competitive, usually right around or below the national average for fxed rate loans. Because the rates change daily, we recommend visiting their website to get their current mortgage rates.

A cool feature Aurora Bank offers for their mortgages is the convenience of closing your mortgage at the location of your choice, even at your home (state exclusions may apply). With the added convenience of choosing your closing location, low mortgage rates, and no hidden fees, a mortgage from Aurora Bank is worth looking into.

Opening an Account at Aurora Bank

Opening an online account with Aurora Bank is similar to opening an account at most financial institutions. You will need your personal information, an initial deposit, and you must link it to an external account when you open it. Once you open your account, Aurora Bank will send two test deposits to your linked account. Then Aurora will visit the confirmation page provided by Aurora and input the amount of the deposits, at which point your account will be confirmed. Aurora Bank will then withdraw the amount of the deposits. You now have a linked external account for making transfers.


Published or updated December 9, 2011.
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