Aurora Bank Review – Checking, Savings, and More, A Full-Service Bank

This Aurora Bank Review covers the types of accounts offered by Aurora Federal Savings Bank, including online savings, interest bearing checking, and more!
Advertising Disclosure.

Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone. This article may contain links from our advertisers. For more information, please see our Advertising Policy.

The Military Wallet has partnered with CardRatings for our coverage of credit card products. The Military Wallet and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on The Military Wallet are from advertisers. Compensation may impact how and where card products appear, but does not affect our editors’ opinions or evaluations. The Military Wallet does not include all card companies or all available card offers.

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 an 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.

Need more information on opening a business checking and savings account, we can help you with that as well!

Aurora Bank Review

Aurora 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

You 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, maintaining an obscenely high average daily balance, etc.).

You won’t find those hoops with Aurora Bank. You will find 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 banks 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 fixed-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.

About Post Author

Get Instant Access
FREE Weekly Updates! Enter your information to join our mailing list.

Posted In:

Reader Interactions

Leave A Comment:

Comments:

About the comments on this site:

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

The Military Wallet is a property of Three Creeks Media. Neither The Military Wallet nor Three Creeks Media are associated with or endorsed by the U.S. Departments of Defense or Veterans Affairs. The content on The Military Wallet is produced by Three Creeks Media, its partners, affiliates and contractors, any opinions or statements on The Military Wallet should not be attributed to the Dept. of Veterans Affairs, the Dept. of Defense or any governmental entity. If you have questions about Veteran programs offered through or by the Dept. of Veterans Affairs, please visit their website at va.gov. The content offered on The Military Wallet is for general informational purposes only and may not be relevant to any consumer’s specific situation, this content should not be construed as legal or financial advice. If you have questions of a specific nature consider consulting a financial professional, accountant or attorney to discuss. References to third-party products, rates and offers may change without notice.

Advertising Notice: The Military Wallet and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on The Military Wallet; For any rankings or lists on this site, The Military Wallet may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner” the indicated company is a corporate affiliate of The Military Wallet. No tables, rankings or lists are fully comprehensive and do not include all companies or available products.

Editorial Disclosure: Editorial content on The Military Wallet may include opinions. Any opinions are those of the author alone, and not those of an advertiser to the site nor of  The Military Wallet.