Exploring the Dynamics of Aurora Bank: A Comprehensive Review

In today’s world of low-interest rates and uncertainty in the banking industry, many people are looking for new financial opportunities. Aurora Bank is one option that stands out. They are actively seeking new customers and offer competitive returns on their accounts. If you’re looking for a high-yield account for your emergency savings, Aurora Bank could be a good choice.

Some might have concerns about Aurora Bank because it is owned by Lehman Brothers. However, it’s expected that the bank will be sold by 2012 due to Lehman Brothers’ bankruptcy, which might lead to changes in policies under new management. Despite this, there’s no need to worry about its current ownership. The bank is FDIC insured, so your money is safe even if the bank faces difficulties.

Aurora Bank has a long history, originating in 1921 as the Delaware Savings And Loan Association. Despite changing ownership and going through tough times, the bank has continued to grow and has received a four-star rating from Bankrate.com.

Aurora Bank offers some attractive options like savings and money market accounts. These accounts can be linked to others for overdraft protection and come with an ATM card for easy access. The interest rates are competitive, compounded daily, and credited to your account monthly.

However, it’s important to be aware of account minimums and potential fees if your balance drops below these minimums. A regular savings account requires at least $500, while money market accounts need a $1,000 minimum. These accounts are best for long-term savings rather than frequent withdrawals. Interest will only accrue in a money market account if the minimum balance is met. Additionally, if there is no activity in the account for three years, a monthly fee will be charged, so regular deposits are important to maintain the account.

Aurora Bank also offers CDs with competitive returns.

While Aurora Bank may not be the absolute best choice out there, it does provide competitive rates and convenient ATM access. Your deposits are safe with them. However, it’s always a good idea to explore other options before deciding where to open an account.