-
Financial Rates:
4.0
-
Customer Service:
2.5
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Low opening required amounts
- No monthly maintenance fees
- Competitive interest rates on accounts
- No set balance to earn highest rates
Cons:
- Limited deposit accounts offered
- Customer service not always available
- Must link another bank account
- No debit card offered for MMA
What You Need to Know
The ableBanking accounts have low opening required amounts. The money market account only requires $250 to open. The different CD terms each require $1,000 to open.
There are no monthly maintenance fees for the ableBanking money market account. The CDs have a fee if you withdraw money before the CD reaches maturity. Federal regulations allow six withdrawals from a money market account per month. There is a fee if you make more than six withdrawals.
The interest rates for ableBanking accounts are high. They are competitive with other online-only accounts. ableBanking interest rates are much higher than your typical brick and mortar rates.
Any balance in ableBanking accounts earns the highest interest rates offered. There is not a set amount required to keep in the account to earn the highest rates. There is not a required balance to keep in the accounts to avoid monthly fees.
ableBanking has limited personal deposit accounts available. The only accounts offered are a money market account and CDs. There are five different CD terms available. The terms range from a 6-month CD to a four-year CD. ableBanking does not offer checking accounts or business accounts.
ableBanking accounts are entirely online. There are no branch locations. Customer service has specific hours they are open. They are available Monday through Friday from 8 a.m. to 6 p.m. EST. On Saturday, they are open from 9 a.m. to 1 p.m. EST.
When you open an account with ableBanking, you must link an external bank account. You fund your ableBanking account from the external account. You cannot change the external account for the first 60 days. After that time, you may link a different account to the ableBanking money market account. You can only have one external account linked to your ableBanking account at a time.
The ableBanking money market account does not offer an ATM card. They do not have ATM locations where you can access your money. To withdraw money, you must make an electronic transfer into a linked account.
Digital or Mobile Banking
ableBanking offers account access through its website and app. With digital banking, you can:
- See account balances
- Transfer money between accounts
- Add financial information into Mint.com
- Contact customer service
- Open and close accounts
- Set up account alerts
- View account statements
Cool Things
New Customer Gifts
The first time you open a new account with ableBanking, they donate $25 to a charity of your choice. If you refer a friend to ableBanking, they will donate an additional $25 to the charity of your choice. You can also donate money to charities directly from your money market account. There is no fee to donate.
History
ableBanking is an online division of Northeast Bank, a community bank based in Maine. It started in 1872 and has over 200 employees in 10 branch locations.
ableBanking started in 2012. The founders had long careers in traditional banking. They wanted to spend their time helping nonprofits and charities. The idea came to offer entirely online bank accounts. They would donate part of the bank’s money to different charities. They saved money by not having branch locations or as many employees. The saved money went to higher rates for customer accounts and charities.
ableBanking offers an online personal money market account and CDs.
Giving Back
ableBanking donates $25 to a charity of the customer’s choice when they open a new account. Some of the charities include animal shelters and diabetes centers. Homes for children and food banks are other charities they help.
Northeast Bank donated $10,000 to Junior Achievement of Maine. They partner with schools to provide financial education. Students from elementary to high school can receive the courses. Employees of Northeast Bank volunteer to teach different classes.
List of Common Bank Fees
- ATM fees in the United States: Does not offer ATM card
- ATM fees internationally: Does not offer ATM card
- Bill pay: Not offered
- CD early withdrawal fees: Not listed
- Excessive withdrawal fees: $10 per transaction
- Monthly service fees: $0
- Overdraft service fees: $30
- Paper bank statements: $0
- Wire transfers (Domestic): $0-20
- Wire transfers (International): Not listed
Frequently Asked Questions
- Are all the accounts FDIC insured?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and personal information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
Yes. ableBanking is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
By electronic transfers. You can transfer money between ableBanking accounts and your linked external account. ableBanking does not offer an ATM card or checks for the money market account.
No. Deposits are made with electronic transfers, wire transfers, direct deposit, or checks.
Transfers made before 5 p.m. transfer immediately. Transfers made later than 5 p.m. fund the next business day. Money transferred to another bank usually take two to three business days.
Yes. You can have money directly deposited into ableBanking money market accounts.
ableBanking does not offer an ATM card for the money market account.
There is not an ATM card attached to the ableBanking money market account.
ableBanking offers a mobile app. Through the app, or online, you can view statements, transfer money, and set up account alerts. You can also add your information into Mint.
ableBanking does not offer checking accounts, so bill pay is not available.
Yes. The interest rates for ableBanking accounts are competitive with other online only accounts. They are much higher than your typical brick-and-mortar interest rates.
ableBanking does not offer checking accounts. The only accounts offered are a money market account and CDs.
The ableBanking money market account is popular. It only requires $250 to open. The interest rates are competitive with other online accounts. There is not an ATM card for the money market account.
There are no monthly maintenance fees for the ableBanking money market account.
There are no monthly fees for ableBanking accounts. The interest rates are competitive with other online only accounts. The accounts are entirely online. Only a money market account and CDs are available.
ableBanking protects your personal information with security measures that follow federal regulations. They provide computer safeguards. Their files and building are secure.
No. ableBanking only offers personal deposit accounts. A personal money market account and CDs are available.
The interest rates are much higher than your typical bank rates. There are no monthly fees. Everything for the account is online. There are no branch locations.
Through email, mail, or phone. You can follow ableBanking on Facebook or Twitter.
Bank Contact Information
ableBankingP. O. Box 2606
Lewiston, ME 04241-2606
888-I AM-ABLE (888-426-2253)
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.