ableBanking Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Low opening amount required
  • 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 checking or business accounts offered

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 ableBanking accounts. As with all CDs, you will be charged a fee if you withdraw your money before the account reaches the maturity date. Federal regulations allow six withdrawals from a money market account per month. There is a fee if you withdraw more than six times.

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 amount you have in ableBanking accounts earns the highest interest rates offered. You do not have to have a set amount in the account to earn the highest rates on your money. There is no balance required to keep in the accounts.

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 accounts are entirely online. There are no branch locations. Customer service has specific hours they are open. There are scheduled down times for the website. The website will be unavailable for maintenance during these times. Those days are listed on the website. The hours are from 1:00 a.m. to 5:00 a.m.

When you open an account with ableBanking, you must link an external bank account. This is how you will fund your ableBanking account. You cannot switch the external account for the first 60 days after opening the account. 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.

ableBanking does not offer checking accounts or business accounts. The only accounts offered are personal deposit money market account and CDs. You must link an external bank account to transfer money into the ableBanking accounts.

Cool Things

New Customer Gifts

When you open a new account with ableBanking, they will donate $25 to any charity of your choice. This is only done when you open an account for the first time. 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. Northeast Bank is 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 this 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 interest rates on accounts for customers and to different charities.

Giving Back

ableBanking donates $25 to a charity of the customer’s choice when a new account is opened. Some of the charities include animal shelters and diabetes centers. Homes for children and food banks are other charities.

Northeast Bank donated $10,000 to Junior Achievement of Maine. This organization partners with schools to provide financial education. Students from elementary to high school can receive the courses. Employees of Northeast Bank volunteer to teach the different financial courses.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. ableBanking is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By electronic transfers. You can transfer money between ableBanking accounts and your linked external account.

Does this bank offer mobile banking?

Northeast Bank offers a mobile app. It is not specified on the website if ableBanking customers can access their accounts through that app.

Is this a good bank?

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.

Is this bank free?

Yes. There are no monthly maintenance fees for ableBanking accounts. As with all accounts, there are fees for overdrafts and wires. MMAs have a fee if you withdraw more than six times in a billing cycle. CDs charge a fee if you withdraw money before the maturity date.

Is this bank secure online?

ableBanking protects your personal information with security measures that follow federal regulations. They provide computer safeguards. Their files and building are secure.

Does this bank offer competitive interest rates?

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.

Can I use this bank for my business accounts?

No. ableBanking only offers personal deposit accounts. A money market account and CDs are available.

How is the online bank different from the online banking my bank offers?

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.

Do their checking accounts pay interest?

ableBanking does not offer checking accounts. The only accounts offered are a money market account and different term length CDs.

How do I reach customer service?

Through email, mail, phone, or by online chat.

Does this bank offer bill pay?

There are no checking accounts offered, so bill pay is not available.

Can I deposit cash?

No. Deposits are only made with electronic transfers, wire transfers, direct deposit, or checks.

How long do transfers take?

Transfers made before 5:00 p.m. will transfer immediately. Transfers made after that time will fund the next business day. Money transferred to another bank usually take two to three business days.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into ableBanking money market accounts.

Bank Contact Information

ableBanking
P. O. Box 2606
Lewiston, ME 04241-2606

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