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ableBanking Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.60%APY
Savings/MMA

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.

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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?

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.

How do I access my money?

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.

Can I deposit cash?

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

How long do transfers take?

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.

Can I sign up for direct deposit?

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

Are ATM transactions free?

ableBanking does not offer an ATM card for the money market account.

Are ATM transaction fees reimbursed?

There is not an ATM card attached to the ableBanking money market account.

Is mobile banking or a mobile app available?

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.

Is bill pay offered?

ableBanking does not offer checking accounts, so bill pay is not available.

Do the accounts 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.

Do checking accounts earn interest?

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

What are the most popular accounts?

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.

What are the monthly maintenance fees?

There are no monthly maintenance fees for the ableBanking money market account.

Is this one of the best banks?

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.

How are my money and personal information protected?

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

Are any business accounts offered?

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

What makes these accounts different?

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.

How do I reach customer service?

Through email, mail, or phone. You can follow ableBanking on Facebook or Twitter.

Bank Contact Information

ableBanking
P. O. Box 2606
Lewiston, ME 04241-2606
888-I AM-ABLE (888-426-2253)

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