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ableBanking VS First Tech Federal Credit Union

Which bank is better for you?

  • 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
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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
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Dividend Rewards earns great rates
  • No monthly maintenance fees
  • CDs offer good rates
  • Low opening required amounts

Cons:

  • Must become a member first
  • Tiered interest rates
  • High opening amount for Instant Access
  • Low daily ATM withdrawal amount
ableBanking Review

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.

Read the full ableBanking review.

First Tech Federal Credit Union Review

The Dividend Rewards checking account earns competitive interest rates. To earn the most competitive rate has some requirements. You must have 12 debit card purchases each month and have one direct deposit or ACH withdrawal. You must also receive electronic statements. The competitive rate is for any balance from $0.01 to $15,000. Balances over $15,000 earns a lower rate.

First Tech savings and checking accounts do not have monthly fees. There is no minimum balance required to keep in the account to waive the monthly fees. These accounts are free.

The CDs offered through First Tech offer good interest rates. The terms range from six-month to 60-month terms. Each of the terms earns rates slightly lower than other online CDs. Each traditional CD term requires $500 to open.

First Tech has low required amounts to open their accounts. The checking accounts require $0.01 to open. Two of the savings accounts require $0.01 or $5.00 to open. Each of the CD terms requires $500 to open.

To open an account with First Tech, you must be a member of the credit union. You are eligible to be a member if you work for certain tech companies or the state of Oregon. If you live or work in Lane County, Oregon, you are eligible. Immediate family members of members are eligible. You can also become a member by joining the Computer History Museum or the Financial Fitness Association.

The Instant Access savings account with First Tech has tiered interest rates. To earn the most competitive rate, you must have a balance over $250,000. Lower account balances earn interest, just not the most competitive rate.

The Instant Access savings account has a high opening required amount. To open the account requires $5,000. There is no monthly fee for this account. Interest rates for the Instant Access account are tiered.

First Tech members can only withdraw $500 per day, per cardholder, from First Tech ATMs. Other ATMs may allow for a higher withdrawal, but you may face a fee. If you need more than $500 at one time, visit a branch location.

Read the full First Tech Federal Credit Union review.

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Axos Bank
Savings 10/28/2020
APY 0.61%
Rate 0.60%
For APY $250
Monthly Fee $0.00
Checkbook No
Member FDIC Insured.
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