-
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
-
Financial Rates:
4.5
-
Customer Service:
4.0
-
Website Experience:
4.0
-
Bank Fees:
4.5
Pros:
- Competitive rates on all accounts
- Low opening required amounts
- Good variety of accounts
- Can send and receive money with Zelle
Cons:
- Tiered interest rates for most accounts
- Cannot open all accounts online
- Accounts not available to everyone
- Monthly fees for some accounts
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.
Gateway First offers competitive interest rates on most accounts. The interest rates are much higher than typical bank rates. The online savings account and 12-month CD offers the most competitive interest rates.
The opening required amounts for Gateway First accounts are low. The online savings account requires $10 to open. The CDs need $1,000 to open. The checking accounts require either $50 or $1,000 to open. The money market account does require $2,500 to open.
Gateway First offers a good variety of accounts. These include:
- Three personal checking accounts
- Online savings account
- CD terms from six-months to five-years
- One, two, and three-year IRA CDs
- Home and consumer loans
- Business checking account
- Commercial and specialty lending options
Customers can send and receive money through Zelle. Gateway First Bank offers Zelle as a feature for each of their checking accounts. You can initiate Zelle payments through the mobile app or online.
Gateway First accounts have tiered rates. The CDs require $500 to open, but to earn interest requires a $25,000 balance. Each CD earns competitive rates if you have $25,000. You cannot add money to the CD after the opening amount. The money market account requires $100,000 to earn the most competitive rate. The checking account requires $50,000.
Not all Gateway First accounts can be opened online. The only accounts available online are the high yield savings account and CDs. The CD terms range from six-months to five-years.
Gateway First accounts are not currently available in all 50 states. If you live in the following states, you cannot open an account:
- Alaska
- California
- Georgia
- Hawaii
- Illinois
- Maine
- Massachusetts
- Montana
- New Hampshire
- New York
- Rhode Island
- Vermont
Some Gateway First Bank accounts have monthly fees. The fees for the checking accounts are between $7-8. There is a fee of $0.15 per debit item if you do not keep a set account balance. To waive the account fees, you must keep an account balance between $250 and $2,500.
Sponsored Offers
| Savings (Rate as of 4/19/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.05% |
|---|---|
| Rate | 4.93% |
| For APY | $5,000 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience. | |
| Savings (Rate as of 4/19/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
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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.