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ableBanking VS MySavingsDirect

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.85%APY
Savings/MMA
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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
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No monthly maintenance fees
  • Low required amounts to open accounts
  • Accounts offer competitive interest rates
  • Interest rates are not tiered

Cons:

  • Limited accounts offered
  • Must link to an external bank account
  • Can only make electronic transfers
  • Must be a customer to open CDs
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 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.

Read the full ableBanking review.

MySavingsDirect Review

There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.

The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.

The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.

MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.

MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.

To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.

The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.

To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.

Read the full MySavingsDirect review.

Favorite Rates

Customers Bank
Savings 25K 03/22/2019
APY 2.50%
Rate 2.47%
For APY $25,000
Monthly Fee $0.00
Checkbook No
SAVINGS | MEMBER FDIC
Learn More &
Open Account
BBVA Compass
MMA 03/22/2019
APY 2.40%
Rate 2.37%
For APY $25
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Learn More &
Open Account
Investors eAccess
MMA 03/22/2019
APY 2.40%
Rate 2.37%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Open Online, No Minimum Balance, No Monthly Fees, FDIC
Learn More &
Open Account
State Farm Bank
MMA 03/22/2019
APY 2.25%
Intro Rate 2.23%
Intro Duration 12 Months
Post Intro 1.00%
For APY $0
Monthly Fee $10.00
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
Learn More &
Open Account
Barclays
Savings 03/22/2019
APY 2.20%
Rate 2.18%
For APY $0
Monthly Fee $0.00
Checkbook No
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Learn More &
Open Account
E*TRADE Bank
Savings 03/22/2019
APY 2.10%
Rate 2.08%
For APY $1
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
Learn More &
Open Account
American Express National Bank
Savings 03/22/2019
APY 2.10%
Rate 2.08%
For APY $1
Monthly Fee $0.00
Checkbook No
No monthly fee. Competitive APY. 24/7 account access.
Learn More &
Open Account
American Express National Bank
Savings 25K 03/22/2019
APY 2.10%
Rate 2.08%
For APY $25,000
Monthly Fee $0.00
Checkbook No
No monthly fee. Competitive APY. 24/7 account access.
Learn More &
Open Account
Capital One
MMA 03/22/2019
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Earn Up to $500 on Qualifying Balances
Learn More &
Open Account