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ableBanking VS Navy Federal Credit Union

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

  • Low opening required amounts
  • Variety of accounts available
  • ATM fee reimbursements
  • Competitive rates on most accounts

Cons:

  • Must become a member first
  • Checking accounts have monthly fees
  • Accounts have tiered interest rates
  • Daily cash limits on withdrawals
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.

Navy Federal Credit Union Review

Navy Federal accounts have low opening required amounts. The savings account only requires $5 to open. The money market account does not have a set amount required to open, but to earn interest requires $2,500. The checking accounts do not have a set amount required to open. The CDs have tiered opening required amounts. The lowest amount to open a regular CD is $1,000. Special CD offers require lower opening amounts.

There are a wide variety of accounts offered through Navy Federal. They offer a savings account, money market account, and CDs. Their CD terms range from three-month terms to seven-year terms. Navy Federal offers five checking accounts. Those accounts include one for students, an online account, and an active duty account. Navy Federal also offers loans and credit cards.

Most Navy Federal checking accounts offer ATM fee reimbursement. Only the Everyday Checking account does not. The reimbursement amount ranges from $10 to $20, depending on the account. Some accounts require a direct deposit to earn the reimbursement.

Most all Navy Federal accounts offer competitive interest rates. The CDs offer the most competitive interest rates. Navy Federal savings and checking accounts earn interest. The rates are lower than online account rates. The money market account rates are slightly lower than online rates. These rates are higher than typical bank rates.

Before you open an account with Navy Federal, you must first become a member of the credit union. Servicemembers and veterans are eligible to join Navy Federal. Department of Defense employees are eligible. Family members of each of these groups can become members of Navy Federal Credit Union.

Navy Federal checking accounts have monthly fees. Those fees range from $5 to $10. Waive those fees by having a direct deposit or a set account balance. Having a certain amount of debit card transactions can also waive the fees. The savings accounts do not have monthly fees.

Navy Federal money market and Flagship checking account have tiered interest rates. To earn the most competitive rate on the MMA requires a balance of at least $50,000. The checking account requires $25,000. To earn the most competitive rate on Navy Federal CDs requires $100,000.

Navy Federal only allows for a daily cash withdrawal of $600. This includes cash from an ATM, a branch, or receiving cash back. There is a daily transaction limit of $3,000 for most checking accounts and $5,000 for the Flagship checking. Their accounts do not typically have limits on the number of transactions.

Read the full Navy Federal Credit Union review.

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