-
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:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- Low opening required amounts
- Checking accounts offer ATM rebates
- Variety of CD term lengths
- Business accounts available
Cons:
- Accounts are not offered everywhere
- MMA needs a large initial deposit
- Low interest rates
- Must have a checking to open savings
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.
The amount required to open a checking or savings account is low. People's United checking accounts only require $25 to open. The savings accounts require $50.
Two of the People's United checking accounts offer free ATM use or reimburse ATM fees. The Advantage checking account has unlimited rebates for out of state ATM fees. The Premier Advantage checking account has free ATMs, including international ATMs. These accounts require high investment balances to waive the monthly fee. The Advantage is $7,500, and the Premier is $75,000 across all investment accounts.
People's United offers a variety of CD term lengths. Their terms range from 91 days to five years. The interest rates vary depending on the term. The best interest rate on a People's United CD is the One Year Plus CD. Those interest rates are competitive with other online accounts; the other rates are not.
There are a variety of different business accounts offered through People's United. Checking, savings, and money market accounts are available. CDs, credit cards, loans, and investment opportunities are available.
People's United accounts are not offered everywhere. The branches are currently in the North Eastern states. Those include Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont. If you do not live in one of these states, you cannot open an account with People's United Bank.
The amount required to open a money market account is $2,500. There is not a monthly maintenance fee on the money market account. You will earn interest on the money deposited into the account. The money market account offers tiered interest rates. This means the interest you earn depends on the amount you have in the account.
The interest rates of the different accounts are not competitive. They are much lower than other online-only accounts. The interest rates are similar to your typical bank rates. The Plus CDs offer slightly more competitive rates.
You have to have a checking account with People's United to open a savings or money market account. The checking account determines what savings and money market account you can open. You must open a checking account before a savings account can be opened.
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| Savings (Rate as of 4/20/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/20/2024) | |
| 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 4/20/2024) | |
| 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.