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.
Note: TIAA has acquired EverBank, rebranding the bank as TIAA Bank. The acquisition completed on June 12, 2018.
The Yield accounts at TIAA Bank do not charge monthly maintenance fees. There is no amount required to keep in the accounts to avoid fees. You will earn interest on any amount you have deposited in the account.
TIAA Bank guarantees that their account offerings will earn the top five percent interest in the nation. This makes them a competitive bank in the field of high-interest rates.
Business accounts are available through TIAA Bank. Your business can earn the high interest rates you earn with personal banking. There are checking accounts for small businesses and non profits. Interest earning and basic business checking accounts are available. Money market accounts, CDs, and credit cards are also available for your business.
The Yield Checking account offers a one-year spotlight APY. The rate for one year is much higher than the regular interest rates. This rate is only for new customers. Earn interest on any amount above $5,000, but less than $250,000.
After the one-year spotlight APY, the rate drops. The account still earns interest, but lower than the first year. The interest you earn after the first year depends on the amount you have in the account. The rates drop by almost one whole percentage point for balances under $10,000.
The high interest earning accounts have a high required opening balance. You must have $5,000 to open the Yield Pledge Checking, Yield Pledge Money Market, and Yield Pledge CD accounts. Once you open one of these accounts, you will earn the top five percent of yields on your money. TIAA Bank ensures the top interest rates on these accounts.
To open the TIAA Bank accounts with the high interest rates you must have $5,000. TIAA Bank does offer a basic checking and savings account. These accounts only require $25 to open. There is no monthly fee as long as you keep $25 in the account. The basic CDs only required $1,000 to open. These basic accounts get lower interest rates, but still competitive.
TIAA Bank does reimburse fees charged at ATMs, but only if your account balance is over $5,000. TIAA Bank does not charge fees for using their ATMs. The fees are only for other bank ATMs.