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ableBanking VS Wings Financial

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: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates on accounts
  • Variety of accounts offered
  • Low opening required amounts
  • Only one account has a monthly fee

Cons:

  • Must join credit union to open accounts
  • Accounts have tiered interest rates
  • Cannot open all accounts online
  • High yield checking has requirements
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.

Wings Financial Review

Wings Financial accounts offer competitive interest rates. The checking account rates are competitive with online account rates. The savings and money market account offer rates that are lower than online accounts. These account interest rates are higher than typical bank rates.

A good variety of accounts are available through Wings Financial. They offer checking, savings, and money market account. Specific holiday savings accounts are available. They offer CDS, personal loans, and credit cards. Personal investment and insurance opportunities are available. Some business accounts are also offered.

Accounts with Wings Financial have low opening required amounts. The checking accounts require either $1 or $5 to open. The savings accounts do not have a required amount or require $5 to open. Each CD term requires $500 to open. The money market account does require $5,000 to open.

Only the World Class Money Market account has a monthly fee. That fee is $10 per month. To waive that fee each month you must keep an account balance of $5,000. No other Wings Financial accounts have a monthly fee.

Before you can open accounts with Wings Financial, you must first join the credit union. To be eligible to join requires living or working in Minnesota or Wisconsin county, or Seattle-Tacoma, Washington. Family members of Wings Financial members are eligible. Aviation workers are eligible. You can join Wings Financial Foundation to become eligible to join the credit union.

Some Wings Financial accounts have tiered interest rates. To earn the most competitive interest rate in the money market account requires a balance of $25,000. The investment MMA requires a balance of $100,000 to earn the best rate. The savings account requires $50,000 to earn the best rate. Wings Financial CDs requires $90,000 to earn the best rate.

Not all Wings Financial accounts can be opened online. Their special CDs require visiting a branch location to open. The high yield checking account requires a branch location to open.

You must meet requirements to earn the competitive rates of the high yield checking account. That includes making 15 debit card transactions over $5 and have a direct deposit over $300 each month. You must also sign up to receive e-Documents. If you meet these requirements, you earn the competitive interest rate. The competitive interest rate applies to account balances under $25,000.

Read the full Wings Financial review.

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