-
Financial Rates:
1.0
-
Customer Service:
3.5
-
Website Experience:
3.0
-
Bank Fees:
3.5
Pros:
- Variety of different personal accounts
- Low opening required amounts
- Checking and saving rates are not tiered
- Business accounts offered
Cons:
- Accounts have low-interest rates
- Jumbo CDs do not offer higher rates
- Accounts have monthly fees
- High interest in MMA requires a large sum
-
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
Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.
Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.
The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.
Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.
Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.
Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.
Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.
The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.
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.
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| 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.