Related Posts
7/1 - Able Drops Rate To 1.05% APY
5/25 - Able Rates Are Now 1.25% APY
3/13 - Able Dropped Rates .15 To 1.7% APY
2/6 - ableBanking 1-Year CD APY Boosted To Rate Leader Level
2/5 - Able Introduces Higher Rate Cds
11/12 - ableBanking 4-Year CD Rate Jumps
8/5 - Able Bumps Up Money Market To 1.85% APY
6/18 - ableBanking Pushes Up 1-Year CD APY
6/16 - 2.50% APY 1-Year CD & 2.80% APY 2-Year CD
1/29 - Ablebanking's MM Savings Is A New Rate Leader (1.70% APY)
1/13 - ableBanking’s Money Market Savings Is New Rate Leader
Opened CD Online For First Time With Able
Opened the 2 year, 3.2% today. You have to read and click the disclosures to move forward in the process. Have your DL handy and beneficiary info. Was allowed 3 beneficiaries on a joint CD and able to put charitable organizations by putting part of name as "first" and rest as "second". You will need tax ID#'s for beneficiaries.
In a couple of days 2 micro deposits will go in and out of my external funding bank, then I'll log back in, enter those amounts and when CD is funded they'll mail me signature cards which need to be returned with copy of drivers license. Rep said when CD matures call them and they will ACH to external bank if that's what we want. She said we'll get notice 30 days before maturity. Seemed straight forward, no problems.
Great Customer Service!
I'm moving my money out of Able because of the low rate, but I really wish I didn't have to, because of all the multiple banks I'm dealing with, they're the ONLY ones with great customer service. If I could give the other banks a zero for customer service, I would. At Able, I get responses and action immediately to all my requests and inquiries--even though they know I'm taking my money out. I highly recommend them if their mma rates come up--although it looks like they might have some decent CD's for anyone interested in those.
A giving Bank.
I just started an account with this bank less than a year ago. I wanted to get the benefit of an online bank that offers a better yielding rate on my money market account and this is one of the banks that has great rates for that. I was also surprised to learn that they donate twenty five dollars to a charity of your choice when you open an account. I decided to donate to my mothers church because she has been going there for over twenty years and it also made her very happy to help the lord. Which makes me feel pretty good and after being there a year they donate twenty five percent of your account balance to a charity also. That, plus the good MMA rate had me hooked. Everything is also very simple with their online banking. You can also call if you have any troubles with anything and the folks on the phone are very helpful and polite.
Too Many Limitations With What You Can Do With Your Money
All kinds of surprises with this bank that I didn't realize upon signing. I am with other online banks that are not so restrictive. First of all, I didn't realize I couldn't withdraw any funds until they send me a form I must sign and give back to them (which I am still waiting on) so my money is locked in there. Furthermore, the account can only be linked with one other account at a time. I guess that's fine, but when I decided to change the account it would be linked with, I found out I cannot change the linked account within the first 60 days so my fund are locked in there for the time being. I plan to close the account and move the funds into other online banks that are less restrictive.
Data as of Q1 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19690 |
| Year Established | 1872 |
| Employees | 179 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.76% |
| Return on Equity - YTD | 18.3% |
| Annual Interest Income | $53.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $2.87B$1.57B |
| Loans | Q1 2023vs Q1 2022 | $2.50B$1.23B |
| Deposits | Q1 2023vs Q1 2022 | $2.15B$1.28B |
| Equity Capital | Q1 2023vs Q1 2022 | $283.9MM$247.5MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $7.1MM$5.8MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $8.8MM$13.6MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |