ableBanking
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.70% | 1-year CD | 1 Year CD 1.50% - Ally Bank No Penalty 11-Month CD |
| 1.30% | Savings | Money Market Savings 1.20% - Ally Bank Online Savings Account |
| 1.30% | Money Market | Personal Money Market 0.90% - Ally Bank Money Market Account |
My Experience With ableBanking
When selecting my current money market savings account, I was drawn to ableBanking on the advice of a friend who, knowing I'm up for being charitable, thought it was the sort of thing I would be interested in. I was pleased to see that the free $25 donation you can make for setting up the account could go to pretty much any charity you like rather than just from a small predetermined list so if you have a personal interest in a certain charity then chances are you can donate. I believe that a yearly payment will also go to my charity based on interest. Setting the account up was straight forward and all handled online, their online portal is intuitive and very easy to use even for a beginner like me.
I am very happy with the account so far, my payments into it have been swift and trouble free so other than speaking to a customer service adviser once to confirm my charity of choice (they were very helpful, by the way) I have not actually had to put them to the test all that much. I'm hopeful it's going to be a good banking experience over time, so far it has been.
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.
Too Restrictive
I didn't realize they put a hold on incoming ACH credits. I had an ACH payroll deposit that they put on hold. I mean really? What bank does that? I understand if you deposit a check or initiate a ACH from them, but when an external entity deposits funds into an account they are clear and available but evidently this bank doesn't understand risk.
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19690 |
| Year Established | 1872 |
| Employees | 186 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.51% |
| Return on Equity - YTD | 11.76% |
| Annual Interest Income | $31.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $1.08B$985.4MM |
| Loans | Q2 2017vs Q2 2016 | $780.1MM$697.4MM |
| Deposits | Q2 2017vs Q2 2016 | $907.9MM$830.1MM |
| Equity Capital | Q2 2017vs Q2 2016 | $137.6MM$115.7MM |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $3.7MM$2.7MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $11.4MM$7.7MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $822.00K$1.7MM |
Always verify rates and promotions with the bank or credit union. We are not ableBanking; we are a rate comparison website and cannot provide official rates or promotions.
ableBanking Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.30% | $250 | - | Money Market Savings |
ableBanking Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.30% | $250 | - | Personal Money Market |
ableBanking CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.70% | $1k | $240k | 1 Year CD | |
| 1.65% | $1k | $240k | 4 Year CD | |
| 1.05% | $1k | $240k | 6 Month CD | |
| 0.90% | $1k | $240k | 3 Year CD | |
| 0.70% | $1k | $240k | 2 Year CD |
ableBanking is an Internet only bank and does not have branch locations. Its headquarters is located at 500 Canal Street - Lewiston, ME 04240