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
Top Savings Rate - Easy To Open And Transfer $
Easy to open account online. Web Experience is very good, including setting up external transfer accounts.
Beneficiaries cannot be set up online. Customer Service was very responsive to set up via messaging.
Opened The Able Banking HYS Account And Was A Satisfied Customer
Opening the account was easy, as long as the external account used to fund the opening deposit is compatible with the PLAID system. The customer service is responsive and friendly. However, there are some restrictions on this account to consider.
Only one external account is allowed. After the account is funded, the initial external account can be replaced with another account verified with Micro-Deposits. There is a limit of $25,000 per day on funds (ACH) transfers and the hold time on deposits is 7 days for accounts for the first 60 days and 5 days after 60 days.
I'm limiting my total deposit amount due to the above restrictions, but overall this bank deserves a positive rating.
Wrong Info Given By Rep
Was told on the phone closing a CD early would be a 1 month penalty. Turns out it's 3 months after I signed up when they sent disclosure! No mention on their website.
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.
Data as of Q3 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19690 |
| Year Established | 1872 |
| Employees | 203 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.89% |
| Return on Equity - YTD | 16.98% |
| Annual Interest Income | $200.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $3.94B$2.88B |
| Loans | Q3 2024vs Q3 2023 | $3.48B$2.5B |
| Deposits | Q3 2024vs Q3 2023 | $3.16B$2B |
| Equity Capital | Q3 2024vs Q3 2023 | $392.6MM$311.6MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $43.6MM$25.3MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $34MM$11.6MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |