ableBanking Pushes Up 1-Year CD APY

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Deal Summary: 1-year CD (2.50% APY), 2-year CD (2.80% APY) $1k minimum deposit, $240k maximum deposit

Availability: Nationwide (internet bank)

It’s been about six months since I wrote about any of ableBanking’s CDs. In early December, the 1-year CD offered 1.75% APY, which at the time placed it at the top of the rate pile. Except for a short stay at 2.00% APY in January, the 1.75% APY has been in effect for the past seven months. As DA reader, IvoryMale, noted in a Forum post, ableBanking has raised the rates on its 1-year CD (2.50% APY) and 2-year CD (2.80% APY). Either CD can be opened with a $1k minimum deposit, and is capped at $240k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$1k$240kableBanking2 Year CD
2.50%$1k$240kableBanking1 Year CD
Rates as of July 21, 2018.

While the 1-year CD has had a few glimmers of rate-greatness in the past six years, the 2-year CD APY has been rather forgettable during that time. Added to the product line in July 2012 at 1.20% APY, the rate has been 0.70% APY for the vast majority of the past five years. Last week’s addition of 210 bps rescued the 2-year CD from rate oblivion, pushing it to within 10 bps of the current 2-year CD category rate leader.

CSR stated in a Live Chat that “a certificate with a term of less than three years has an early withdrawal penalty of 90 days simple interest on the amount withdrawn.” CSR also mentioned that partial withdrawals are now allowed; in the past, if any of the principal was withdrawn early, the CD was closed.

According to CSR, two beneficiaries can be added on the initial application, and “a total of four can be added after the account is opened by written request.” Each beneficiary added requires a Social Security number, date of birth, address, and relationship to the account owner.

According to the Account Agreement document, funding a CD can be by,

check, ACH transfer or wire transfer from an account in a financial
institution that is chartered by the United States of America or a state thereof.

Thanks to DA reader, IvoryMale, for his Forum post about ableBanking's new CD rates.

Money Market Savings

In January, ableBanking’s Money Market Savings account became a rate leader, when its APY was increased to 1.70%. Since that time, the APY has remained unchanged, losing its top ranking as many other savings and money market accounts have overtaken it.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.85%$250-ableBankingMoney Market Savings
Rates as of July 21, 2018.

Availability

Headquartered in Lewiston, Maine, ableBanking is an online division of Northeast Bank and, according to the online application, offers its product line to “United States Residents,” 18 years or older. As ableBanking requires a Social Security number for everyone named on an account, it’s probably safe to assume that U.S. citizens and resident aliens are included in “United States Residents.”

ableBanking requires a copy of your driver’s license or valid government-issued ID (passport, military ID, etc.) to open an account.

We will not consider your account opened until we receive this information from you. Once
your account is opened, you will receive additional details on your account from us in the mail.

Bank Overview

As an online division of Northeast Bank, ableBanking operates under Northeast Bank’s FDIC Certificate and shares Northeast Bank's financial history. Please note that “FDIC insurance limits of $250,000 apply to the combined deposit balances between ableBanking and Northeast Bank.”

Northeast Bank/ableBanking has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.33% (excellent) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $126.86 million, an excellent annual growth rate of 14.65%. Please refer to our financial overview of Northeast Bank/ableBanking (FDIC Certificate # 19690) for more details.

Northeast Bank was originally established in 1872 as the Bethel Savings Bank. (Located on the southern rim of the Mahoosuc Range in Maine, Bethel was known as a fashionable summer resort between the Civil War and World War I.) The Bank’s name remained the same for almost 125 years and was changed to Northeast Bank in 1996, following the acquisition of Brunswick Federal Savings. Northeast Bank is currently the eighth largest bank in Maine, with assets in excess of $1.1 billion.

How the CDs Compare

When compared to the 210 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, ableBanking’s 1-year CD APY currently shares the top spot with Connexus Credit Union’s 12-month Certificate APY.

When compared to the 204 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, ableBanking’s 2-year CD APY currently ranks second.

The above rates are accurate as of 6/18/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.

Related Pages: Portland CD rates, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
ableBanking’s Money Market Savings Is New Rate Leader
Deal Summary: Money Market Savings Account, 1.70% APY on all balances, $250 minimum opening deposit requirement. 12-Month CD, 2.00% APY, $1k minimum deposit.

Availability: Nationwide (internet bank)

ableBanking increased the rate today of its Money Market Savings account by 40 bps to 1.70% APY. This is currently the top rate that’s available from an internet savings or money market account.

ableBanking’s 1.70% APY applies to all balances of the Money Market Savings. There is no minimum or maximum balance. Also, there is no monthly maintenance...

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ableBanking's 1-Year CD Joins 1.75% APY Club
Deal Summary: 1-year CD, 1.75% APY, $1k minimum deposit, $240k maximum deposit

Availability: Nationwide (internet bank)

In October, ableBanking (internet division of Northeast Bank) became a player in the nationally available 1-year CD rate race, by adding 30 bps to its 1-year CD (1.70% APY). Two months later, ableBanking has added an additional 5 bps to the 1-year CD, placing it at the top of the rate pile. The 1-year CD can be opened with a $1k minimum deposit; there is a balance cap of $240k.

...
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ableBanking Hikes 1-Year CD Rate
Deal Summary: 1-year CD, 1.70% APY, $1k minimum deposit, $240k maximum deposit.

Availability: Nationwide (internet bank)

ableBanking (internet division of Northeast Bank) is the latest bank to become a player in the nationally available 1-year CD rate race, by adding 30 bps to its 1-year CD (1.70% APY). The minimum deposit is $1k, with a balance cap of $240k.

The 1-year CD was part of the product line when ableBanking opened its virtual doors in 2012. Four months after the 1-year CD debuted, the...

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ableBanking Raises Money Market Savings Account Rate

Deal Summary: Money Market Savings Account, 1.30% APY on all balances, $250 minimum opening deposit requirement.

Availability: Nationwide (internet bank)

ableBanking increased the rate today of its Money Market Savings account by 30 bps to 1.30% APY. This is currently the top rate that’s available from an internet savings account. ableBanking is one of only three internet banks that offer this rate with no minimum balance requirements.

ableBanking’s 1.30% APY applies to all balances of the Money Market Savings. There is no minimum or maximum balance. Also, there...

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ableBanking Raises Rate on Personal Money Market and 1-year CD

Internet bank ableBanking made its debut this week on DepositAccounts.com's "Best Bank Account Summary," with their Personal Money Market Account (PMMA) at 1.02% APY. After remaining static for several months, the interest rate on this PMMA was increased yesterday by 22 basis points. A $250 minimum deposit is required to open an account.

According to ableBanking's Disclosure Page, the following transaction limitations apply:

ableBanking is also offering a 1-Year CD (1.10% APY). A $1K minimum deposit opens this CD and there is a maximum balance cap...

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