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

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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:

You can make no more than a combined total of six (6) transactions each monthly statement cycle from among the following:

  • Preauthorized or automatic transfers from your Account (including transfers for overdraft protection or between your Accounts).
  • Telephone transfers from your Account. Telephone transfers include instructions to transfer funds sent to us by facsimile or other electronic transmission, but do not include requests you make by telephone for us to mail a check payable to you.
  • Online withdrawal transfers from your Account.
  • Transfers from your Money Market Deposit Account to an External Account or to third parties by pre-authorized, automatic or telephone transfer are limited to $25,000 per day.

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 of $240K. The Early Withdrawal Penalty is 90 days simple interest, and ableBanking reserves the right to require not less than seven days' notice in writing before any withdrawal.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%$250-ableBankingPersonal Money Market
0.65%$1k$240kableBanking1 Year CD
Accounts mentioned in this post. Rates as of September 27, 2016.

Availability

ableBanking is headquartered in Lewiston, Maine and is strictly an internet bank, offering services to all U.S. citizens. To open an account, you need a Social Security Number for everyone whose name is on the account, and the routing and account information for the institution that will be funding the new ableBanking account. The account is considered open only after a signed signature card is returned, along with a copy of a valid Driver's License or other Federal, State, or Military issued ID.

Bank Overview

ableBanking (FDIC Certificate # 19690) has an overall health rating of A at DepositAccounts.com, with a Texas Ratio of 9.42% (excellent) as of March 31, 2014. ableBanking has increased its total deposits in the past year by $55.85 Million, an excellent 10.49% growth rate. Please refer to our financial overview of ableBanking for more details.

ableBanking is the internet division of Northeast Bank, a Maine community bank that was founded in 1872. Since opening its virtual "doors" in July 2012, ableBanking has passed on its savings from having reduced overhead, by donating $25 to each new customer's favorite charity.

How the Rates Compare

When compared to other Savings Accounts tracked by DepositAccounts.com, with a $250 or less minimum deposit, no maximum balance cap, and available nation-wide, ableBanking's PMMA is highly competitive:

    Interest Rate

    1.05% APY

    1.02% APY

    1.00% APY

    Account Name

    HighQ

    PMMA

    SmartyPig Savings

    Institution

    Quorum Fed CU

    ableBanking

    SmartyPig

When compared to other 1-Year CDs tracked by DepositAccounts.com, with a $1K minimum deposit, and available nation-wide, ableBanking's 1-Year CD is also highly competitive:

    Interest Rate

    1.10% APY

    1.10% APY

    1.05% APY

    1.05% APY

    Account Type

    12-month CD

    12-month CD

    13-month CD

    12-month CD

    Institution

    Triumph Savings Bank

    ableBanking

    BankUnited

    iGOBanking

The above rates are accurate as of 8/27/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
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Earlier this month the new internet bank ableBanking increased some of its CD rates, and there is now one CD that's especially competitive. It's the 12-month CD which has a 1.12% APY (as of 11/16/2012). Minimum deposit is $1,000.

I first reviewed ableBanking in July. It's the internet division of Northeast Bank, a Maine community bank. In addition to CDs, ableBanking also offers a personal money market account. As I described in my July review, ableBanking is trying to differentiate itself from other internet banks with its charity connection. The bank...

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The bank will give $25 to the charity of your choice when you become a customer. In addition, they will give 0.25% of your average balances every year, for each account on your ableBank anniversary. More details are in the...

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