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Financial Rates:
5.0
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Customer Service:
5.0
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Variety of Terms:
4.0
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Opening Required Amount:
5.0
Pros:
- Low opening required amounts
- Competitive interest rates on CDs
- Lower balance required to earn interest
- Can open CD accounts online
Cons:
- Limited CD terms available
- No interest rate guarantee
- Link an external account to CDs
- Cannot add money to CDs
What You Need to Know
Each of the ableBanking CDs has low opening required amounts. All the terms only require $1,000 to open. The CD terms available range from six months to four years.
The ableBanking CDs offer competitive interest rates. The rates are competitive with other online CDs. They are higher than the typical bank rates.
ableBanking CDs require $1,000 to open, but only $500 to earn competitive interest rates. The CD rates are not tiered. Any balance over $500 earns the competitive rates.
You can open ableBanking CDs online. ableBanking is an online division of Northeast Bank. Because of this, you open your accounts and access your accounts entirely online. You do not need to visit a branch location to open an account.
There are five CD terms offered through ableBanking. They offer six-month, one, two, three, and four-year CDs. These are the only CD terms available through ableBanking.
The ableBanking CDs do not offer an interest rate guarantee. If CD rates increase shortly after you open your account, your rates will not increase. The interest rates for each CD term are competitive.
ableBanking is an online bank. To transfer money into your account, you must link another account. This account can be the ableBanking money market account or an external account. Once you link the accounts, you can transfer money. Only one external account can be linked to an ableBanking account at a time.
The only time you can add money to ableBanking CDs is when you open the CD and once the CD reaches maturity. They do not offer CDs that you can add money to at any time. ableBanking does not accept cash deposits. Only electronic, wire, or check deposits are accepted.
Cool Things
Refer a Friend
Once you open an account with ableBanking, you have the option to refer a friend. If they open an account, ableBanking donates an additional $25 to the charity of your choice. For each friend you refer to ableBanking, $25 is donated.
History
ableBanking is an online division of Northeast Bank. Northeast Bank is a community-based bank in Maine that started in 1872.
The founders of ableBanking wanted to help non-profits and change banking. They wanted their customers to earn more money off their own money. Since there are not branch locations, they can offer higher interest rates. They also wanted to donate money to charities. They allow customers the option of where they donate their money.
Giving Back
ableBanking offers a new customer gift of $25 to donate to charity. When you open an account, you get to choose where to donate the money. Some of those charities include food banks and animal shelters. Other charities include homes for kids and centers for those with diabetes.
Frequently Asked Questions
Yes. ableBanking is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
They offer five CD terms. The terms range from six-months to four-year terms.
Each CD term requires $1,000 to open.
Make deposits through electronic transfers from another ableBanking account or an external account. You can send a wire transfer or check into ableBanking. You can also have your check directly deposited.
Through electronic transfers. You link another account to your ableBanking CDs. You can then transfer money between the two accounts. The linked account can be another ableBanking account or an external account.
No. You can open an ableBanking CD without opening any other accounts.
Yes. Each ableBanking CD offers competitive interest rates. The rates are competitive with other online CDs.
Contact customer service to learn more about how to receive interest.
Contact customer service for specific amounts.
Contact customer service.
ableBanking will email a renewal notice 30 days before your CD reaches maturity. You can also see your CD information online.
The grace period is usually ten days after the CD reaches maturity.
Yes. ableBanking guarantees their CD interest rates for the life of the term.
There is not an app listed on the website. But you can access your accounts online through your phone.
The interest rates for ableBanking CDs are competitive. The opening required amounts are low, along with the required amount to earn interest. There are only five CDs offered through ableBanking. Everything for your account is online. You must link your CD to another account.
They provide a secure login. Their security measures comply with federal laws. Their computers have safeguards, and their buildings are secure.
The shortest term available is a six-month term.
The longest term is a four-year term.
Yes. They offer a money market account as well.
No. Only personal accounts are available through ableBanking.
Through phone, email, or online chat. You can follow ableBanking on Facebook, Twitter, and YouTube.
Bank Contact Information
ableBankingP.O. Box 2606
Lewiston, ME 04241-2606
888-426-2253
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