If you’re looking for a banking option that allows you to get higher interest rates and do some good in the community, then you should check out ableBanking.
In case you haven’t heard of them, ableBanking is an online banking division of Northeast Bank, a community bank based in Maine and founded in 1872. While you needed and invite code to join them before, they just announced this week that the accounts are open to everyone.
That’s great news as another option has become available for savers looking to earn a bit on their stockpile. As an added bonus, ableBanking allows depositors to give back to their charitable causes.
Like other online banks, ableBanking takes the money it saves from not having brick and mortar banks directs that towards having higher interest rates than traditional banks. Currently the rates the offer are:
- Money Market Savings: .85%
- 6 Month CD: .80%
- 1 Year CD: 1.00%
- 2 year CD: 1.15%
- 3 Year CD: 1.30%
- 4 Year CD: 1.50%
It should also be mentioned that there are no monthly maintenance fees – that means your money stays yours.
A unique feature that ableBanking loves to highlight (and rightly so in my opinion) is that along with saving more, it helps its customers to give to causes close to their hearts. They give money to any 501c3 charity that you choose.
When you sign up to be an ableBanking customer, you get a $25 bonus for giving and every year on your ableAnniversary, you have .25% of your average balance can be distributed to your charity. It’s a win-win.
Want to Join?
If you’re looking to open an account, you can sign up for one online or on the phone (1-888-I AM-ABLE). While you don’t need a brick and mortar bank to open the account you do need another bank or credit union to fund your savings.
There is a $1,000 minimum deposit requirement for the money market account and a $500 minimum deposit requirement for the Certificate of Deposit accounts. ableBanking is focusing on serving customers instrested in growing their money and their communities, so the minimum balance is kind of a determent for rate chasers.
Enrollment is fairly straightforward. Besides entering your personal data including your Social Security Number, ableBanking verifies your identification with a questionnaire pulled from public records.
Customers then will get an email regarding a micro-depsoit between their funding bank and their ableBanking account. Once confirmed, the account is opened and the rest of the transfer is completed.
Within 48 hours they should receive their ableDollars that can be used for charities.
I’d love to hear from you about banks. What you want from your bank? Do you think you’d sign up for ableBanking?