A couple of weeks ago I heard from Kelly at The Centsible Life about a new online banking option for savers. Besides the usually higher rates than the local brick and mortar branch being mentioned, I also noticed that it offered a bonus to customers’ charities. Up until this week, you needed an invite code to join, but now ableBanking accounts are now open to all.
Yesterday morning I had the pleasure of interviewing Christine Roberts VP of digital marketing to get the details on ableBanking and how it can benefit you and your financial goals.
able Banking: Save More. Give More.
The business model behind ableBanking is twofold – helping customers to save more and earn higher interest than traditional brick and mortar banks while giving customers an opportunity to donate their charity of choice.
No Maintenance Fees; Competitive Rates
Since they are an online bank, ableBanking can offer customers higher interest rates on their accounts. 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%
Opening an ableBanking Account
If you’re looking to open an account, you can sign up for one online or on the phone (1-888-I AM-ABLE). There is also $1,000 minimum deposit requirement for the money market account and a $500 minimum deposit requirement for the Certificate of Deposit accounts. I have the details on the my ableBanking review on MFR.
ableBanking is focusing on serving customers interested in growing their money and their communities, so the minimum balance is a kind of a determent for rate chasers. Please note you’re not require to maintain that amount; as long as you have a penny on your account it will earn interest.
Within 48 hours of opening the account they should receive their ableDollars that can be used for charities. What’s more, there are no fees with giving – ableBanking absorbs the transaction costs so 100% of your money goes to your charity of choice.
Thoughts on ableBanking’s Give More
What do you think about ableBanking’s business model – higher interest rates and charitable giving? Do you think this a banking option that can help other to build their finances while giving to the community?