ableBanking Review 2024

ableBanking, a division of Maine-based Northeast Bank, is an online bank that focuses on two types of consumer savings products: certificates of deposit (CDs) and money market accounts. Because it doesn’t have branches, it’s able to save on overhead costs and then pass those savings onto customers in the form of higher interest rates.

This ableBanking review is focused on the online bank’s consumer account options, how to access those accounts and how it compares to other banks.

Account Basics

Money Market Account

ableBanking’s Personal Money Market account currently offers a rate of 0.10% APY. This account requires a $250 minimum initial deposit to open, but the minimum balance to earn the APY is $0.01. ableBanking doesn’t charge any monthly maintenance fees with its money market accounts, which means you keep all of your earnings.

However, ableBanking money market accounts don’t come with check-writing privileges or debit cards. The only way to move money in and out of your account is through online transfers, wire transfers, direct deposits or checks.

CDs

ableBaking offers standard CDs that are available in five term lengths: six months, one year, two years, three years and four years.

Opening a CD with ableBanking requires a minimum deposit of $1,000 and is limited to a maximum principal balance of $240,000. There’s no opportunity to add extra funds after the account is open and funded. It’s also not available as an IRA. Interest on ableBanking CDs is compounded and credited monthly.

ableBanking CDs are subject to penalties for early withdrawals before they reach maturity:

• CD terms less than three years: 90 days’ simple interest on the amount withdrawn
• CD terms three years or more: 180 days’ simple interest on the amount withdrawn

Access on the Go

As an online bank, ableBanking account access is limited mostly to online and mobile access. The ableBanking mobile app, available on iOS and Android, allows customers to:

• View account balances and transaction history
• Receive alerts
• Transfer funds

The mobile app doesn’t offer advanced features such as mobile check deposit or bill pay. It also has poor ratings in both the App Store (4.6 out of 5) and Google Play (4.9 out of 5).

ableBanking’s online banking offers similar features, giving customers 24/7 access to their money. Since ableBanking doesn’t have a checking account, there is no option to pay bills online through its accounts.

Pros

• No monthly fees
• Competitive rate on money market accounts

Cons

• CD rates are lower than found at other online banks
• Only two account options

How ableBanking Stacks Up

With only two account options, ableBanking lacks the full-service capabilities to compete with the top online banks. And if you want to open a money market account, consider looking elsewhere, as ableBanking’s money market account offers a low rate. In addition, other online banks offer more robust mobile apps.

However, its CD rates are competitive with some of the best online banks, including short- and longer-term CDs

If you’re looking for a simple online bank to park your money long term, and don’t care about having the latest and greatest features, ableBanking can be a solid choice. It’s also a great fit for people who are already Northeast Bank customers and want to pair their traditional banking with online accounts with better rates.

Frequently Asked Questions