Able Banking Review: CD and Money Market Accounts
- ableBanking donates $25 to your charity of choice when you open an account, as long as the organization is a qualified 501(c)3 charity.
- With a minimum deposit of $250, you can open a high-interest money market account online with ableBanking.
- Your other option, the CD, requires a $1,000 minimum deposit, with terms ranging from 6-month CDs to 4 year CDs.
If you’d like to earn competitive interest on your savings and help a charity of your choice each year, you may want to take a look at ableBanking.
AbleBanking is an online bank that promises the more you save, the more the bank will give of its own money to a charity you select. The bank offers two types of savings accounts: a money market account and a certificate of deposit (CD).
AbleBanking and charitable giving through savings accounts
A significant part of ableBanking’s appeal is that your savings with the bank can also help your favorite nonprofit organization.
When you become a customer, ableBanking donates $25 of its money to your charity of choice: a church, neighborhood food bank, local animal shelter, etc. It can be any charity you choose, as long as the organization is a qualified 501(c)3 charity.
You can invite friends to open an account to donate more money to your select charity. Each friend who successfully opens an ableBanking account will contribute $25 more to your 501(c)3 charity.
AbleBanking’s founders, Richard Wayne, Claire Bean, and Heather Campion, created this concept to “help customers save, do more for their communities, and feel good about their banking.”
By choosing an online banking platform, ableBanking keeps overhead costs low and allows it to carry out its vision.
Donating to charity via money market accounts
If you want to donate even more to your charity, you can do so easily from your personal money market account. No fees are associated with using your money market account, either for you or the non-profit, when directly donating to charity. Money personally donated by you to a charity is tax deductible. AbleBanking tracks charitable contributions on your own printable Giving Page, making it easy to track your donations come tax time.
AbleBanking money market accounts
With a minimum deposit of $250, you can open a high-interest money market account online with ableBanking. You may deposit money into it at any time and make up to six monthly withdrawals.
CD terms at ableBanking
Your other option, the CD, requires a $1,000 minimum deposit. The minimum balance to earn the annual percentage yield (APY) provided by the bank is $500. Terms range from six-month CDs to 4 year CDs, and CD principal balances are limited to $240,000 or less.
AbleBanking is a division of Northeast Bank, a community bank founded in 1872 that operates 10 branches in Maine. Customers of Northeast Bank can open an AbleBanking account. However, they will receive a separate account number and will have to access account information on their banks’ respective sites. Your combined deposits in ableBanking and Northeast Bank are FDIC-protected up to $250,000.
