Welome Able Banking!
Able Banking, a division of NorthEast Bank (based out of Maine), has just popped up on the scene with some online deposit products featuring some very respectable rates. Both their 6 month CDs and 12 month CDs are currently topping our charts of the highest yielding certificates of deposit in the country.
Outside of their solid interest rate offerings, we particularly like Able Banking for their commitment to their customers’ charities as well as their involvement in community building.
The three founders of Able Banking had been involved in traditional banking for quite some time and were looking to turn to non-profits to dedicate the next phase of their lives to (according to AbleBanking.com). However, they ultimately decided to unite the two with this bank.
Able Banking claims to, “take the money they save by not operating any brick and mortar locations and give you better interest rates with zero fees.” At the same time, they let you give away their money to any little league, church, neighborhood food pantry, charity etc. Essentially, the savings they encounter from operating online and without much of an advertising budget is given to any charity (501c3) of their customers’ choice.
Here is how the charity dollars are calculated:
1) Open an account and receive $25 in “Give ableDollars” to a charity of your choice.
2) 0.25% of your average balances every year on each account can be allocated to a charity of your choice on your “ableAnniversary.”
Typically when new online banks or online divisions of established banks enter the market they make a bang with larger than average interest rates. Able Banking is no different with their current CD rates. It would be nice to see them willing (err…able) to keep these rates at this level throughout the rest of the year. The charitable aspect of this bank is also commendable. If for example, you keep $10,000 in a combined number of accounts with them, this will amount to $250/year in charitable donations on your behalf. Not too shabby!
Visit our CD Rate database to see how Able Banking’s CD rates compare to all offers available nationwide.