ableBanking Review: Money Market and CD Rates

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Updated on Friday, October 1, 2021

ableBanking’s savings account option

ableBanking Money Market Savings

Competitive rates compared with other online banks, but no ATM or check-writing capabilities.


Minimum Deposit Amount



  • Minimum opening deposit: $250
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $30

This no-frills online savings account offers a competitive interest rate to store your cash. Once you open an account, there is no monthly minimum to meet in order to earn the stated APY, as long as your balance is at least $0.01. All interest earned is compounded daily and will be credited monthly to your account. If you happen to close the account and any interest earned hasn’t been credited yet, you will receive the accrued interest. You can log in anytime to access your account statements.

Don’t look for an ATM card or checkbook. The only way to make transactions is via online or telephone transfers and preauthorized transfers to and from an external account. Like any savings account, you’ll incur a fee for more than six transactions per month. The Federal Reserve sets these guidelines.

ableBanking charges $10 for each excessive transaction, so consider just using this account as a place to store emergency or long-term savings. If you make too many excessive transactions, ableBanking may close your account. Other fees include $30 per transaction for overdrafts and returned items, as well as $20 for outgoing wire transfers.

New account holders should take note that deposits will be held for seven business days. Once your account hits the 60-day mark, deposits are held for five business days. Large deposits — $10,000 or more — are held for nine business days for everyone. All account holders are restricted to $25,000 worth of transactions per day.

To open a money market account, new customers will first need to apply for a primary account on ableBanking’s application page. Otherwise, existing customers may log into their account and proceed with the rest of the application.

During the application process, you’ll be asked to agree to ableBanking’s terms and conditions, including receiving electronic notices and statements only. You’ll then need to select the type of account you want and enter details such as your date of birth, address, Social Security number and a valid ID. You’ll also need to indicate whether it’s an individual or joint account application. If it’s a new account, you’ll need to submit a copy of a valid ID for any account owners, if applicable. You may designate any beneficiaries on your account, if applicable.

Once that’s done and ableBanking has received a copy of your ID, your account is considered open. You must then verify and fund your account within 30 days.


on ableBanking’s secure website

Member FDIC

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How ableBanking’s Money Market Savings compares

Do some good for your community while helping yourself to one of the best rates around. ableBanking gives all new customers $25 to donate to a charity of their choosing, as long as it’s a 501(c)(3) organization. If you decide to donate more, you won’t be charged any fees if you contribute directly from your account. Friends who open an account each receive $25 to donate plus a $25 bonus for your favorite charity. So, if you open a new account and a friend does, too, that’s $75 for charity right there.

As far as rates go, ableBanking offers one of the best with one of the lowest minimum opening deposits. However, those who want check-writing privileges or ATM access should look elsewhere. The only way to access funds is through ACH transfer, which can take five to 10 days, depending on how long the account has been open and the deposit amount.

If rates are what’s important to you, then this money market account is a great choice. Its rate is higher compared with other online banks which pay, on average, 0.93% and far higher than the 0.01% yield at brick-and-mortar banks such as Chase, PNC or US Bank, according to Consumer Reports. Work around the lack of checks by linking an external checking account, or go with another option that offers ATM and check-writing capabilities.

Not sure this is the right account for you? Check out our Best Money Market Accounts page to see current best offers.

ableBanking CD rates

Rates fall short compared with other online competitors.



6 months


1 year


2 years


3 years


4 years


  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • 90 days simple interest for a CD of less than 3 years
    • 180 days for CDs three years or more, based on the amount withdrawn

ableBanking’s CDs are best suited for those who want a basic fixed rate account that will earn them interest for a specific period of time. Their accounts will only allow you to keep a maximum of $240,000. Once you make your initial deposit, you can’t make any additional deposits until your account matures. Plus, any interest you earn must stay in the account until maturity. In other words, there is no option to withdraw money earned, unless you’re willing to face early withdrawal penalties.

As for earning interest, it’ll be compounded daily and credit monthly to your CD account. You begin to accrue interest on the business day ableBanking receives your deposit, and your rate is guaranteed until maturity. If you happen to withdraw money before the amount gets credited, you’ll still be able to receive interest accrued, although it could be less depending on the penalty you need to pay. You’re also required to give a minimum of seven days written notice if you intend on withdrawing your funds before the maturity date.

For those who keep the funds until maturity, you’ll get a grace period of 10 calendar days to decide what to do with them. The bank will notify you electronically of account maturity or any renewal notices. During this grace period, you can choose to withdraw the funds, move them to another account with ableBanking or renew. Otherwise, your account will automatically renew. If you intend on withdrawing the funds, you need to notify the bank either by calling them or via email before the grace period is over.

To open an ableBanking CD account, you first need to create an account online. If you’re an existing customer, you can log into your account and proceed with the rest of the application. For all others, go to ableBanking’s application page and click on the “create primary account” button on the bottom left-side of the screen.

After checking the boxes to indicate you’ve read and agreed to their conditions and terms, you’ll then be asked to provide your personal information, including employment information, address, date of birth and a valid ID. If it’s a new account, you’ll need to submit a copy of a valid ID card for any account owners, if applicable. Your account won’t be considered open until you complete this step.

During this stage, you’ll also select the type of CD you want and go through the process of linking a deposit account. This includes confirming the microdeposit amount — small deposits, typically $1 or less — ableBanking made to your linked account. You also have the option to name any beneficiaries. Once you complete the form and ableBanking receives a copy of your ID, fund your account within 60 days or risk the bank automatically closing your account.


on ableBanking’s secure website

Member FDIC

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How ableBanking’s CD rates compare

While you’re earning more interest compared with traditional banks, ableBanking’s rates fall short when stacked up against other major online financial institutions. Its 6- and 12-month CD rates are slightly lower, so it could be worth checking out if you’re already a customer. If you like ableBanking’s mission of donating to local charities, then you can certainly take advantage of the $25 donations ableBanking gives to new customers and friends who sign up, just like the Money Market Savings account.

Otherwise, there aren’t many advantages. If you intend on opening a CD with terms of a year or more, you’re better off shopping around. Even ableBanking’s low opening deposit minimum of $1,000 might not be enough of an enticement. Competitors may offer bump-up rates, meaning customers get the opportunity to increase their rates after a certain period of time.

To check out CD accounts with much higher rates, visit our Best CD Rates page, where we show you current and updated offers.

Overall review of ableBanking’s products

Thumbs up for Money Market Savings. ableBanking gets extra points for its commitment to community nonprofits. And for those who want a simple account to store emergency cash or long-term savings, the Money Market Savings account is a great choice as it offers a great rate. If you’re looking for ATM or check-writing capabilities, however, look elsewhere. Same goes if you want a bank that offers more products — ableBanking only offers savings accounts at this time, though you can link an external checking account.

People who are interested in the best CD rates may be better off looking elsewhere, too. However, ableBanking’s CD rates are comparable with other online banks if you’re only interested in opening a 6- or 12-month CD.

The bottom line on both products. Ultimately, ableBanking can be a good choice for those who aren’t concerned about extra services and just want a place to park their funds, or those who intend on keeping a CD for a short period of time.