Help yourself to a better savings rate — and do something good for your community.
ableBanking, the online division of Northeast Bank, has raised the rate on its Personal Money Market account to 1.3 percent APY.
The bank’s money market account could be perfect for new savers. The minimum deposit is $250.
If you’re looking for a bank account with a higher yield, you’ll need to compare CD rates.
After you open your first account, ableBanking will make a $25 donation to a nonprofit on your behalf (as long as it’s a 501(c)(3) organization).
ableBanking also will give $25 to the charity of your choice if you refer a friend who opens an account.
The online bank makes it easy to keep tabs on the donations you make from your money market account. That’s helpful, especially if you plan to use your contributions to lower your tax bill. Note that the bank’s donations are not tax-deductible.
How to open an account
The ableBanking Personal Money Market account is available to savers across the country. Applicants must:
- Be at least 18 years old
- Be a United States resident
- Have a Social Security number
- Have a valid ID (such as a driver’s license or passport)
- Have a checking account or another primary account to link to
Filling out an online application should take less than 10 minutes. Gathering your materials in advance — including your existing bank account number and routing number — should speed up the process.
You can save an unlimited amount of money in your Personal Money Market account and interest accrues daily. The bad news? Your account won’t have any check-writing capabilities. That’s a feature many money market accounts offer.
The fine print
According to the bank’s deposit account agreement, you can fund your account through a wire or ACH transfer. You can also mail a check to the bank’s headquarters in Lewiston, Maine.
Withdrawing money isn’t the easiest process.
Within 60 days of making your initial deposit, you’ll have to wait seven business days after the bank processes your deposit to make a withdrawal. Once that two-month period ends, you can withdraw funds after five business days.
If you need quick access to your savings, those restrictions could be a problem. The most you can transfer from your money market account each day is $25,000.
You can only have one external bank account linked to your ableBanking account. If you want to change your linked account, you’ll have to wait 60 days after making your first deposit.
About the bank
Northeast Bank created ableBanking to support local communities and help their customers save more money. The parent company is FDIC-insured and earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the U.S.