Posted by William Charles on January 18, 2018
Savings Accounts

Published on January 18th, 2018 | by William Charles

39

ableBanking – 1.7% APY Money Market Account (No Requirements Or Minimums)

Offer at a glance

  • Interest Rate: 1.7% APY
  • Minimum Balance: $0.01 (minimum opening balance is $250)
  • Maximum Balance: None
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • ableBanking is offering a 1.7% APY on their Money Market account. There are no requirements to receive this rate, you do need to deposit $250 initially when opening the account but after that as long as you have a balance of $0.01 you’ll earn the 1.7% APY rate.

The Fine Print

  • Must be a United States Resident to apply online

Avoiding Fees

There are no monthly fees to worry about. As this is a money market account you’re limited to 6 withdrawals per month.

Our Verdict

Previously the best basic savings account rate was 1.6% APY with no requirements, so this is 0.1% higher than that and the new leader. There are of course rewards accounts that offer up to 5% APY, I’d recommend maxing out the easier ones of those first (e.g Insight) before considering an account like this. Please share your datapoints regarding this bank in the comments below.

Hat tip to reader Abhirup Dutta



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NBG
NBG

I was about to send you a note about this bank.. Saw it when i was browsing some deal site. You may also want to do a post on Marcus (Goldman Sachs) as well. They offer 1.5 APY with no requirements. They also offer free in/out transfer like discover.

SF
SF

I saw Marcus recently but there have been some pretty negative reviews online that prevented me from going there (currently on Discover from their $200 bonus promo recently). 0.2% increase is not worth the risk for me.

AJ
AJ

I have both Marcus (have it since it was Goldman Sachs) as well as Discover Savings account. I prefer Marcus over Discover as Marcus is always ahead of Discover in terms of interest APY.

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psjc1eamawcjwfbdf

I also have Marcus (I signed up as GE Capital Bank and have stuck through transition to GSBank to Marcus). My highest rate for simple account, no fees, free same day wire transfers. I don’t know why people don’t like them (I haven’t read the reviews) but customer service has been fine when I’ve needed it, interest is properly credited every month, and getting money transferred is no problem at all.

John Doe
John Doe

*Please remove this post*

Wrong location – wanted to respond to a different post.

bob
bob

no CC funding. ACH only.

Gar
Gar

Santander has had a 1.7% rate for 2 weeks with no requirements.

Chuck

Do you see a public link for that?

Jason
Jason

I’m pretty sure Santander doesn’t publish deposit account rates. You need to call or visit a branch.

Dimi
Dimi

I just spoke to a local branch of Santander and they do offer a 1.7% rate but for 6 months only. Also, one has to open a checking in order to be eligible for this MM rate.

Pete
Pete

.. and Santander makes you keep 10,000 in that checking account

Reg
Reg

It looks like a $25k per day ACH transfer limit. May want to keep that in mind if looking to park money here. It may take multiple days to pull it out.

Ken
Ken

Where do you see this? Usually if you’re pushing/pulling form the external bank there aren’t any limits.

Reg
Reg

You are subject to a $25,000 daily limit on transfers out of your account to an external account.

https://www.ablebanking.com/~/media/Electronic%20Funds%20Transfer%20Act%20Disclosure%20February%20022515.pdf

So, to move large amounts would take multiple days or you should have an external bank that will pull from able without limits.

Ken
Ken

Just send/pull money from your linked hub account as usual.

Dgray
Dgray

Does ableBanking offer checks and/or ATM access for the money market account? I’m not seeing this information on their site.

Enrico
Enrico

There are some funds availability restriction it is good to be aware off.

“FUNDSAVAILABILITY
During the first sixty (60) days following receipt of your Initial Deposit, funds deposited into your
Account will be held for seven (7) business days (available to you on the eighth business day)
afterthe day we receive and processthe deposit. For Accounts opened and funded for more
than sixty (60) days, funds deposited into your Account will be held for five (5) business days
(available to you on the sixth business day) after the day we receive and processthe deposit. All
check depositsin the amount of $10,000 or more will be held for (9) business days(available to
you on the tenth business day) after the day we receive and process the deposit.”

datapoint
datapoint

Just did a PUSH from an external account into Able Bank account. The funds posted next day and show as AVAILABLE. Account was opened 1 week ago. The initial deposit of 250 is still in Pending status but newly added funds are available now so apparently it is best to initiate any transfer into/from using external bank.

Emil
Emil

Hello, anyone can confirm is this is a soft or hard pull?

Ken
Ken

Email the bank and ask them. If it’s not here yet we probably don’t know yet.

Feb
Feb

Pretty sure it’s a Soft Pull. Was able to open one easily.

Ken
Ken

FAQ says they obtain info from your credit report, but it won’t affect your score. Usually this means it’s a soft pull, but I’ve emailed them to be sure. 1.7% with no requirements is the highest there is right now, but I’m sure others will begin to creep up.

Emil
Emil

Thanks, i like to max out my earnings and these accounts sure help alot.

datapoint
datapoint

Note there is a LIMIT OF 1 externally linked account of any type. Can NOT link to multiple banks or multiple types (ie. 1 Savings, 1 Checking), must select ONLY 1

Ken
Ken

Doesn’t really matter since you should have a robust hub account that will allow dozens of linked ACH accounts for you to push/pull to/from. It’s a savings account, it’s not meant to be used as a checking account.

https://www.doctorofcredit.com/hub-accounts-ach-transfers-capabilities-fees-limits-across-financial-institutions/

Ken
Ken

Just got off the phone. It’s nationwide. They do a soft pull, and even mentioned they don’t know why a bank would even do a hard pull since it’s not a line of credit. Asked about having some recently opened accounts and said they didn’t care provided they’re in good standing. Or if you’ve moved a dozen times in the past few years may be cause for concern. She said they raised the rate in May to 1.3% and then to 1.7% in January and expect to raise rates again as market rates are on the rise in general with no plans to cut. Of course there’s no way to know if that holds true.

Sounds good for the highest rate with no requirements.

John Doe
John Doe

Does anyone know where you could find the Account and Routing Number information? I somehow don’t see it anywhere on the Online Banking website, or even the Application Center website.

John Doe
John Doe

Their Routing Number is 211272517, which could be found on their FAQ page. But I still can’t find my Account Number…

Fred
Fred

Called today, they said the account number will be on a document that they mail to me (which I apparently have to sign and upload). I think the guy offered to give it to me over the phone, but I did not take him up on it.

John Doe
John Doe

I finally got a letter from them with my Account Number written on it. You’d also get a Deposit Account Agreement – that’s what you’ll need to sign, scan, and upload.

Their online banking support is horrible. The online banking website is also bad. Guess that’s what we’ll have to live with, for the 1.70% APY.

Charles Mann
Charles Mann

Trying to open an account today, but their website is going round ‘n round,

Dan
Dan

What turned me off is
“We reserve the right to require you to provide us with seven (7) days written notice before withdrawing or transferring funds from a Money Market Deposit Account.”

datapoint
datapoint

That language does not imply it is enforced, just that they reserve the right to decline, at their option. We parked enought funds there to just sweep the monthly interest and pay the electric bill.

Bact
Bact

My application got declined since I am not a U.S. citizen or permanent resident. Resident alien is not eligible, so u may need to put this more specific information on your review. Thanks.

zjts
zjts

any referral bonus?

zjts
zjts

I asked at ablebanking.com for additional ways to earn $ for the charity of my choice. They replied:

ablebanking.com will donate twenty five dollars to a charity of your choice when you open an account.

“We give you $25 (of our money!) to give to any charity you choose. (Must be a 501(c)3)

When your friends open an account, we’ll give an additional $25 to any 501(c)(3) charity you choose. The more friends you refer, the more good you can do.”

My charity choice is Friends of the Shelter,
EIN 810509474. I love this 501(c)(3) group because they provide financial help for pet care without an in depth interrogation. All they want is to help the animals.

We help pet owners with the cost of spaying and neutering their animals in order to help curb animal over-population.
We help pet owners with other unexpected medical costs of illness or injury to their pets.
We help shelter pets with medications, surgeries, treatments and lab test that would not be covered by the shelter’s general budget.
We help potential adopters take home animals from the shelter by providing assistance with costs associated with adoption, health care, etc.

If anyone opens an account & uses my name on the form (reply here & I will send you my name), Friends of the Shelter will get $25.

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