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
- 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
Hey, I just noticed that the “Personal Money Market” APY is now 1.85%.
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.
any referral bonus?
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.
Trying to open an account today, but their website is going round ‘n round,
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.”
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.
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.
Their Routing Number is 211272517, which could be found on their FAQ page. But I still can’t find my Account Number…
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.
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.
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.
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
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/
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.
Thanks, i like to max out my earnings and these accounts sure help alot.
Hello, anyone can confirm is this is a soft or hard pull?
Email the bank and ask them. If it’s not here yet we probably don’t know yet.
Pretty sure it’s a Soft Pull. Was able to open one easily.