AbleBanking offers combination of saving and philanthropy
If you'd like to earn competitive interest on your savings and help a charity of your choice each year, you may want to take a look at ableBanking.
AbleBanking is a online bank that promises the more you save, the more the bank will gives of its own money to a charity you select. The bank offers two types of savings accounts: a money market account and certificate of deposit (CD).
With $1,000, you can open an interest-bearing, personal money market account online with ableBanking. You may deposit money into it at any time and make up to six withdrawals per month. Your other option, the CD, also requires a $1,000 minimum deposit. Terms range from six months to four years, and CD principal balances are limited to $240,000 or less.
AbleBanking also aims to offer savers competitive interest rates. See the rate tables above to review current ableBanking rates.
A charitable twist on saving
A major part of ableBanking's appeal is that your savings with the bank can also help your favorite nonprofit organization.
When you become a customer, ableBanking donates $25 of its money to your charity of choice: a church, neighborhood food bank, local animal shelter -- whatever you choose, as long as the organization is a qualified 501(c)3 charity.
In addition, every year on your ableAnniversary (the last day of the month you opened your account), the bank donates 0.25% of your average balance (again, the bank's money) to your chosen organization. For example, if your average balance were $5,000, ableBanking would give your charity $12.50. The more you save, the more the bank donates.
AbleBanking's founders, Richard Wayne, Claire Bean and Heather Campion, created this concept to "help customers save, do more for their communities and feel good about their banking." They chose an online platform to keep overhead costs low and allow them to carry out their vision. They let you, the customers, choose the charities because they feel you know your community better than they.
Giving above and beyond
If you want to donate even more to your charity, you can do so easily from your money market account. AbleBanking tracks it on your own printable Giving Page, making it easy to track your contributions come tax time.
AbleBanking is a division of Northeast Bank, a community bank founded in 1872 that operates 10 branches in Maine. Your combined deposits in ableBanking and Northeast Bank are FDIC-protected up to $250,000.
You can learn more about ableBanking and its products via the tables below.