ableBanking High Yield Savings Account 2024 Review
High-yield savings accounts can help you grow your money faster if you're earning a competitive rate. ableBanking offers a high-yield account with an exceptional APY for savers who have at least $2,500 to deposit.
The ableBanking High-Yield Savings Account is among the best savings account options based on the APY you could earn. Accounts are only available online which is what allows ableBanking to pay a higher rate to savers.
You might consider opening this savings account if you:
- Have $2,500 or more to deposit
- Want to earn an exceptional savings rate
- Don't mind online-only banking access
- Prefer a savings account with no monthly maintenance fee
ableBanking also offers CD accounts and money market accounts. CD account rates are on par with high-yield savings account rates while money market account rates are significantly lower. Minimum deposit requirements for each account vary.
ableBanking High Yield Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Synchrony Bank High Yield Savings Account
Synchrony Bank offers high-yield savings accounts and CD accounts online, both of which feature generous rates. Compared to ableBanking, the savings APY is slightly lower but you don't need to meet a large minimum opening deposit requirement. There are no monthly maintenance fees and you have convenient access to savings via an ATM card.
Read our full editorial review of Synchrony Bank High Yield Savings
Ally High Yield Savings Account
Ally is a top online bank offering high-yield savings accounts, CDs and money market accounts. Savers can set up savings buckets, use round-ups to save automatically and link their account to Ally checking for easy transfers. There are no monthly maintenance fees for the high-yield savings account and no minimum deposit requirements.
Read our full editorial review of Ally Bank Online Savings
SoFi Checking and Savings Account
SoFi offers checking and savings in a single account with no monthly maintenance fees, no overdraft fees and access to more than 55,000 fee-free ATMs. Savings balances earn an impressive APY and you can get an introductory bonus when you set up an eligible direct deposit. Debit card purchases earn cash back and your accounts are FDIC-insured up to $2 million.
Read our full editorial review of SoFi Checking and Savings
Rising Bank High Yield Savings Account
Rising Bank's online savings account offers a top-tier rate with a $1,000 minimum opening deposit requirement. Accounts are FDIC-insured and you'll have access to mobile and online banking. The account maximum is $500,000, though deposits are only FDIC-insured up to $250,000.
Read our full editorial review of Rising Bank High Yield Savings
Interest Rates
If you're looking for the best high-yield savings accounts it's natural to zero in on rates first. ableBanking offers one of the best rates of any online savings account option, with no balance tiers to worry about.
Online banks tend to offer better rates simply because they have lower overhead costs. With traditional banks, savings account rates are often much lower.
As you're comparing savings account rates, remember to consider:
- Minimum deposit requirements
- Minimum balance requirements to earn interest
- Monthly fees
Fees are particularly important since higher fees can eat up your interest earnings.
Fees
ableBanking doesn't charge monthly maintenance fees or excess withdrawal fees. There are, however, some other service fees to be aware of.
Here's what you'll pay with this account.
Other Service Fees - ableBanking High Yield Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Excess withdrawal fee | $0 |
| Legal processing fee | $100 |
| Uncollected funds charge | $30 |
| Stop payment | $27 |
| Returned item fee | $30 |
| Overdraft fee | $30 |
| Incoming wire transfer fee | $0 |
| Outgoing wire transfer fee | $20 |
ATM Access
The ableBanking High Yield Savings Account doesn't come with an ATM card. You won't be able to withdraw cash but you don't have to worry about paying ATM fees either.
Should you get an ATM card with a savings account?
Yes, if you prefer convenience or want to be able to withdraw cash in an emergency. There are lots of banks that offer savings accounts with ATM access, including online and traditional banks.
Just remember what your savings account is meant for. If you're regularly dipping into savings you might be better off opening a checking account instead.
On the other hand, the lack of an ATM may not be a big deal if you're just focused on building savings and not withdrawing your money frequently.
Account Management
ableBanking is an online bank, which means there are no branches. You can log in to your account online or through the ableBanking mobile app.
Account management features allow you to:
- Check balances
- Transfer funds between accounts
- View statements
- Review transaction history
Zelle access isn't included but you can link your ableBanking account manually through the Zelle app. That's a plus if you'd like to be able to send or receive payments with friends and family.
You'll need to link an external bank account to open an ableBanking savings account. ableBanking requires you to deposit new money to earn the advertised APY, meaning it must come from an outside account.
You can link an external account using your bank's routing number and account number.
FDIC Insurance
ableBanking is a division of Northeast Bank and is a member FDIC financial institution. FDIC coverage protects you in case your bank fails.
The current coverage limit is the standard $250,000 per depositor, per ownership type (e.g., individual, joint, business, etc.). It's possible to find banks that offer higher FDIC coverage limits. They do so by spreading out your deposits across a network of partner banks.
What to Look for in a Savings Account
There are lots of savings accounts to choose from but only one that's right for you. When shopping for a savings account it helps to first think about what you need from a bank.
Here are some questions to ask that can help you narrow down the choices.
- What is the interest rate and APY?
- Are rates tiered or does the same APY apply to all balances?
- Is there a minimum balance requirement to earn interest?
- Is there a minimum balance requirement to avoid a monthly fee?
- What's the account opening deposit requirement?
- Is there a monthly fee and if so, can it be waived?
- What other fees does the bank charge?
- Does the bank offer online and mobile banking access?
- Are there branch and ATM locations?
- Will you get an ATM or debit card with your savings account?
- Does the bank offer any built-in savings or money management tools?
- What are the deposit and withdrawal limits?
- Can you use the savings account as overdraft protection for a linked checking account?
- What's required to open an account?
- Can you open an account online?
- What options do you have for contacting customer service?
- What other types of accounts does the bank offer?
- How's the bank's reputation overall?
You can compare savings accounts at online banks to see what's available, then consider traditional banking options. Reading online reviews of different banks can shed some light on what customers do or don't like about them.
Frequently Asked Questions
What is ableBanking?
ableBanking is an online division of Northeast Bank, an FDIC member institution. Northeast Bank is a full-service bank established in 1872 that serves customers in Western, Southern and Central Maine. ableBanking offers online savings accounts and money market accounts, as well as CD accounts.
Which bank has the best high-yield savings account?
Online banks tend to offer the best rates while charging the lowest fees for high-yield savings accounts. The best high-yield savings option for you is one that offers the range of features and benefits you're looking for with minimal fees. ableBanking is among the best banks for online savings thanks to its higher APY, though you'll need a larger minimum deposit to open an account here.
Is an online savings account a good choice?
Opening a savings account at an online bank could help you unlock higher rates while paying less in fees. The trade-off is that you won't be able to manage your money at branch locations. Online banks typically don't offer ATM access to savings accounts either, though some banks are exceptions to the rule.
