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Offering only savings products, ableBanking is the online division of Northeast Bank — a community bank established in 1872 with 10 branches throughout Maine. ableBanking offers five CD terms, from six months to four years, all with fairly standard penalties and above-average APYs.
0.6%
1-year APY
0.6%
3-year APY
Minimum deposit to open | $1,000 |
---|---|
Interest compounding | Daily |
6-month APY | 0.45% |
1-year APY | 0.6% |
2-year APY | 0.6% |
3-year APY | 0.6% |
4-year APY | 0.6% |
Early withdrawal penalty | 90 days interest for terms of 1 to 36 months 180 days interest for terms of 37 + months |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
ableBanking’s CD offerings are best for anyone looking to stash their money in a simple, fixed-rate account with no temptation to withdraw earned interest. You’ll earn a competitive interest rate on par with other online banks, and you only need $1,000 to open an account and $500 to earn interest.
But unlike other CDs, you won’t earn a higher APY in exchange for choosing a longer term. Plus, ableBanking has fewer term options than other banks. You can only choose from a 6-month, 1-year, 2-year, 3-year or 4-year term. If you’re looking for more flexibility, you may want to explore other options.
To open a CD account, you must first open a primary account, which you’ll need to fund using a bank transfer from an existing primary account.
You must meet the following requirements to apply for a CD:
Have the following information on hand to apply:
You have to fund your original account by linking to an external bank to transfer funds. But once you have an established ableBanking account, you can fund your CD using the following methods:
Similar to most CD accounts, ableBanking offers a guaranteed rate until the account matures with no monthly fees. You can also look forward to the following additional benefits:
Before applying to an ableBanking CD, consider the following drawbacks:
If it doesn’t sound like the right fit, shop around for the best CD rates.
Once your CD matures, you have a 10-day grace period to make any changes to your CD account without a penalty. Choose from one of the following options:
This bank only offers one other savings product — a money market account with 1.25% APY and up to the standard six withdrawals per month.