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ableBanking CD review

You won’t need to maintain a high balance, but terms are limited.

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.

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1-year APY


3-year APY


Minimum deposit to open$1,000
Interest compoundingDaily
6-month APY0.05%
1-year APY0.05%
2-year APY0.1%
3-year APY0.15%
4-year APY0.2%
Early withdrawal penalty90 days interest for terms of 1 to 36 months
180 days interest for terms of 37 + months

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

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.

How do I open an ableBanking CD account?

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.

  1. Go to the provider’s site and follow the steps to apply.
  2. From the home page, click Open an account.
  3. Click Open a primary account.
  4. Click the Disclosures and Consent to Electronic Communications link and read the material. When you’re done, select the checkbox next to the link and click Next.
  5. Select the account you want to open. A pop-up displays with links to the disclosures related to that account. Click Add Account and click Next.
  6. Enter your personal information, including employment information, and click Next.
  7. Indicate how you’ll fund the account and enter the appropriate bank information. Click Next.
  8. Review your information and click to apply.


You must meet the following requirements to apply for a CD:

  • At least 18 years old
  • US citizen or resident
  • $1,000 minimum deposit

Required information

Have the following information on hand to apply:

  • Valid ID, which can include a driver’s license, military ID, state ID or government-issued photo ID
  • Valid Social Security number
  • Physical address
  • Funding information for your account, including account and routing numbers for the account you’ll use to transfer funds

Funding options

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:

  • Mail a check
  • ACH bank transfer
  • Wire transfer

Benefits of an ableBanking CD

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:

  • Daily compounding interest. Interest on your CD is compounded daily and credited on a monthly basis to help your money grow.
  • Lower minimum balance. Although you’re required to open your account with $1,000, you only need to maintain a balance of $500 to earn the APY.

What to watch out for

Before applying to an ableBanking CD, consider the following drawbacks:

  • Rates don’t increase with term length. ableBanking CD interest rates are on par with most online banks. But unlike other CDs, your APY remains the same for most term lengths.
  • Limited term options. Unlike many online banks, ableBanking only offers five CD terms.
  • Limited account balance. Your CD account maxes out at $240,000.
  • No access to earned interest. You can’t collect interest on your account until it matures.
  • Limited customer service hours. If you need help from customer service, you’ll need to call between 8 a.m. and 6 p.m. EST Monday through Friday and between 9 a.m. and 1 p.m. on Saturday.

If it doesn’t sound like the right fit, shop around for the best CD rates.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.

Compare up to 4 providers

How do I cash my ableBanking CD?

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:

  • Auto-renew. If you do nothing, your funds will automatically roll-over into a new CD with the same term period and an updated interest rate.
  • Withdraw or add funds. You may choose to withdraw some of your funds or add to it before the grace period ends. Just make sure to leave $500 in the account to earn your APY.
  • Close the account. AbleBanking needs a seven-day notice to close your account and return funds. Factor that into your timing, if you choose to withdraw all of your money.

What other savings products does ableBanking offer?

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.

Frequently asked questions

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