ableBanking, an online banking platform has a brand new concept – offering ways for you to save money and to donate to nonprofits at the same time. You will get better rates than regular banks and your money is FDIC insured. Plus the donation comes from ableBanking not your savings.
As a mom, saving money is important. I save for emergencies, for expenses like clothing, school supplies, furniture and extras like vacations and entertainment. As a homeowner I never know when something will need repair or replacement. Of course having some money set aside in case my husband can’t work for any reason is always reassuring. Keeping my savings in a regular bank doesn’t give me the rates I want. A measly APY 0.25% on a Money Market from $1000 – $24,999 is pretty depressing.
Money Market and CD rates change just like at any bank, but right now ableBanking‘sthe money market APY is.90%, a 6 month CD APY is 0.75%, 1 year is 1.00% and 2 year is 1.15% (all $1000 minimum deposit). If you compare their rates to other banks they are about 12 times higher than Bank of America.
Companies that practice corporate responsibility like ableBanking are well perceived by customers and potential customers. Personally, I go out of my way to do business with them and a lot of people I know do the same. With some of these companies you end up spending more money to make up for their costs of paying it forward, but not with ableBanking. When you open a Money Market Account or start a CD, you don’t pay any fees and funds are donated to the charity of your choice.
Remember, that donation comes from ableBanking not you. Because there is less overhead – no advertising, no rent, etc. – the savings are passed on to you and to nonprofits. Choose any 5013c and $25 will be contributed. And every year.25% of your annual balance ($2.50 on every $1,000) is donated. I do my best to send money to nonprofits as often as possible. This is an simple way to do so.
ableBanking is a division of Northeast Bank, a community bank based in Maine and founded in 1872 and is FDIC insured.
Their slogan says it all: Save More. Give More.
Have you ever tried online banking? Which nonprofit would you choose for your donation?
Disclosure: This is a compensated post for ableBanking. My opinions are my own as always.