Boost your savings with a competitive yield from ableBanking. Plus, you can help the charity of your choice in the bargain.
One of the FDIC-insured online banks that was recently brought to my attention is ableBanking. The idea behind this bank is to offer simple savings products, and provide you with the chance to give back, to the charity of your choice.
Here's how it works:
You open a high-yield money market savings account (yield as of this writing: 0.85%) or CD (6-month to 4-year, yield ranging from 0.50% to 1.10% as of this writing).
When you open your account, ableBanking will donate $50 to the charity of your choice, as long as you use promo code 22532 when you open your account. (Otherwise, the donation is $25.)
Each year, ableBanking will donate?its own money to a charity of your choice, amounting to 0.25% of your average balance. So as your balance grows, so do your donations to the worthy cause of your choice.
You do need a minimum of $1,000 to open an account with ableBanking, though. The money is FDIC-insured, so you don' t have to worry about that. The site features an easy way to search for the charities in your area, or provide the information yourself (if it isn't in the ableBanking database).
Yes, you can get higher yields on some other online banking products. However, what I like about ableBanking is that the yields are competitive,?and you can help a charity of your choice — including a local charity. Many of us wish that our finances were more helpful to others, and ableBanking makes this automatic, even as you boost your savings.
You can read my review of ableBanking on PromoSpread.