Able Bank Top CD Rates

Able Bank offers 5 CDs in total, for all varying investment term lengths. They all have a minimum of $1,000 deposit, any amount above this is deposited at your discretion. The lowest APY is 0.45% for the shortest term, with the remaining all gaining 0.60%. All CDs are subject to early withdrawal penalties.

Able Bank Top CD Rates Offers 

The 5 most noteworthy offers stated by Able Bank are as follows;

6-Month CD

Key Features

• APY: 5.30%
• Minimum Deposit: $5,000
• Dividend Payout: At maturity
• Suitable For: Short-term investors seeking a quick turnaround.

Considerations

• Lower APY compared to longer-term CDs, but ideal for those seeking faster returns.
• Dividends are paid out at maturity, making it suitable for short-term income goals.
• Early withdrawal penalties still apply, but the term is significantly shorter.

Pros & Cons

12 Months CD

Key Features

• APY: 4.95%
• Minimum Deposit: $5,000
• Suitable For: Short to medium-term investors seeking a balance between returns and liquidity.

Considerations

• Monthly dividend payouts offer a regular income stream.
• Early withdrawal penalties apply, emphasizing the importance of honoring the full term.

Pros & Cons

2-Years CD

Key Features

• APY: 4.25%
• Minimum Deposit: $5,000
• Suitable For: Investors looking for a moderate-term commitment with a balance of returns and flexibility.

Considerations

• The 24-month commitment balances investment terms and liquidity.
• With a minimum deposit of $5,000, it accommodates investors with varying initial investment amounts.

Pros & Cons

3-Year CD

Key Features

• APY: 3.50%
• Minimum Deposit: $5,000
• Dividend Payout: Monthly
• Suitable For: Investors desiring a medium-term investment.

Considerations

• Monthly dividends can be used as an income source or reinvested.
• Like other CDs, there are early withdrawal penalties, so investors should commit to the 36-month term for optimal returns.
• A minimum deposit of $5,000 provides accessibility for a range of investors.

Pros & Cons

4-Year CD

Key Features

• APY: 3.00%
• Minimum Deposit: $5,000
• Dividend Payout: Monthly
• Suitable For: Long-term investors seeking higher returns.

Considerations:

• Monthly dividend payouts provide a consistent income source.
• Requires a commitment to a 48-month term for optimal returns.
• Early withdrawal penalties apply, so investors should be prepared to keep their funds locked in for the full term.
• The minimum deposit of $5,000 may suit investors with a moderate initial investment.

Pros & Cons

The minimum balance to open is $5,000. The minimum balance to earn stated APY is $0.01.

Not Available as an IRA. FDIC insurance limits of $250,000 apply to the combined deposit balances between ableBanking and Northeast Bank.

How Much You Can Earn With Able Bank CDs?

The earnings from ableBank CDs depend on several factors, primarily the chosen CD term and the amount invested. The general perspective includes;

• With a 5.30% APY on a $10,000 investment, you can expect to earn approximately $261 in interest over the 6-month term.
• At a 4.95% APY, a $10,000 investment in the 12-month CD could yield around $495 in interest over the 12-month period.
• With a 4.25% APY, a $10,000 investment in the 24-month CD may result in approximately $868 in interest over the 24-month term.
• The 3.50% APY on a $10,000 investment in the 36-month CD could generate approximately $1,087 in interest over the 36-month period.
• At a 3.00% APY, a $10,000 investment in the 48-month CD might yield around $1,255 in interest over the 48-month term.

Are Able Bank CD Rates Competitive?

AbleBank’s CD rates appear competitive within the market. The 4-year and 3-year CDs, both offering a 3.00% & 3.50% APY respectively, align well with industry standards for longer-term commitments. Whereas, the 6-month CD and 1-Year CD ensures a 5.30% & 4.95% APY that caters to short-term investors. 

Additionally, monitoring fluctuations in interest rates over time is crucial for maintaining competitiveness in the dynamic financial landscape.

Overview of Able Bank

ableBanking is a community bank, which is a division of Northeast Bank. This bank was founded in 1872 in Maine. They do offer 9 traditional branches and all of their services that are offered in person are also offered online. 

All the old-world practices of business are still present in this company today. They believe in making every person feel as if they are the most important person who has entered their establishment on that day.

Just like any other bank, they also offer the basic amenities that you would expect from any such organization such as:

• Checking accounts
• Saving accounts
• Business accounts
• Loans
• Check cashing
• International money exchanging
• IRAs
• Cash and coin orders for businesses
• Safety deposit boxes
• Notary of the public and medallion services
• Any cash-related transactions, and more.

They also offer a new online mobile app that will let you check your accounts, make payments, stop payments, and much more.

You will need to become a member of ableBank to open a CD. This is a very simple process that usually only takes a few minutes, and the able bank representatives will help you every step of the way. You can do this online or go to one of their branches. Either way, you will get the same top-notch service that only companies that have been around for 100+ years know how to give.

Locations of Able Bank

9 Branches in Maine

Auburn, Augusta, Bethel, Brunswick, Buckfield, Harrison, Poland, Portland, and South Paris.

Availability

You will need to become a member of ableBank to open a CD. This is a very simple process that usually only takes a few minutes, and the ableBank representatives will help you every step of the way. You can do this online or go to one of their branches. Either way, you will get the same top-notch service that only companies that have been around for 100+ years know how to give.

FAQs