ableBanking Finally Proves That Not All Banks Are Evil

ableBanking

ableBanking

Let’s be honest, if you asked most people to rate the social good of banks, they would come in just ahead of the Devil.  Fair or not, banks are seen as being large, thoughtless corporations that just generate wealth for the wealthy.  Now a new online bank has come along and will completely change the way you think of banks.

ableBanking, Less Ads And More Good

Chances are you have never heard of ableBanking, and that is somewhat intentional.   AbleBanking is a new online bank that is not spending money on fancy ads and instead is giving that money back to the community…

“We’re taking the money we might have spent on billboards, stadiums and TV ads – instead we’re giving it to any charity you choose”

The process is pretty straight forward, when you open an account with ableBanking, they will give you $25 to give to the charity of your choice.  It is important to understand that ableBanking is giving the $25, it does not come out of your account.  Everything is done online, so you create your account online and then select the charity you want to give to right from the website.  Give to something large like the American Cancer Society or give to a local charity in your neighborhood – it is completely up to you.

The Giving Does Not End After You Open Your Account

In addition to the $25 that ableBanking will provide to your charity when you open your account, they will also give .25% of your average balances every year, for each account on your ableAnniversary.   Want to give even more?  No problem…

“Want to contribute your own money to your favorite charities too? We’ve made that easy for you. It’s better to donate from your ableBanking account, because we don’t charge you or the charity any fees. And we’ll keep track of your donations for you (on your Giving Page) – making it easier for you at tax time each year!”

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Is There a Downside to Having An Online Only Bank?

Giving to charity is great, but you still want to earn a good return on your money and make sure your account is protected.  ableBanking actually provides higher savings rates than brick and mortar banks, because their overhead is much lower.  In addition, ableBanking does not charge any fees.  In terms of safety – ableBanking is FDIC insured so your money is protected.  Of course, if you like to go to your local bank and talk to the tellers, ableBanking is not going to work for you.

A Great Way to Discuss Giving With Your Children

As a Dad, I am often looking for ways to teach my children about the importance of doing social good and helping out those in need.  Like it or not, most kids today love anything having to do with electronics and computers.   Getting my kids to sit down at the computer and pick charities at my Giving Page at ableBanking is going to be a lot more productive than just trying to have a theoretical conversation about giving.

ableBanking Shows That Not All Banks Are the Same

Quick, try to describe the difference between banking at Chase or Bank of America.  Most banks operate in the same manner with just minor differences.  The idea of an online bank with no fees, good interest rates and a model where they give you money to give to charity feels refreshingly different to us.

While we really love the idea of ableBanking, we do want to be clear that we have not opened an account yet, so we can not speak to their ability to execute their concept.  If there is one catch, it is the $1,000 minimum deposit required to open an account.   If this minimum was much lower, I could see parents opening ableBanking accounts for their kids.  It would be fantastic for kids to mange their own bank account and make decisions about giving to charities.  While we would love to see a lower minimum deposit for opening an account, we still applaud ableBanking for taking a fresh look at banking and allowing customers to give to the charity of their choice.

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