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Online Bank Offering Charity Donations to Draw New Accounts

A new online bank is aiming to expand its clientele by promising to make initial and annual contributions to a charity of the customer’s choice, writes The New York Times.

AbleBanking, a division of Northeast Bank, will contribute $25 when a new account is opened with minimum deposit of $1,000, and give the selected charity an additional yearly donation equal to 0.25 percent annual percentage yield of the account’s average balance.

Co-founder and CEO Richard Wayne said the charity offer will be a permanent component of the AbleBanking’s operations. The bank’s founders say it will fund the giving by forgoing expensive billboard and television ads in favor of largely online marketing.

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