Most banks do not offer ABLE accounts directly—you open them through specific financial institutions that have registered with the IRS

An ABLE account is a tax-advantaged savings account for people with disabilities, created under the Achieving a Better Life Experience Act. Unlike a regular savings account, it lets you save up to $17,000 per year (in 2023) without losing Supplemental Security Income (SSI) or Medicaid benefits—as long as the account balance stays under $100,000. But you cannot walk into most banks and open one. You have to use a financial institution that has been approved by the IRS to offer ABLE accounts, and the list is limited.

The IRS maintains a registry of approved ABLE account providers. Some are banks, some are credit unions, and some are fintech companies. You find the provider in your state, check their requirements, and open the account through them. Each provider sets its own fees, investment options, and minimum balances, so comparing them before you commit matters.

Key Takeaways

  • You must open an ABLE account through an IRS-approved provider in your state—regular banks do not offer them.
  • The IRS publishes a complete list of approved providers on its website, organized by state.
  • Each provider charges different fees and offers different investment choices, so comparing two or three before opening is worth the time.
  • You must have a disability that began before age 26 and meet the IRS definition of disability to open an ABLE account.
  • Once open, an ABLE account does not count against your SSI resource limit as long as the balance stays under $100,000.

How to find an approved ABLE account provider in your state

Start at the IRS ABLE Account Program page, which lists every approved provider by state. The list includes the provider's name, website, and phone number. Most states have between two and five options; some have more. Open the provider's website and look for their ABLE account section—it is usually separate from their regular savings account offerings.

Call or visit the provider's website to confirm they are still accepting new ABLE account holders. Some providers occasionally close to new customers during high volume periods. Ask about their current fees, minimum opening deposit, and whether they offer online account opening or require you to visit a branch in person.

What you need to open an ABLE account

You will need to prove you have a disability that meets the IRS definition. This means you have a physical or mental impairment that results in marked and severe functional limitations and is expected to result in death or can be expected to last 12 months or longer. You can prove this with a letter from your doctor, a copy of your Social Security Award Letter, a Veterans Administration disability rating, or documentation from your state vocational rehabilitation agency.

You will also need to show that your disability began before you turned 26. Bring a government-issued ID, your Social Security number, and proof of your current address (a utility bill or lease works). Some providers let you upload these documents online; others require originals or certified copies.

If you are opening an account for a minor or someone who cannot manage their own finances, you may need to establish a conservatorship or guardianship first, depending on your state and the provider's rules. Ask the provider about this before you start the process.

Comparing fees and features across providers

ABLE account fees vary widely. Some providers charge a monthly maintenance fee (typically $2 to $5), while others waive it if you maintain a minimum balance. Some charge per transaction or per withdrawal. A few charge nothing at all. Over a year, the difference between a no-fee account and one charging $5 per month is $60—money that stays in your account instead of going to the bank.

Look at investment options too. Some ABLE accounts let you choose between savings and investment sub-accounts; others keep everything in savings. If you plan to keep money in the account for years, having access to low-cost investment options (like index funds or money market accounts) can help your balance grow. If you are saving for a specific goal in the next year or two, a simple savings account is fine.

Check whether the provider offers a debit card, online transfers, and mobile banking. Some ABLE accounts are bare-bones; others function like full checking accounts. Think about how you will actually use the money and whether the provider's tools match that.

How ABLE accounts interact with SSI and Medicaid

An ABLE account does not count toward your SSI resource limit as long as the balance stays under $100,000. This is the main reason people with disabilities open them—you can save money without losing your benefits. Once the balance hits $100,000, the account still exists, but the excess counts as a resource, which can affect your SSI payment.

Medicaid treatment varies by state. In most states, ABLE accounts do not affect Medicaid may be able to access at all. In a few states, they may count as a resource after a certain balance. Contact your state Medicaid office or your benefits counselor before opening an account to confirm how it will affect your specific situation.

Money you earn and deposit into an ABLE account does not count as income for SSI purposes in the month it is deposited, but it does count in the following month. This is different from regular savings, where deposits are not counted as income at all. Work with a benefits counselor if you are earning money and want to understand the exact impact.

Opening the account online or in person

Many approved providers let you open an ABLE account entirely online. You upload your disability documentation and ID, answer questions about your identity, and fund the account by linking a bank account or sending a wire transfer. The process usually takes a few minutes, though approval can take one to five business days.

Some providers require you to visit a branch in person, especially if they are smaller credit unions or regional banks. Call ahead to confirm what they need and whether an appointment is required. Bring original documents or certified copies—do not assume they will accept photocopies.

Once your account is open, you can deposit money by direct deposit, bank transfer, wire, or check. Some providers also accept deposits through their mobile app. Set up direct deposit from your job or benefits if you plan to add money regularly—it is faster and more reliable than manual transfers.

What happens if your chosen provider closes or stops offering ABLE accounts

If your ABLE account provider shuts down or exits the ABLE program, the provider must give you notice and time to move your money. You can transfer your balance to another approved provider's ABLE account without penalty or tax consequences. The transfer process is similar to moving money between regular bank accounts—you provide the new provider with your old account details, and they handle the rest.

Keep your account statements and documentation in case you need to prove the transfer happened. If there is a delay or problem, contact the IRS ABLE Account Program office for help.

Frequently Asked Questions

Can I open an ABLE account if I already receive SSI or Medicaid?

Yes. Having SSI or Medicaid does not disqualify you. In fact, an ABLE account is designed for people who receive these benefits. You still need to meet the disability definition and have your disability start before age 26. Confirm with your benefits counselor that opening an account will not affect your specific situation.

What if no approved providers are in my state?

Every state has at least one approved ABLE account provider. If the list on the IRS website looks empty for your state, refresh the page or call the IRS ABLE Account Program directly at 855-233-2253. Providers are added regularly, and the website may not update instantly.

Can I open more than one ABLE account?

No. You can have only one ABLE account in your name across all providers. If you try to open a second one, the IRS will reject it. You can have sub-accounts within a single ABLE account (like a savings sub-account and an investment sub-account), but they are all part of the same account.

Do I need a credit check to open an ABLE account?

Most approved providers do not run a credit check for ABLE accounts. They verify your identity and disability status, but not your credit history. This makes ABLE accounts accessible even if you have poor credit or no credit history.

What if I lose my disability status or turn 26?

Your ABLE account does not close if your disability status changes or you age out. You can keep the account and the money in it indefinitely. However, if you no longer meet the disability definition, the account no longer protects you from SSI resource limits—money over $2,000 will count against your benefits. Talk to your benefits counselor about what this means for your specific situation.