Banks and credit unions that offer ABLE accounts

ABLE accounts are savings accounts designed for people with disabilities, and they are offered through a growing list of banks and financial institutions. The accounts themselves are run by state programs — each state has its own ABLE program — but you open and manage the account through a participating bank or brokerage firm.

Major banks offering ABLE accounts include Fidelity Investments, Schwab Bank, TD Bank, and Flagstone Bank. Credit unions also participate: Navy Federal Credit Union, for example, offers ABLE accounts to its members. The full list of participating institutions changes, so the best way to find current options is to visit the ABLE National Resource Center website, which maintains a searchable directory organized by state.

Not every bank in your state will offer ABLE accounts, and not every ABLE program uses the same banks. If you live in New York, for instance, the New York ABLE program partners with specific institutions that may differ from the ones in California's program. You choose both your state program and your financial institution when you open the account.

Key Takeaways

  • ABLE accounts are run by state programs, but you open them through banks or brokerages that partner with your state's program.
  • Major providers include Fidelity, Schwab Bank, TD Bank, and Navy Federal Credit Union, though the list varies by state.
  • You can search for participating institutions through the ABLE National Resource Center website, organized by your state.
  • Each ABLE account has an annual contribution limit (currently $18,000 for 2024, though this amount changes yearly) and allows you to save without losing SSI or Medicaid benefits up to certain thresholds.
  • Opening an account requires proof of disability, a Social Security number, and identification, and the process typically takes one to two weeks.

How to find the right ABLE account for your situation

Start by identifying which state's ABLE program you want to use. Most people use their home state's program, but you can open an account in any state's program regardless of where you live. Once you know the state, go to the ABLE National Resource Center and filter by that state to see which banks and brokerages partner with it.

Compare the accounts on practical details: monthly fees (many charge none, but some charge $3 to $5), whether they offer debit cards, online access, and customer service hours. Some institutions let you link the ABLE account to a regular checking account for easier transfers. Fidelity and Schwab, for example, offer robust online platforms and no monthly fees, which makes them popular choices for people who want to manage their account digitally.

If you are already a customer at a particular bank, check whether that bank participates in your state's program before opening elsewhere. Staying with your existing bank can simplify account management, though it is not required.

What you need to open an ABLE account

To open an account, you will need to prove that you have a disability. The definition of disability for ABLE purposes is specific: you must have a condition that began before age 26 and that substantially limits a major life activity, or you must be receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). Bring documentation such as an SSDI or SSI award letter, a letter from your state vocational rehabilitation agency, or medical records that show your disability and its onset date.

You will also need a Social Security number and a government-issued photo ID. Some institutions may ask for proof of address, such as a utility bill or lease. The process is similar to opening a regular bank account, though the disability verification step is additional.

Most banks allow you to open an ABLE account online, by phone, or in person. Online applications typically take 10 to 15 minutes, and the account is usually active within one to two business days. In-person applications at a branch may be processed on the spot.

Annual contribution limits and how they work

The amount you can put into an ABLE account each year is limited. For 2024, the annual contribution limit is $18,000 per person. This limit includes contributions from all sources — your own deposits, gifts from family members, and employer contributions all count toward the same total. The limit changes each year based on inflation, so check the current year's limit before you plan your deposits.

Unlike a regular savings account, the money in an ABLE account does not count against the resource limits that determine your SSI or Medicaid benefits, up to a certain point. You can have up to $100,000 in an ABLE account without losing SSI benefits. If the balance exceeds $100,000, SSI payments stop (but Medicaid continues). This makes ABLE accounts a powerful tool for saving without the usual penalty that comes with having too much money in the bank.

You can withdraw money from your ABLE account at any time without penalty, just like a regular savings account. Withdrawals do not count as income for SSI purposes, which is another key advantage.

Fees and account features to compare

Most ABLE accounts charge no monthly maintenance fee, but some do. Fidelity and Schwab Bank charge no fees. TD Bank's ABLE account has no monthly fee. Flagstone Bank charges no fee either. However, some smaller institutions may charge $3 to $5 per month, so read the fee schedule before you commit.

Look at whether the account comes with a debit card, since that makes everyday spending easier. Most major providers include a debit card at no extra cost. Check whether the card works at ATMs nationwide or only at certain networks — this matters if you travel or live far from branches.

Online banking features vary. Fidelity and Schwab offer full investment options within the ABLE account, allowing you to move money between savings and investments. If you want a simple savings account, TD Bank or Flagstone may be a better fit. Ask whether the institution offers bill pay, mobile deposits, or automatic transfers, depending on what you need.

Opening an account step by step

First, visit the ABLE National Resource Center website and search for participating institutions in your chosen state. Select the bank or brokerage you want to use and note the program name (for example, "Ohio ABLE" or "California ABLE").

Go to that institution's website or call their ABLE account line. Most banks have a dedicated phone number for ABLE accounts. You will be asked to provide your name, Social Security number, date of birth, and contact information. You will also need to upload or mail proof of your disability — an SSDI award letter is the easiest form of proof.

Complete the application, which usually takes 10 to 20 minutes. The bank will review your disability documentation, typically within one to three business days. Once approved, your account is activated and you can begin making deposits. Some institutions mail a debit card within five to seven business days; others activate a card immediately for online use.

What to do if your bank does not offer ABLE accounts

If your primary bank does not partner with your state's ABLE program, you have two options: open an account at a bank that does participate, or contact your state's ABLE program directly to ask whether they plan to add your bank as a partner.

Opening an account at a different institution does not require you to close your existing accounts. Many people maintain both a regular checking account at their primary bank and an ABLE account elsewhere. You can transfer money between them as needed, though transfers between different banks typically take one to three business days.

If you prefer to stick with your current bank, ask the bank's customer service whether they are considering adding ABLE accounts. Some banks add the service based on customer demand, so your inquiry may help.

Frequently Asked Questions

Can I open an ABLE account if I receive SSI?

Yes. In fact, SSI recipients are among the primary users of ABLE accounts because the account allows you to save money without losing your SSI benefits, up to $100,000. You will need to provide your SSI award letter as proof of disability when you open the account.

Do I have to use my home state's ABLE program?

No. You can open an account in any state's ABLE program regardless of where you live. Some states' programs offer different features or partner with different banks, so you can choose based on what works best for you.

What happens if I exceed the annual contribution limit?

If you contribute more than the annual limit in a single year, the excess amount is subject to income tax and a 10 percent penalty. The bank or program will notify you if you are approaching the limit, so you can plan your deposits accordingly.

Can someone else deposit money into my ABLE account?

Yes. Family members, friends, or employers can deposit money into your ABLE account. All deposits count toward your annual contribution limit, regardless of who makes them. You should inform anyone who plans to contribute so you do not accidentally exceed the limit.

What if I need to close my ABLE account?

You can close your ABLE account at any time by contacting your bank. Any remaining balance will be transferred to you, usually within five to seven business days. Closing the account does not affect your SSI or Medicaid benefits.