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The Boston Globe

Business

Forget toasters: Bank’s lure is cash you can donate

Boston institution lets customers call the shots on charity

A new Boston Internet bank is planning a novel approach to attracting customers: Instead of spending millions on traditional advertising or promotions, it plans to give customers cash to donate to their favorite charities.

AbleBanking, a division of Northeast Bancorp. of Lewiston, Maine, is offering $25 to new customers, plus $2.50 a year for every $1,000 they keep in their accounts, to give to any qualified charity. The bank hopes to begin taking deposits by early next year.

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