FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- Can I connect more than one bank account to a Hawai'i ABLE account?
- Yes, you can connect more than one bank account to your Hawai'i ABLE account, as well as multiple types of bank accounts. You can have both savings and checking accounts linked to your account at one time, but you will need to go through the process of connecting each account individually. The... Read more
- How do I connect more than one bank account to a Hawai'i ABLE account?
- Adding an additional bank account is simple. Once you’re logged in to your Hawai'i ABLE account dashboard, find the “Accounts” section in your profile and click on “Add a new bank account.” Follow the steps to connect a new bank account associated with either the name of the beneficiary or the... Read more
- How do I manage different bank accounts with multiple beneficiaries?
- If you’re an Authorized Legal Representative (ALR) of more than one ABLE account, you can use the same banking information for multiple accounts, as long as you own or are the ALR on those ABLE accounts. Otherwise, each beneficiary can use one or more bank accounts in their own name, or the name of... Read more
- Is there a minimum amount to open an account?
- There is a $25 minimum deposit to open a Hawai'i ABLE account. After that, you can add as little as $5 at a time. You can save money in a cash option, invest, or both. The choice is up to you. If you decide to make an investment, at least 10% of your total funds need to be invested in one of the... Read more
- How can I connect a bank account?
- To connect a bank account to your Hawai'i ABLE account, first log in to your online dashboard, then go to the “Settings” tab and click on the “Add a new bank” button. Follow the steps to link a new bank account by connecting via Plaid or manually adding an account. If you manually add a bank... Read more
- How do I choose an investment option?
- When setting up your Hawai'i ABLE Savings Plan account, you can save money in a cash option, investment option, or both. The choice is up to you. If you decide to invest all or some of the money, there are three investment options to choose from: ABLE Conservative, ABLE Moderate, and ABLE... Read more
- How do I change my investment options?
- When you create a Hawai'i ABLE Savings Plan account, you'll have a chance to choose which portfolio you want to contribute to. Review your investment options here to see what's available. There are two ways to change your account's investment choices: You can sell your portfolio and invest the... Read more
- How often can I make changes to my investment allocations?
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You can only sell off a portfolio to buy a new option twice per calendar year. However, you can start contributing to a new, additional portfolio, as many times as you'd like.
- What is the Cash Option?
- The Cash option protects the balance in your Hawai'i ABLE account by putting all your assets (up to $250,000) into an FDIC-insured account, which means the federal government guarantees you will not lose the money you saved. With a low level of risk, there may also be a lower level of returns. The... Read more
- Can I connect more than one bank account or type of account?
- Yes, you can connect more than one bank account and multiple types of bank accounts. While both checking and savings account types can be linked to your Hawai'i ABLE account at the same time, please note, the set-up process requires individually connecting each account. The Authorized Legal... Read more
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