Allstate Bank (NYSE: ALL) is offering a huge array of CDs at decent rates.
Though none of them land on the BestCashCow CD Rates lists, they are still noteworthy in that they offer decent rates, low minimums (none of them require over a thousand dollars to start) and some unusual time lengths.
For instance, they offer a thirty day CD at .20 percent APY, which is a comparative rarity. Other more standard rates include a ninety day CD at .40 percent APY, a six month at .60 percent APY, one year at 1.10 percent APY, two year at 1.25 percent APY, three year at 1.60 percent APY, and five year at 2.30 percent APY.
You can get these by opening accounts with a "STAR" ATM, via ACH wire transfer, via direct deposit with Allstate Bank's routing number, contacting a local Allstate agent, going to www.allstatebank.com, or calling their toll free number on their website. Allstate Bank carries a "Good" three and a half star rating with Bauer Financial and is FDIC insured.
Credit for this find goes to www.bankvibe.com.
Comments
AronLiv
June 09, 2010
I am having a very, very difficult time understanding why anyone would lock up their money for 30 days in a CD paying 20 basis points, especially when BestCashCow shows savings rates that are 7 or 8 x that rate.
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SteveAnderson
June 09, 2010
Aron--reliability, perhaps, enters the equation here. Allstate is higher rated on the Bauer Financial ratings system than several of those banks, and your money will be locked up for quite a bit longer than thirty days should you have to file an FDIC claim. Not that I've ever filed an FDIC claim, but still.
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Howard
June 10, 2010
Actually, the FDIC is very prompt at getting money to depositors. If a bank fold on a Friday, as is often the case, money is usually available to be withdrawn the next Monday.
I also don't understand why anyone would bother to open a 3 month, 6 month or even a 12 month CD. Doesn't make any sense at all.
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Monte Rosenzweig
June 10, 2010
B"H
If anyone is interested in the Allstate Bank CD or Savings rates please contact me at
mrosenzweig@allstate.com or 516-374-7700
In certain cases we may be able to get better rates for larger depositors.
Allstate Bank products are FDIC insured.
Thank you -- Monte Rosenzweig
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BankCD
June 10, 2010
Individuals probably wouldn't need 30-Day CDs, but many institutional clients do and with most money-markets paying even less, it is a "good" rate.
As to why would you want to open a CD, I'm guessing you mean as opposed to an online savings, is online savings accounts aren't guaranteed for any timeframe and often drop rather quickly once the bank has the money they were looking for. It seems you'll spend quite a bit of time chasing savings rates.
At least with a 6-month or 1-year CD, you don't have to worry about looking again for a while.
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Anonymous
January 13, 2011
Set your life more simple get the home loans and everything you require.
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