Allstate Bank CD Rates and Review
Allstate, otherwise known as the “good hands” company, has managed to work its way to the top of the insurance industry. The company is the second-largest personal lines insurer in the US, just behind rival State Farm. Its Allstate Protection segment sells auto, homeowners, property/casualty, and life insurance products to consumers in both Canada and the United States. Allstate Financial provides life insurance through subsidiaries Allstate Life, American Heritage Life, and Lincoln Benefit Life. It also provides investment products, targeting affluent and middle-income consumers. Allstate Motor Club provides emergency road service and, adding to its repertoire, the company also offers the nationwide online Allstate Bank – which offers competitive CD (certificate of deposit) rates, money market accounts and high yield savings accounts. AllState Bank is federally insured by the FDIC and headquartered in Illinois.
Opening an Allstate Bank Certificate of Deposit:
You may open a deposit account with Allstate using one of 4 different methods. You can open an account through participating “STAR” atm’s which accept deposits, you can transfer money electronically via ACH wire transfer, you can make a direct deposit using Allstate Bank’s ABA routing number or you can simply mail them a check.
Current CD rates offered through Allstate Bank:
- 30 day CD rate of 0.20% APY with minimum deposit of $1,000 required.
- 90 day CD rate of 0.40% APY with minimum deposit of $1,000 required.
- 6 month CD rate of 0.60% APY with minimum deposit of $1,000 required.
- 1 year CD rate of 1.10% APY with minimum deposit of $1,000 required.
- 2 year CD rate of 1.25% APY with minimum deposit of $1,000 required.
- 3 year CD rate of 1.60% APY with minimum deposit of $1,000 required.
- 5 year CD rate of 2.30% APY with minimum deposit of $1,000 required.
Additional Terms and Conditions:
Annual Percentage Yield (APY), effective on 6/7/2010. Initial deposit of $1,000 required for Certificates of Deposit ($10,000 for non-personal accounts). A penalty will be imposed for early withdrawal on CDs. Rates subject to change daily. Minimum monthly average daily balance of $250 required to avoid a $4 monthly fee on High Yield Savings. Minimum monthly average daily balance of $2,000 required to avoid an $11 monthly fee on Checking Plus Interest. Minimum monthly average daily balance of $250 required to avoid an $8 monthly fee on Insured Money Market accounts. Rates on Checking Plus Interest, Insured Money Market and High Yield Savings accounts subject to change daily after account is opened. Fees may reduce earnings on accounts.
