Allstate Bank offers both a regular CD and an IRA CD.

Regular CD  

A seldom looked upon alternative for safe investing is a CD.  If you are one of those who don’t trust stock market prices or don’t have enough money to buy gold, a CD can be a great investment.  They usually do not require much money to start one and are very versatile as far as maturity dates are concerned.  Allstate Bank no longer offers a 30 day CD, but has six other maturities to choose from.  These include 90 days, 6 months, 1 year, 2 year, 3 year, and 5 year CDs.  The APR starts at 0.20% for the 90 day CD and goes all the way up to 1.50% for the 5 year CD.  To create a personal account with Allstate Bank requires a minimum of $1,000, which is average for most banks when it comes to CDs.  For a non-personal (business) account, one must have a minimum of $10,000 for a deposit.  Interest is compounded daily, and credited monthly.  While no additional deposits are allowed until maturity, Allstate Bank does offer the option of withdrawing interest without any kind of penalty whatsoever.  Other great features that Allstate Bank offers are automatic renewal and a 14 day grace period to make any changes or add funds to the CD.  As with other banks, early withdrawal of principle can lead to penalties regarding both principal and interest.

IRA CD

Another great option that Allstate Bank offers alongside the regular CD is the IRA CD.  IRA CDs offer the same benefits that a regular CD offers, but also includes tax benefits.  In other words, one can defer having to pay any taxes on the CD until a withdrawal is made.  However, the only downside with an IRA CD is that they do not offer short term maturity options; only the 1 year, 2 year, 3 year, and 5 year options are available for this CD.

How to Apply

There are two ways to apply for a CD or IRA CD at Allstate Bank.  The first is to contact a local Allstate agent.  The second is to print out an online form and mail it in to Allstate.  Either way, you can be assured of having a safe investment at a reputable banking institution.