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Financial Rates:
4.0
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Customer Service:
3.5
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Website Experience:
3.0
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Bank Fees:
5.0
Pros:
- Competitive interest rates
- Low required amounts to open CDs
- Accounts are entirely online
- Shorter terms offer competitive rates
Cons:
- Limited personal accounts offered
- Customer service not available 24/7
- No checks or debit cards offered
- Must link to an external bank account
What You Need to Know
AloStar CDs offer competitive interest rates. The interest rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.
The CDs at AloStar have low required opening amounts. Each of the CDs require $1,000 to open. To earn the competitive interest rates, you must keep $1,000 in the account. There is not a fee if your balance falls below $1,000, but you will not earn interest on the balance.
CDs with AloStar are entirely online. You apply for the CDs online. Once you open an account, everything for the account is online. There are no branch locations. You can reach customer service by phone or email.
Usually with CDs, the longer the term the higher the interest rate. But, with AloStar some shorter terms offer more competitive rates. The 12-month, 18-month, and 24-month CD terms offer the most competitive rates.
There are limited accounts offered through AloStar. The only accounts offered are CDs. AloStar does not offer checking, savings, or money market accounts. The CD terms offered range from three-month to five-year terms.
AloStar customer service is not always available. You can contact customer service through email. Their hours are Monday through Friday from 7:00 a.m. to 7:00 p.m. Eastern Time. On Saturday their hours are 8:30 a.m. to 12:00 p.m.
The AloStar CD accounts do not offer debit cards or checks. The only way to access your money is through electronic transfers. You can transfer money during the grace period or after the CD reaches maturity.
To fund your AloStar CDs you must link the accounts to an external bank account. Once the accounts are linked you can make electronic transfers between the accounts. To avoid a fee, make withdrawals or deposits during the grace period or after the CD reaches maturity.
Cool Things
Online Banking
AloStar bank is an entirely online bank. Everything for your account is online. Once you open an account, you can access your accounts online. There are no branch locations. To reach customer service, you can call or email.
History
AloStar is a division of State Bank and Trust Company. It is an entirely online bank. There are no branch locations. They only offer CD accounts. The CDs range from three-month terms to five-year terms. To open an account, you must be a resident of the United States and at least 18 years old.
Frequently Asked Questions
Yes. AloStar is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Through electronic transfers. There is a fee if you withdraw money before maturity or out of the grace period. The bank will notify you when you can withdraw money without a fee.
No app is listed on the website.
AloStar only offers CDs. The only fees are from withdrawing money before the maturity date.
The interest rates on AloStar CDs are competitive. To open a CD requires $1,000. The only accounts offered are CDs. The terms range from three months to five years. Everything for the account is online.
AloStar offers Trusteer Rapport free to customers as protection to your accounts.
Yes. The interest rates for AloStar CDs are competitive with other online CDs. The rates are much higher than typical bank rates.
You can open the CDs offered through AloStar for your business.
The interest rates are more competitive. The only accounts offered are CDs.
AloStar does not offer checking accounts. The only accounts offered through AloStar are CDs.
Through phone or email.
No. AloStar does not offer checking accounts. Because of that, no bill pay is available.
No. Make deposits through electronic transfers. Deposit money only during the grace period or once the CD reaches maturity.
Specific transfer times are not listed on the website. Some CDs may require seven days’ notice before a making a withdrawal.
Deposit or withdraw money only during the grace period or after the CD reaches maturity to avoid a fee. During those times you can transfer money through electronic transfers.
Bank Contact Information
877-738-6391BankTruth works to have the most up-to-date information on our website. The listings that appear on our pages are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Even so, we work hard to review banks fairly and pass the information onto you, the consumer. Please be aware that we cannot guarantee bank services and promotional offers. If you find a mistake, please contact us.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.