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.
We have two reviews for Citizens Bank, one for the local bank, and one for their online accounts referred to as Citizens Access. Click here to learn more about Citizens Access.
Checking, savings, and money market accounts do not have a set amount to open the accounts. However, to earn the best interest rates, you have to be a platinum member. That means having $25,000 in Citizen Bank accounts. The basic checking and savings account does not require you to be a platinum member.
Citizens Bank offers a variety of accounts for businesses. Business checking, savings, and money market accounts are available. Credit cards, loans, and investment opportunities are available.
A GoalTrack Savings Bonus is available with most Citizen Bank savings accounts. If you meet your savings goal, you will earn a bonus. The bonuses include merchant discounts or gift cards. The more money you set up to save and the longer you keep that goal, the more you will earn. You can earn up to $250 for saving $400 a month for 36 months. Some of the participating merchants include Walmart, Target, Applebee's, Best Buy, and Marriott.
Checking and money market accounts include $5 Overdraft Pass. This means if you overdraw your account for $5 or less you will not be charged a fee. To avoid other overdraft fees, deposit money into your account as soon as possible. This is no limit to how many overdrafts qualify for the pass. Any and all overdrafts under $5 are covered.
Accounts are not available everywhere. Citizens Bank currently operates in 11 states. If you do not live in one of these states, you cannot open an account. Those states are Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.
Citizen Bank accounts have fees. To waive the platinum checking fees, you must have at least $25,000 in Citizen Bank accounts. To get the best interest rates, you have to have a platinum checking account. Waive the fees for platinum savings accounts by having a platinum checking account.
The smallest required amount to open a Citizens Bank CD is $1,000. Some CDs require $10,000 to open. The IRA CD only requires $250 to open, but that is a CD set up for retirement purposes.
To earn the best interest rates on CDs, you must also open a premier checking account with Citizens Bank. The interest rates are more than a full percent less if you do not have a checking account too.