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.
Goldwater Bank has high amounts to open their accounts. Once you open an account, the amount required to keep in the account to earn interest is low. Goldwater Bank only requires $0.01 to be in the account to earn interest.
Business accounts are available through Goldwater Bank. There is a checking account for small and large businesses. There is a money market and savings account. CDs are available. Goldwater Bank offers cash management services for business accounts. This offers online banking, remote deposit, and card services. Business credit cards are available.
Goldwater Bank not only offers personal deposit accounts but lending options. They offer loans for building, remodeling, or home loans. Personal loans for vacations, cars, boats, or college tuition are available. They offer loans for business needs as well.
The interest rates for Goldwater Bank accounts are competitive. Their rates are much higher than the rates offered at brick and mortar banks. To earn the most competitive rates does require a large account balance. However, the lower balance rates are still much higher than other bank rates. They are competitive with online accounts. The business accounts also earn competitive interest rates.
The different CD accounts all require a high opening balance of $5,000. The CD terms range from 90-day terms to a 5-year term. The only fees associated with CDs is from withdrawing the money before the CD meets the maturity date.
Goldwater Bank accounts cannot be entirely opened online. To open a checking, savings, money market account, or a Visa check card you can fill out an application online. Then you must go to a branch location to finish the application and sign paperwork. Only CDs are available for out of state customers. Not all account information is on the website. A customer service representative can answer your questions.
The different accounts have high required amounts to open the accounts. The checking account requires $500 to open. Money market and saving accounts require $1,000 to $25,000 to open the accounts. Once the account is open, you are only required to keep $0.01 in the accounts to earn interest.
Interest rates for Goldwater Bank accounts are tiered. To earn the most competitive interest rates requires large balances in the accounts. The money market account requires $100,000 to earn the most competitive rates. The checking account requires $5,000.