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.
The amount required to open a checking or savings account is low. People's United checking accounts only require $25 to open. The savings accounts require $50.
Two of the People's United checking accounts offer free ATM use or reimburse ATM fees. The Advantage checking account has unlimited rebates for out of state ATM fees. The Premier Advantage checking account has free ATMs, including international ATMs. These accounts require high investment balances to waive the monthly fee. The Advantage is $7,500, and the Premier is $75,000 across all investment accounts.
People's United offers a variety of CD term lengths. Their terms range from 91 days to five years. The interest rates vary depending on the term. The best interest rate on a People's United CD is the One Year Plus CD. Those interest rates are competitive with other online accounts; the other rates are not.
There are a variety of different business accounts offered through People's United. Checking, savings, and money market accounts are available. CDs, credit cards, loans, and investment opportunities are available.
People's United accounts are not offered everywhere. The branches are currently in the North Eastern states. Those include Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont. If you do not live in one of these states, you cannot open an account with People's United Bank.
The amount required to open a money market account is $2,500. There is not a monthly maintenance fee on the money market account. You will earn interest on the money deposited into the account. The money market account offers tiered interest rates. This means the interest you earn depends on the amount you have in the account.
The interest rates of the different accounts are not competitive. They are much lower than other online-only accounts. The interest rates are similar to your typical bank rates. The Plus CDs offer slightly more competitive rates.
You have to have a checking account with People's United to open a savings or money market account. The checking account determines what savings and money market account you can open. You must open a checking account before a savings account can be opened.