AloStar Bank Still has Highest 6 Month CD Rate Even with Decrease
AloStar Bank, headquartered in Birmingham, Alabama, recently lowered their regular and jumbo CD rates. Even with the new lower CD rates, AloStar Bank's rates are still competitive. You might not have heard of AloStar Bank because they are a relatively new bank, having been formed only 5 years ago in 2011.
AloStar is an internet-based bank which means they don't have brick and mortar locations like traditional banks do. Internet banks tend to offer higher CD rates and other deposit rates since they have a lower cost structure.
For example, even with the lower rate change, AloStar Bank's 1 year CD rate is still one of the best 1 year rates available right now. AloStar's 1 year CD rate is at now 1.26 percent with a yield of 1.27 percent. Compare AloStar's 1 year CD rate with one of the big brick and mortar banks, Chase Bank, which is currently offering 1 year rates at 0.02 percent.
AloStar Bank's 6 month rate was lowered from 1.05 percent to 1.01 percent but the bank's rate is still the highest 6 month rate available in our database. Listed below are the most recently CD rate changes at AloStar Bank.