AloStar Bank of Commerce has a 1-year CD rate of 1.27 percent annual percentage yield (APY). The CD rate is above the average rate of 0.66 percent APY for a 1-year certificate of deposit. The interest rate is current as of July 11, 2011. Other CD rates and terms include:

• 0.26 percent APY for 30 days
• 0.81 percent APY for 90 days
• 1.12 percent APY for 6 months
• 1.08 percent APY for 9 months
• 1.17 percent APY for 17 months

You need a minimum opening deposit of $1,000 to open a certificate of deposit at Alostar. Interest is compounded daily. For CDs of 12 months or less any interest earned is paid at maturity. For CDs with terms over 12 months interest earned is paid annually. There is a substantial penalty for withdrawing funds early.

The bank also has a money market account that earns 1.06 percent APY on balances of $50,000 and up. Balances below that amount earn 0.5 percent APY. The money market offer is good for new customers who deposit at least $50,000 and for existing bank customers who transfer at least $25,000 from an external account. AloStar Bank of Commerce is based in Birmingham, Ala.

No related posts.