Banks for You!

AllState Bank has a high interest savings account that earns 1.25% APY. The initial deposit required to open an account is just $100.

You can open this best savings account of AllState Bank through their website or you can call a local bank agent to help you out with the process. You need to maintain a monthly average daily balance of $250 at least to avoid a monthly fee of $4. It seems that qualified individuals from any U.S. state can apply for an account.

The current interest rates are still posted on the bank’s website but may change any time. Please contact the bank to know the latest interest rates before signing up for anything. You can call the bank through their customer service line 1-877-794-2265. The earnings of this savings account compound on a daily basis and credited to your account every month.

Once you have opened the savings account, you can send in funds by mailing in a check, via ACH, by setting up a direct deposit, or through the bank’s ATMs. You can find instructions on how to do this on the FAQ page of their website.

AllState Bank is headquartered in Illinois. They have declared assets amounting to $293 million and deposits of around $857 million. The bank is covered by the FDIC with certificate number 34782.

Bankrate.com issued 3 stars while BauerFinancial stamped their soundness and safety report with 3 stars.

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