This review is for: High Yield Savings
Allstate is another banking player that migrated over from the insurance industry - just like Nationwide. When I think Allstate, I think President Palmer from 24, and him protecting me if I'm in a car accident - not delivering a high interest rate. So again, this AllState Bank thing will take a little getting used to - but to help ease that transition, Allstate is offering a solid rate, low minimum monthly balance, and up to $6/month in ATM fee reimbursements - I absolutely love ATM fee reimbursements.
Now let's talk about where Allstate has yet to live up to modern-day banking expectations. You can only apply for this account through the mail. You can only get your statements through the mail. Their ACH system? A max of $10k/day in deposits or withdrawals. And expect a hard credit check during the application process. Needless to say, President Palmer would not be very happy about any of this, and neither am I.
I'd have to say that if I were choosing an insurance giant turned wanna-be banking giant I'd go with Nationwide - they have the better rates, better ACH system, and despite the lack of a memorable celebrity endorsement, the better package deal.
Posted by envestor -- March 18, 2009
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