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Allstate Bank was a subsidiary The Allstate Corporation (NYSE: ALL), and a sister company to the Allstate Insurance Company. Via its agent network, the bank was able to help insurance customers gain additional financial security through innovative personal financial planning and bank products. Allstate offered: savings products, CDs (certificate of deposit), mortgage loans, insured money market accounts, checking accounts, and home equity products. In 2011, Allstate agreed to sell its $1.1 billion in deposits to Discover Bank and stopped operating Allstate Bank..
Allstate Bank received its charter in 1998, and the bank began operating in 2001. Allstate Bank did not fail or run into serious trouble; the insurance giant simply decided to focus on its core offerings and shuttered its banking division. Due to a multi-year marketing agreement, Allstate agents now offer Discover Bank products to customers. See how Discover's interest rates compare on RateZip!
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