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Amtrust Direct Bank 5.30% APY Money Market

Johns Wu Posted in Money Market Rates by Johns Wu
November 1, 2006 11:31 AM - 25 Comments

AmTrust Direct has a 5.30% APY money market account. It has a $1,000 account minimum. Great rate for a reputable bank, AmTrust Direct Bank, which has raised rates just recently from 5.26% to 5.30%.

Overview of Amtrust Direct Bank

Amtrust Direct was first established in the late 1800s. Started in 1889, Amtrust stands among the leaders in the financial industry. Amtrust was originally started in Ohio in the city of Cleveland - First known as the Ohio Saving Bank, Amtrust Direct has grown to become among the largest lenders in the US and currently have well over 17 billion dollars in assets.

In the late 1980s, Amtrust Bank acquired Palm Plaza Savings in Florida and changed its name to Amtrust. Amtrust Direct now has several branches situated in Ohio, Florida and Arizona. Amtrust Direct has received a number of awards. First, Amtrust has earned the Mortgage Technology Magazine’s Website of the Year Award 2002; the Customer Interface ACCE Award and the Zenith Award in 2001; the ComputerWorld’s 100 Best Places to Work in IT in 2004 and 2005; the Cleveland Advertising Association Citation Award in 2003 and 2007; the American In-house Design 2005; the Training Top 100 from 2003-2006; the Pacesetter for United Way from 2000-2006; the North Coast 99 from 1999-2006; and the International Midas Award Finalist from 2001-2003.

Amtrust Direct supplies customers with certificates of deposit and is a member Federal Deposit Insurance Corporation. Amtrust Direct also offers an e-money market account with no fees attached for a minimum balance, interest earning on 1 dollar or more, FDIC insured deposits up to 100,000 dollars, direct deposit options and free online banking services. Customers can review account balances and make transfers of funds online at Amtrust Direct.

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Comments (25)
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  1. Bankaholic.com said:
    on November 9th at 08:35 am

    anyone have an amtrust bank amtrustbank review?

  2. Bankaholic.com said:
    on November 15th at 12:53 am

    amtrust direct bank review

  3. bobby said:
    on November 15th at 10:54 pm

    just opened an account the day your post was published. received a letter in the mail to setup my account. my first deposit does not show up yet in my account. set up was simple and there are plenty of tools to link up various accounts etc. in addition to pulling data into Quicken products and other financial planning software. so far so good. will follow up once money shows as deposited.

  4. Bankaholic.com said:
    on November 20th at 06:14 am

    Highest CD Rates lasalle bank cd rate

  5. Bankaholic.com said:
    on November 24th at 03:35 am

    w00t w00t amtrustdirect bank amtrustdirectbank amtrustdirect

  6. yepyep said:
    on December 1st at 01:23 pm

    I opened a mma with amtrustdirect. Initial ACH deposit was smooth. External transfers are a bit ackward. When you submit a transfer it will not immediately show up in the transfer information for the account. My money was deposited into the account without ever posting to the transfer information for my account on the web. I have heard that some people thought that was because it didn’t go through, so they submitted another transfer, which led to overdrafting their other bank account. When you do transfer money into the account, it doesn’t post to available balance for several days although the ACH is conducted next business day for the most part. I haven’t had to contact cs, so I can’t comment on that at this time. Cheers!

  7. yepyep said:
    on December 1st at 01:43 pm

    edit: several days=5 days, although deposit is not available for withdrawal/transfer it is earning interest.

    BTY: no hard credit pull posted to experian for opening mma, don’t know about the other 2 cb’s

    CS waitime at 8:40 am est was 2 minutes on Friday

  8. whitebrook said:
    on December 6th at 12:18 am

    I have experienced no problems. CS has been very responsive. However, I can’t download to Quicken. I e-mailed and was told they stopped this capability when Quicken decided to no longer support downloads — true? History doesn’t show transfers or interest. I’m using this as a place to keep some money in a liquid state and so don’t have many transactions but I would think that transfers and interest deposits are transactions. Any comment on this?

  9. ats said:
    on December 18th at 07:44 am

    I have had good experiences with Amtrust Direct. They are constantly working on their website and showing good updates. Recently they have updated the Account History section showing the transactions and interest deposited in the account. They have also added some security features. They also deposit interest on time and send monthly bank statements showing transaction details.

    CS is good and well responsive. The higher management also keeps a track of customers suggestion and work on them in queue.

    Regarding the ACH, there is a 5 day hold on ACH Transfers. No problems in this as of now. Initially i felt something was wrong but amtrust could develop a good trust in me.

    Overall a good experience till now.

  10. ryan said:
    on January 30th at 07:47 am

    I have had a very difficult time with amtrust. Their website has given me more problems than I can count and the customer service has not been very helpful either. First, it took me a while to realize that the Firefox browser does not work with their website. Even after using IE, I was able to get in to my account, but could not set up an external transfer, even with a customer service rep helping me on the phone. I kept receiving an error message saying that portion of the website was down, which the customer service rep knew nothing about. He said he would call or email me the next day and never did. This is only the tip of the iceberg with the problems I have has with this company. Too many to write about. Their customer service is downright horrible.

  11. Agio said:
    on February 16th at 09:35 pm

    Sorry to hear about Ryan’s problems. I use Firefox and have encountered no problems. Make sure you have Firefox 2.0 downloaded, some adblock or high security software may be causing the problem.

    Also received an email that AMTRUST is upping their online rate to 5.36%. Life is good.

  12. Zbean said:
    on March 19th at 03:08 am

    Anybody have experience with Zion’s Bank?

  13. Vo_Dich said:
    on March 29th at 04:31 am

    I am thinking of signing up for either CD or e-MMA with Amtrust. If the APY for both of these are the same (5.36%), then does not it make sense to just put my money in e-MMA and not have to worry about the term? If the APY is the same for both, then both should be earning the same interest correct?

  14. Vo_Dich said:
    on March 29th at 04:40 am

    How does Amtrust compare to Countrywide Bank in term of service and investing money in them? It seems like at the moment, the rate for Amtrust is a tad higher than Countrywide Bank.

    What time zone is this website on? My previous message was posted at 9:31pm, and it is showing 4:31am the next day.

  15. MikeK said:
    on March 29th at 01:33 pm

    Vo_Dich…I could be wrong, but a CD has a fixed interest rate for the life of the CD, where the MMA is variable.

  16. nik said:
    on March 30th at 06:43 pm

    I opened an e-MMA over a week ago. I just got my login info in the mail yesterday. I’ve tried to login all day today (since 7am this morning) and have been unable to (system unavailable, try back in 20 mins). I called cust svc at 2:30pm and was told the system was being updated and to try back in 20 mins. I informed them that I received that msg earlier and had been trying it all day. The rep could not give me any info on when the system would be back up - only to try back later!
    Not very useful for an online-only bank.

  17. Kaz Maeda said:
    on May 6th at 07:41 am

    I have difficulity to connect their site by IE niether Net scapa 7.1. Could somebody help me how can I access their web page ?

  18. Angela said:
    on July 5th at 04:46 pm

    I opened a CD for six months. Everything was opened online. However, when I wanted to close the account once it reached maturity, I was told that they could not return the funds back to the account that they took it from without me sending in a letter. Didn’t make much sense since they could take my money without having to send in paperwork, but were making me jump through hoops to get it back. I sent the written request via certified mail and they have not received it even though I sent it almost 2 weeks ago. This issue has not been resolved yet, but I hope it will be and I won’t have to report more shenanigans on their end. All in all, it’s a lot of hassle that is not made clear up front when you open a CD. If you don’t have time to jump through hoops and follow up to make sure they do what you want with your money, you may want to choose to deal with your local bank where you can speak with someone face to face.

  19. Debbie said:
    on July 6th at 03:10 am

    I am interested in opening a mma w/amtrust. Pls post pro/con you have had w/amtrust. I am new to ebanking and need help.

  20. Sharon Alworth said:
    on August 3rd at 09:33 pm

    I was also lured by the higher rate. This is not a responsive company and you have a good chance of not getting your money back in a timely manner. I am still waiting and it’s been a week- yet they took the money within 2 hours after I applied. I would stick with local banks or other institutions that have live people or excellent reputations- not the worth the extra 10th of a percent…

  21. Rudy said:
    on December 24th at 02:23 pm

    I had terrible experience with this bank. First of all they do a HARD PULL of your credit report. I would be OK wit a soft pull, but I am not in the market for debt, so why do a hard pull. For my protection, they say. Anyway, Opened the account 12/11. Received email about it the same day. Requested an ACH with the account opening. 10 days later, no email, nor mail nor ACH from my checking account. I called the bank. They say the account opening is in process. What 10 days later? I said I wanted to log in online and see my account. I was told I will receive my username within the same day. Three days later, nothing comes by email or mail. I call again, now I am told that a work order is being put on my case? What case? Account opening? 13 days and nobody calls me or lets me know. I told them to close the account as I do not trust the bank. They say they cannot do it, only by writing. I am shocked at this experience. I do not recommend. Customer service was friendly but useless. They did not know anything, only referred to internal departments for information. Departments you cannot talk to. FIND A BETTER BANK.
    I am left with a credit report enquiry and no savings account.

  22. Paul A Frederick said:
    on January 9th at 09:30 pm

    I just received a call today that AM Trust accidently deposited $30,000 in my account that was from someone else’s account! Because I had a cd deposited to my money market account about the same time, I am not sure if this is true or not. I have had trouble reading their account information, maybe this is why. Anyway, my account is now lockes do It is impossible for me to determin for myself how much of a mess they’ve made of my account. I did not even receive written deposit slips until recently.

    My advice, stay away from AM Trust!!!!!!!

  23. Brian said:
    on January 10th at 06:24 am

    I have had nothing but problems with AmTrust in the last few months with my mortgage account. I found the cust sup less than helpful with what i thought was a simple issue. The website was impossible to login to, even to make a payment.

  24. Sydney said:
    on October 3rd at 02:37 am

    So far, Amtrust has been very helpful with my mortgage account. I have been ill (on chemo) this past year and they reworked my mortgage, put nine payments off for me and added them to the end of my loan, and gave me a lower interest rate to help with future payments. A rate not justified by either today’s market or my credit - never would have been able to get this rate on a new loan.

    They told me that I was fortunate that I was with them while sick because Amtrust really wants to help me stay in my home. Hear Hear!

  25. Julie said:
    on April 6th at 06:29 pm

    I have been trying to obtain my 6 mo. mature CD funds for 10 days now. I mailed in a letter (used certified delivery too) requesting the balance and still after 1 week of them receiving the letter - it is still open. I called this morning and told them I must have my balance sent to me now! And yes, they want $35 if it is transferred electronically! I will not do business with this bank again!!

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