AmTrust Direct has won lots of attention from Bankaholic over the years.
It continues to have one of the top-paying money market accounts in the country, and back in 2006 we praised the awesome 5.51% it was offering on 6-month CDs.
But the online division of AmTrust Bank in Cleveland is overhyping its current CD rates when it says: “Apply online today for some of the best Certificate of Deposit (CD) rates in the nation!”
Amtrust Direct is offering one decent deal: a 6-month CD for 2.00% APY. Although that’s well above the national average for 6-month CDs, it’s not high enough to make our latest ranking of the best rates for 6-month CDs.
Every other CD — from 9-months to 60-months — only earns:
- 0.75% for deposits of $10,000 or less.
- 0.85% for deposits of $10,000 to $25,000.
- And 1.00% for deposits over $25,000.
All of those rates are well below the national average for those CDs.
The bank also urges its customers to “fund a new CD account with ease by simply moving money from your existing AmTrust Direct e-Money Market or e-Savings account.”
That would be a mistake with it’s MMA paying 2.25% — or more than twice as much as any of its CDs.
We think AmTrust Direct needs to raise its CD rates or rewrite its promotional copy.
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