AmTrustDirect Raises 12-Month CD Rate, Drops Long Term Rates

Oct 12, 2006 - 6:58 PM by Ken Tumin

It looks as if AmTrustDirect is trying its best to compete with E-LOAN. Last week AmTrustDirect raised its 6-month CD to 5.61% APY which just surpassed E-LOAN's 5.60% 6-month CD. Today, AmTrustDirect raised its 1-year CD rate from 5.60% to 5.71% APY which just beats E-LOAN's 5.70% CD.

However, on long term CDs, E-LOAN's lead has widen. Yesterday, AmTrustDirect dropped rates on its 18-month to 60-month CDs from 0.10% to 0.25%. The 5-year CD APY is now only 5.25% (which is less than the 5.30% e-Money Market account). AmTrustDirect's long term CDs had peaked in August when the rate on all CDs of 1-year and longer was as high as 5.68% APY. Before this last change, the long term CDs were at 5.50% APY. At least AmTrustDirect resisted the lower rates longer than most other banks. You have to wonder how long will E-LOAN be offering 5.75% APY on all CDs from 18 months to 60 months.

Please refer to my previous post for more info on AmTrustDirect and this post for more info on E-LOAN.

Credit for this rate update goes to shraz. Thanks!

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In order of date posted. - Sort by votes

shrazzy (anonymous) - #1, Thursday, October 12, 2006 - 8:21 PM

Ya it is very weird that they raise the 1 year but dropped the rest. AmtrustDirect changes their rates alot lately. So far no problem when opening two CD's. I called customer service when I made a mistake in my account# and they were very friendly. I will keep you updated in the long run.

Anonymous - #2, Friday, October 13, 2006 - 9:09 AM

It looks like AmTrust dropped their savings rates way down. When I enrolled last month it was 5.26%, now it appears that program is gone, and you need a min. of $50K to get 4.5%.

Did anyone else notice this as well?

Anonymous - #3, Friday, October 13, 2006 - 9:14 AM

Looks to me like it is only 4.10%, and that is if you have $50,000. It is tiered:

$1.00-$24,999.99 is 3.30%; $25,000-$49,999.99 is 3.65%;
$50,000 and over is 4.10%.

That is really rotten!! I just opened a joint e-money market account with them and transferred almost $200,000. On Monday, I am transferring it back.

Banking Guy (anonymous) - #4, Friday, October 13, 2006 - 9:16 AM

Shrazzy, thanks for the info on your CD experience. Pleae do keep me updated.

Anonymous, it's important for everyone to know that AmTrustDirect has different accounts than what's offered by their parent AmTrust Bank. I have noticed that AmTrust Bank's savings and CDs haven't been as competitive as AmTrustDirect's.

Banking Guy (anonymous) - #5, Friday, October 13, 2006 - 9:18 AM

Wait a minute... You're right, AmTrustDirect's savings just took a plunge.

This requires a new post...

Anonymous - #6, Friday, October 13, 2006 - 9:29 AM

Boy, this really suxs. We got suckered to deposit large sums of money, for a 1 week 5.30% return, now, it's like 3.65%

$1.00 - $24,999.99 3.251% 3.30%
$25,000.00 - $49,999.99 3.590% 3.65%
$50,000.00 - $99,999.99 4.025% 4.10%
$100,000.00 - $249,999.99 4.698% 4.80%
$250,000.00 - $499,999.99 4.985% 5.10%
$500,000.00 - $999,999.99 5.156% 5.28%
$1,000,000.00+ 5.366% 5.50%

Banking Guy (anonymous) - #7, Friday, October 13, 2006 - 12:22 PM

Looks like this was just a mistake with the website. The rate remains at 5.30% APY for all tiers. Please see post for more info.

AmTrustDirect Raises 12-Month CD Rate, Drops Long Term Rates

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