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AmTrustDirect Raises e-Money Market Account to 5.36%

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AmTrustDirect
AmTrustDirect just raised the rate on its e-Money Market account to 5.36% APY (from 5.30%). The APY applies to balances of $1 and higher. There are no minimum balance requirements, however, there is a minimum initial deposit requirement of $1,000.

Unlike many other online banks, AmTrustDirect has had consistently high rates since it began in August of 2006. The yield was at 5.30% since September. Those who are getting tired of rate chasing, this might be an online savings account to seriously consider.

For more information on AmTrustDirect, please refer to this August post. Also, many readers have provided their experiences with this e-Money Market account in this post.
  Tags: AmTrustDirect, savings account

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Comments
9 comments.
Comment #1 by Anonymous posted on
Anonymous
The August Post says Ohio Savings Bank (and, I guess, AmTrust) had 4 stars. Bankrate.com now lists them as 2 stars. Any idea why the drop?

1
Comment #2 by Anonymous posted on
Anonymous
I saw the same on bankrate.com myself as was wondering what is going on. To further my research, I just looked at BauerFinancial.com which rated Ohio Savings and AmTrust at 4 starts.

Who is right and would you go with?

1
Comment #3 by SVG (anonymous) posted on
SVG
Banking Guy,

Most of my experiences with most of the financial institutes are good. AmTrust is an exception. Most of the transaction data displayed (if at all !) most of the times at AmTrust is inaccurate/incomplete.

I just   Don't trust AmTrust !

- SVG

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Comment #4 by ShraZZy (anonymous) posted on
ShraZZy
Bold move :)
I have 3 CD's with them, no trouble so far.

1
Comment #5 by Cole (anonymous) posted on
Cole
I have the money market savings and a CD. A couple of things that I don't like are the fact that the 1 year CD's only post the interest semi-annually and the fact their online banking website is absolutely bare-bones and extremely antiquated feeling. Love the rates though. My calls to CS have been answered promptly.

1
Comment #6 by Anonymous posted on
Anonymous
Does AmTrust now or ever have bonuses for opening an account?

1
Comment #7 by Anonymous posted on
Anonymous
i've banked with Amtrust for many, many years - both in person and on-line. Several accts including IRA CD, e-money market and checking. Never any problems. Their e-money market is excellent as far as transferring funds to other accounts. They usually do it the same day. I would also like to know why they have been dropped to a 2 Star rating at bankrate.com. Some of those other rating services go in reverse where 4 or 5 are bad and 1 is best. Perhaps someone can explain in layman's terms why their rating dropped.

1
Comment #8 by Anonymous posted on
Anonymous
AMTrust can NOT be trusted at all.
I had A CD account with them. Before the mature date, I asked at least 3 times if I can withdraw the CD with ACH transfer to my bank account, they all answered Yes, I even got a printed e-mail from them saying that I can do ACH transfer for CD withdraw.

I trusted them and mailed a letter asking to transfer the money to my bank account using ACH (This process is so stupid, you have to send a mail to request the withdraw of CDs, they don't even accept fax).

However, they wire transferred the amount and charged me 20$ on that regardless what I asked in the letter. My bank charged me another 10$ for the wire transfer.

I asked them again what is going on, the customer service told me they don't have the procedure of ACH transfer for CD withdraw.

What a bunch of liars? I will never work with AMTrust anymore.

1
Comment #9 by Anonymous posted on
Anonymous
actually, i believe they do give you a sheet with miscellaneous charges etc. along with the contract you have to sign when you open the account.
at least i got it and it does say they will charge for wire transfers, but not for online transfers.

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