AmTrust had been offering this same deal for those in Ohio (see post), but this has now ended, and it appears only those in Arizona can now receive this promo rate. Arizona Branches are located in Phoenix and its metro area. In addition to a branch visit, you can open this account by phone or online.
Note, this special is not being offered by AmTrust's online division, AmTrustDirect. This seems to be a common promotion at AmTrust. Before the Ohio 6% promotion, several AmTrust branches in Florida had this same promotion (see post).
AmTrust Bank use to be a division of Ohio Savings Bank. Just recently, Ohio Savings changed their name to AmTrust Bank. AmTrust Bank is FDIC insured (FDIC Certificate # 29776).
Thanks to the reader who mentioned this promotion in the comments.
[Edit 7/4/07: Added some additional requirements and potential fees.]