The rate remains the same at 5.36% APY. AmTrustDirect has done a good job at maintaining top rates. The 5.36% APY has lasted since mid February. The account is nearing its one-year anniversary. Here's the rate history in the last year:
- 5.36% APY 2/15/07 to present
- 5.30% APY 9/27/06 to 2/14/07
- 5.26% APY 9/08/06 to 9/26/06
- 5.15% APY 8/17/06 to 9/07/06
So for those who may be getting tired of rate chasing, you may want to consider this account. AmTrustDirect's FAQs are fairly extensive. One issue not mentioned in the FAQ is that they do a hard credit pull via Equifax when you apply. They do have a decent ACH system. Readers have reported transfers completing within a day. You can link up to 6 checking or savings accounts. You can also initiate transfers from your outside bank account, however, a reader has reported that such withdrawals are limited to 3 per month. ACH withdrawals initiated at AmTrustDirect are limited to 6 (per Federal law).
Many readers have been happy with AmTrustDirect, however, it should be noted that some readers have reported problems with customer service, with the website and with ACH glitches. The ACH glitch caused many transfer requests to be posted twice. AmTrustDirect apologized and reimbursed customers who were hit with fees due to this error. However, some readers reported problems getting fully compensated.
AmTrustDirect is a division of AmTrust Bank which is FDIC insured. A few months ago, AmTrust Bank became the new name for Ohio Savings Bank. Consequently, AmTrust Bank isn't listed in Bankrate's database. Ohio Savings Bank's rating at Bankrate has gone down since last year. Based on March 31st data, it has a 2 out of 5 star safe-and-sound rating (below peer group).
My Previous AmTrustDirect posts: Feb 2007 - Money Market hits 5.36%, Sept 2006 - Money Market hits 5.30%, Aug 2006 - Review of Money Market Account.
Thanks to the reader who commented on this account change.
Update 8/22/07: e-Money Market yield drops to 5.31% APY (see post).