AmTrustDirect Money Market Account Can Now Be Opened with $1
Aug 22, 2007 - 10:01 AM by Ken Tumin
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).
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Anonymous - #1, Thursday, July 19, 2007 - 12:06 PM
Bank ratings--
According to Bauer Financial, Ohio Savings has 4 star ratings (Bauer recommends all banks with 5 or 4 stars).
Here is the link:
http://www.bauerfinancial.com/btc_ratings.asp
So who do yo0u believe? Bankrate.com or Bauer?
Terry (anonymous) - #2, Thursday, July 19, 2007 - 12:47 PM
I have had good luck with AmTrustDirect. I will use them again if the FNBO direct rate doesn't stay competitive.
ShraZZy (anonymous) - #3, Thursday, July 19, 2007 - 1:51 PM
I wasn't it with a hard pull when I opened.
ShraZZy (anonymous) - #4, Thursday, July 19, 2007 - 1:51 PM
Been with AmtrustDirect for a while now. No problem. Not the best online site to manage your money but still good.
Anonymous - #5, Thursday, July 19, 2007 - 3:35 PM
I currently have the AmTrustDirect Money Market account and it has worked smoothly with no glitches. The process was incredibly easy and I had no problem transferring money from another bank into the account. Why does bank rate only rank AmTrust as 2 stars?
Anonymous - #6, Thursday, July 19, 2007 - 4:08 PM
They get 2 stars because of their online account management isnt top notch; and recently have transfer problems and ach problems
tresho (anonymous) - #7, Thursday, July 19, 2007 - 4:39 PM
I've been working with Amtrust/Ohio Savings for years, have never had a problem with online account access, transfer or ACH for any of the several accounts I have with them. Fortunately I have an Amtrust branch office close to my home.
I opened an account with FNBO Direct a month ago. Their online account handling, transfers and ACH STINK. The last straw was the letter to close the account that I sent them certified mail, signature return receipt requested, a week ago. Of course, FNBO lost the whole letter.
ShraZZy (anonymous) - #8, Thursday, July 19, 2007 - 8:21 PM
Also a good note when one of you CD matures you can call them and ask to put the money on your Money Market Account.
ProfessorB (anonymous) - #9, Friday, July 20, 2007 - 6:03 AM
You definitely keep us posted with the details we want!
This account may be one to open if FNBO's rate drops too much after their 6% promotion is over.
Anonymous - #10, Monday, August 6, 2007 - 9:27 AM
Amtrust did a hard credit pull on Equifax when I opened my account.
Anonymous - #11, Sunday, August 26, 2007 - 12:06 PM
Why does it matter if they do a hard pull of your credit report? Does that affect your credit score? Also, are there fees for transferring money from your bank over to your online account? Are these wire transfers? New to online accounts - sorry for the basic questions...
Banking Guy (anonymous) - #12, Sunday, August 26, 2007 - 2:42 PM
Based on what I've read, a hard credit pull will ding your credit score about 5 points for about 6 months.
AmTrustDirect does not charge fees when you do an electronic funds transfer (ETF) (also called an ACH transfer). A wire transfer is different than an ACH transfer. It often completes within a day. Wire transfers usually have a fee, especially for outgoing transfers.
You might also want to read my new AmTrustDirect post. An additional downside is mentioned in the comments.
Anonymous - #13, Tuesday, August 28, 2007 - 1:53 PM
Thanks for the info and link banking guy. I think I read somewhere on this website that you had an EmigrantDirect account? Do you know if they do a hard credit pull? Any tips would be appreciated. Thanks!
Banking Guy (anonymous) - #14, Tuesday, August 28, 2007 - 7:39 PM
Yes, I have an account with EmigrantDirect, and I did not get a hard pull from them.
ShraZZy (anonymous) - #15, Wednesday, October 3, 2007 - 3:16 AM
5.16% close to their low.
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