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AmTrustDirect e-Money Market Yield Falls to 5.31%

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AmTrustDirect
AmTrustDirect lowered the yield on its e-Money Market account from 5.36% to 5.31% APY. Just last month AmTrustDirect had lowered its minimum opening deposit from $1,000 to $1.

AmTrustDirect also lowered CD rates on terms of 9 months and longer. The 6-month yield remains at 5.36% APY. The 9 and 12-month CD yield is down to 5.31% APY, and the longer term CD yields are down from 5.20% to 5.00% APY.

I'm disappointed with this rate cut. AmTrustDirect had done a good job at maintaining a top savings account rate. The 5.36% APY had lasted since mid February. Although it's disappointing, the drop isn't a major one, and it remains very competitive. The e-Money Market account just reached its one-year anniversary. Here's its rate history in the last year:
  • 4.93% APY 10/18/07 to ?
  • 5.06% APY 10/05/07 to 10/17/07
  • 5.16% APY 10/02/07 to 10/04/07
  • 5.21% APY 9/21/07 to 10/01/07
  • 5.31% APY 8/22/07 to 9/20/07
  • 5.36% APY 2/15/07 to 8/21/07
  • 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

For more information on AmTrustDirect and the e-Money Market account, please refer to my July post.

AmTrustDirect is a division of AmTrust Bank which is FDIC insured.

Edit 10/23/07: Updated changes in the rates again.

Related Pages: AmTrustDirect, savings account

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Comments
18 Comments.
Comment #1 by scott (anonymous) posted on
scott
I have been thinking of closing with them for awhile and pulled just about all out today and will close when interest gets posted. Was not the rate drop, Closed because of what I find to be a serious security issue. If you go to them thru the link below you only need to enter your Social and last 4 digits of account # and then be able to access the transfer page. If someone got there they could quickly drain your linked accounts and then setup a link to their own account and drain from AmTrust. I have complained for many months about this and all they ever do is reply they are aware of the issue and working on a fix
https://www.amtrustdirect.com/externaltransfers/orccauth.aspx

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
That does sound like a serious security hole. I'm surprised that it's taking AmTrustDirect this long to fix this security issue.

1
Comment #3 by Anonymous posted on
Anonymous
****....I was going to go back after the FNBO Direct 6% is up. Maybe FNBO will stay at a good rate after the teaser, but I am not counting on it.

I have a feeling that finding rates above 5% are going to be tough in a couple months...Unfortunately for me, thats when most of my CDs mature.

1
Comment #4 by Anonymous posted on
Anonymous
the dropping rates have been me a heartburn!

1
Comment #5 by Anonymous posted on
Anonymous
I think 5.31% is still a good rate. I do wish they would improve the security on their website. Also, deposits don't seem to show up online as fast as they should.

1
Comment #6 by Anonymous posted on
Anonymous
Time to move funds back to UFB which still has 5.31% and free check writing.

1
Comment #7 by Anonymous posted on
Anonymous
The security issue mentioned above can even bite the hand that feeds it, that web page even comes up without the encryption of https, i.e. http://www.amtrustdirect.com/externaltransfers/orccauth.aspx

1
Comment #8 by gary (anonymous) posted on
gary
They are down to 5.16% as of today (10/2/2007).

1
Comment #9 by Anonymous posted on
Anonymous
5.06% on 10/05/07 ....

1
Comment #10 by Anonymous posted on
Anonymous
I wish they would improve the security on their website. I'm also annoyed that I recently transferred money over from Flagstar and now they have reduced their rate below Flagstar.

1
Comment #11 by ShraZZy (anonymous) posted on
ShraZZy
I am abit ****ed that they dropped the rate 3 times in less than 2 weeks but it is still over 5%. As long as they keep it till the next fed decision, I will be happy. I started transfering to Grand Yield Direct tho.

1
Comment #12 by ShraZZy (anonymous) posted on
ShraZZy
new account intro e-savings account from them. 5.36%

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Comment #13 by Alex G. (anonymous) posted on
Alex G.
It seems that the have fixed that security issue finally. If you enter your SSN and last 4 digits of your account number, Amtrust Direct now won't let you access your account transfers unless you are logged into their online banking too. However, that page still displays my entire SSN when I type it in for everyone to see, and it shows up as a saved form entry in my web browser. This is not good - it needs to be changed so that the SSN is a "password" field.

I too am dissatisfied that they have dropped the rate rather steeply to 5.06% several times, then offered a new "e-Savings" account at the old teaser rate. I can understand a rate reduction with falling interest rates, but then to offer only new customers a better the old, better rate all of a sudden? Maybe it's time to switch to another bank such as Zions Bank or something.

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Comment #14 by Anonymous posted on
Anonymous
AmtrustDirect has lowered their rates yet again. The APY on the e-Money Market account is now 4.93%. This drop in combination with creation of a new account that pays a higher yield to new deposits has aggravated me enough to move elsewhere.

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Comment #15 by Alex G. (anonymous) posted on
Alex G.
So AmtrustDirect's e-Money Market now is down yet again to 4.93%, and they have yet another new teaser rate - this time a 6% introductory rate to Ohio residents (through their "Amtrust Bank" division), in addition to the 5.36% 90-day rate on the new "e-Savings" account.

Amtrust e-Money market account holders, it's time to move your money out to another online savings account. I am sure yet another rate demotion is on the horizon, since they are coming out with so many new teasers, they can't sustain a good rate.

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Comment #16 by Anonymous posted on
Anonymous
I am wondering how many of you fell for 90 day promotion?

1
Comment #17 by ShraZZy (anonymous) posted on
ShraZZy
4.80% MMA

1
Comment #18 by Anonymous posted on
Anonymous
Premium E-money market account yield is now 2.75%

1