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5.50% 3-Month Money Market Promotion at AmTrust Bank

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AmTrust Bank is offering a 5.50% APY guaranteed for 90 days on its money market account. The money market account has a $1,000 minimum deposit to open and a $1,000 minimum to avoid a monthly fee. After 90 days, the rate falls to the standard tiered rates. The 5.50% APY applies to balances up to $1 million. New money is required.

It also requires opening a checking account. The Totally Free Checking qualifies. It has a $50 minimum deposit requirement but no monthly fees or minimum balance requirements.

I called their toll-free customer service number at 888-268-7878, and I was told that this promotion is available to people in any state. You can open these accounts online or by phone. The initial deposit can be done by an ACH transfer. The CSR said that the first box of checks for the checking is free, and when I asked about the money market, she said she could also provide the first box free even though this wasn't the policy. So there might be an advantage by applying by phone.

For those in Port St. Lucie Florida, the AmTrust branch is offering 5.50% APY on this money market account for the first 120 days. More info on this is available in this online ad.

The downside of this deal is that the money market account doesn't have the best standard rates. The above ad has the standard tiered rates of 0.75% APY for balances under $25k, 4% APY for balances between $25k and $50k, and 4.50% APY for balances over $50k. There is an account closure fee if closed before 180 days. Also, AmTrust is known to do a hard credit pull on money market account applications.

For those who don't want the hassle of opening two accounts for only 3 months of high rates, AmTrust's online bank, AmTrustDirect would be a better choice. AmTrustDirect offers a 5.31% APY savings account with no minimum balance requirements. This account has maintained top rates for the last year (see my AmTrustDirect post for more info).

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).

Other Savings Account Rate Guarantees

With the Fed on the verge of cutting rates, this is a good time for these rates guarantees. UmbrellaBank is still offering a 90-day guarantee of 5.50% APY on its savings account. Like this AmTrustDirect, UmbrellaBank's savings account has rather low standard rates (see my UmbrellaBank promotion post for more info). And EverBank still has its 6.00% APY 3-month promotion for either its checking or money market account (see my EverBank promotion post for more info).
  Tags: money market accounts, savings account

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
It is a slightly lower rate, but National City is guaranteeing a 5.25% rate for 180 days on their money market (min $25K):

http://www.nationalcity.com/personal/promotions/MMS.asp?WT.mc_id=banr01015

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. A 180 day guarantee may be more important than the higher rate if the Fed does some major rate cuts.

1
Comment #3 by procol (anonymous) posted on
procol
Got in on this deal under the wire a few weeks ago for 6%.

Can anyone confirm that the bonus rate is good for amounts over 100k?

1
Comment #4 by Anonymous posted on
Anonymous
rate fell to 5.09%.rate jus

1
Comment #5 by Anonymous posted on
Anonymous
there's a problem during the application process of their checking account; they dont have the disclosures, or fees schedule. I cant find it and it's not even disclosed during application process. So, i stopped,.

1