It may not last much longer, but as of this morning, AmTrustDirect is still listing a 5.11% APY promo rate guaranteed for 90 days on its e-Savings Account. I first reported on this in October when the promo rate was 5.36%. This is the best savings account promo that's avaiable now that UmbrellaBank ended its 3-month promo. EverBank is close behind with its 5.01% promo. With rates falling so drastically, this will be the only way you can ensure a decent savings account rate for at least a little bit of time. These give you the rate lock of a 3-month CD with the full liquidity of a savings account.
Here are some of the details of this e-Savings account and the promotion:
- 5.11% APY for balances from $1 to $100K, 4.60% APY for over $100K
- Guaranteed for the first 90 days
- No minimum balance fees
- Promotional rates available only for new accounts opened with funds not previously on deposit with AmTrust Bank
- Limit of one e-savings account per customer.
They have a good FAQ page, but one thing not mentioned is that they do a hard credit inquiry when you first apply. A reader commented in the last post that he was told by AmTrustDirect that they do not do additional hard pulls if you are already a deposit customer. Another commenter mentioned that all ACH deposits initiated at AmTrust are placed on hold for 5 working days (up to 10 for new accounts).
To avoid loss of interest when you open this account, a commenter in the previous post had the good advice that you should open it with a small amount at first. After it's open, then you can do ACH transfers to increase the balance. After 3 months, you can easily transfer the money out.
They do have a decent ACH transfer 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. A reader in this previous post noted a security issue related to the webpage that is used to initiate ACH transfers.
Update 2/6/08: A reader has reported that AmTrustDirect still has a significant security hole in its ACH transfer system as described by this 8/22/07 comment. Please refer to this 2/6/08 comment for the update on this issue.
AmTrustDirect is a division of AmTrust Bank which is FDIC insured (Certificate # 29776). AmTrust has a 2 out of 5 star rating (below peer group) at Bankrate.com based on 9/30/07 data.
For more details on this e-Savings promotion and AmTrust, please refer to my e-Savings review post.