AmTrustDirect's $50 Bonus for 3 Months of Automated Transfers

Feb 6, 2008 - 6:31 PM by Ken Tumin

AmTrustDirect just sent emails to its e-Savings and e-Money Market customers announcing a $50 cash bonus for customers who use its Smart Save-Up plan to set up automatic transfers of at least $100 per month for a minimum of 3 months. The $50 will be credited to your AmTrustDirect e-Savings or e-Money Market account within 30 days after the closing date of the statement cycle in which you make your third $100 deposit. All requirements for the automated deposit transactions must be completed by May 31, 2008. There's a limit of one $50 cash bonus per household.

One reader reported receiving this same email, but it was only for $25. I received a $50 one, and another reader reported receiving the $50 one. I called AmTrustDirect customer service number, and I was told the correct amount is $50. According to the CSR, new customers would also qualify if they open an e-Savings or e-Money Market account and meet the above requirements. Since this is not on AmTrustDirect's webpage, I'm not 100% sure of this. It's a new program so the CSR may not be aware of all the details.

AmTrustDirect ended its 5.11% 3-month promo on its e-Savings Account last week. The e-Savings currently has a new standard rate of 4.60% APY for balances from $1 to $100K (4.40% APY for over $100K). As you can see from my Saturday's weekly summary, a 4.60% APY is near the top for savings account rates.

The e-MoneyMarket has a yield of 4.50% APY for balances from $1 to over $1 million. Except for those who plan to deposit more than $100K, I'm not sure why one would open the e-MoneyMarket account instead of this e-Savings account. Both seem to have the same features: only $1 to open and no minimum balance fees.

For more info on the AmTrustDirect e-Savings account, please see my account review that I did in October 2007.

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).

Thanks to the readers who commented or sent me info on this special.

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In order of date posted. - Sort by votes

ShraZZy (anonymous) - #1, Monday, February 4, 2008 - 2:52 PM

My email states $25 and $50 inside of it, which is very confusing lol.

Anonymous - #2, Monday, February 4, 2008 - 5:11 PM

The e-mail I got says $50.00 in three places and does not mention $25.00 anywhere.

Justin (anonymous) - #3, Monday, February 4, 2008 - 5:26 PM

How come I do not receive any email from them?

Anonymous - #4, Monday, February 4, 2008 - 6:53 PM

Mine also mentioned both $25 and $50 within the same email. Not sure which is correct and why the emails differed.

Anonymous - #5, Monday, February 4, 2008 - 7:48 PM

My message had both $25 and $50.

Anonymous - #6, Monday, February 4, 2008 - 8:28 PM

Yep, my email said $25 in four places and $50 in three places. I called them and they verified that they made a mistake and will honor the $50 bonus.

Their website isn't great, but their transfers are fast and phone support is usually quite good.

Anonymous - #7, Monday, February 4, 2008 - 9:43 PM

Is AmTrustDirect the same with this one: https://www.amtrust.com/Personal/Pages/home.aspx

It seems that this website has money market account APY higher than AmTrust Direct.

Any comments and thoughts?

Anonymous - #8, Monday, February 4, 2008 - 9:47 PM

received same email $25 and $50 mentioned. Looks like it could have been an old offer where marketing just updated the $$ but forgot to proof read LOL

Banking Guy (anonymous) - #9, Tuesday, February 5, 2008 - 7:16 AM

About AmTrust.com, it was showing a money market account with a 5.00% APY. However, while I was reviewing this, the yield fell to 4.50% APY.

AmTrust.com is the website of AmTrustDirect's parent bank AmTrust.

moneyman (anonymous) - #10, Tuesday, February 5, 2008 - 1:57 PM

These guys are not to be trusted!When they still had the great promotional rate going I tried to sign up for an e-savings acount and after a week of not hearing anything I finally called them and they said my application had been denied,I asked why and they said I made an error while filling it out and would send me a letter telling me what it was.I said why can't you just tell me on the phone, she said for security reasons,...huh?? And I still have not seen the alleged letter which tells me they don't care about any new customers

Dan The Man (anonymous) - #11, Tuesday, February 5, 2008 - 6:46 PM

My email said $50 three times in the main body of the message and 2 times at the bottom in the small print.

Anonymous - #12, Wednesday, February 13, 2008 - 10:17 AM

I didn't get the $50 bonus e-mail. Is the bonus deal open to every e-savings or e-money market account custom? thanks!

ShraZZy (anonymous) - #13, Saturday, March 22, 2008 - 2:46 AM

I have a question, do I have to keep the money on the account from the three automated or can I transfer them out at anytime? Also they seemed to have fixed their security hole, you no longer enter your SS# for transfers.

Anonymous - #14, Tuesday, April 22, 2008 - 8:09 AM

I had a surprisingly good contact experience with them just now. Messaged them late last week asking why I only got $10 of my $50 promotion and never saw my free gift. They responded once with the usual canned response including the promotion requirements to which I replied stating that I had met all of the requirements and to please check again. They got back to me today saying their online system wasn't showing the transactions I had made (huh? LaSalle Bank pulled this move too) but they were able to find them elsewhere in their records and would get me the full $50 in 4-6 days. They also said they don't ship the free gift, that you usually come into the branch to get it, but that they could send a $10 Visa Gift Card instead - so I said ok :-)

ShraZZy (anonymous) - #15, Wednesday, April 23, 2008 - 1:10 AM

Cool
I am waiting for my Statement and will message them if I don't get the $50. My transactions are showing in the transfer, so it shouldn't be a problem for me. What is this free gift?

Dan The Man (anonymous) - #16, Tuesday, May 13, 2008 - 11:27 AM

I got my $50 Bonus on May 12,2008. They promised it within 30 days from the month ending statement in which you made your 3rd $100 plus transfer. Got it in 12 days

Anonymous - #17, Sunday, May 18, 2008 - 9:57 AM

I got the email with both $25 and $50 bonus references. Just got the $50 bonus.

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AmTrustDirect's $50 Bonus for 3 Months of Automated Transfers

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