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.