Dedicated to Deposits: Deals, Data, and Discussion

4.00% 18-Month / 3.75% 12-Month CD at a Florida Bank (AmTrust )

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AmTrust Bank is offering a special 4.00% APY 18-month CD and a 3.75% APY 12-month CD. The minimum deposit is $1,000. These rates are not listed at the bank's website. They were advertised today in the Naple Daily News. The ad is available online here. According to the ad, these special CD rates are only available at the Naples branch at 2315 Vanderbilt Beach Rd. #304 (239-592-0023).

AmTrust's Online Unit

AmTrust's online bank, AmTrustDirect, is offering CD rates close to this special. The online 12-month CD yield is 3.75% APY. All longer term CDs (including the 18-month term) have a yield of 3.50% APY. The minimum deposit is $1,000. These are available online to people in any state.

AmTrustDirect used to offer a competitive online savings account. First it was the e-Money Market Account. Then it began the e-Savings Account which offered higher yields, and then the e-Money Market yield suffered. The current yield is only 1.75% APY for balances under $25K. The e-Savings Account yield had been competitive until the last couple of weeks. The current yield is now 2.75% APY for all balances under $100K. For more info on these accounts, please refer to my e-Savings account review.

Financial Health

AmTrust has been having some troubles in this mortgage mess. This Forbes article reports on the S&P's rating agency lowering the outlook on AmTrust Financial due to "significant deterioration in AmTrust's core real estate loan portfolios, which include the residential construction lending and residential mortgage portfolios." Bankrate gives AmTrust Bank a rating of 2 out of 5 stars (below peer group) based on 12/31/07 data. As always, be sure to stay under the FDIC limits (AmTrust FDIC Certificate # 29776).
  Tags: CD rates, Florida

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