4.25% 6-Month Online CD at AmTrustDirect
AmTrustDirect just increased the yield on its 6-month CD to 4.25% APY (was 4.15%). The rates for all the other terms remain the same. The 12 and 18-month CDs remain competitive with yields of 4.30% APY and 4.38% APY. The minimum deposit is $1,000.
AmTrustDirect continues to list a 4% yield on its e-Savings Account page without clearly identifying this as a 90-day promo for new accounts. You'll have to review the small print to see that the 4% applies for the first 90 days. After 90 days, the standard rates apply. Currently, the standard yield is only 2.50% APY for the first $100K. This is low but not as bad as AmTrustDirect's original online savings account, the e-Money Market, which has a yield of only 1.50% APY for the first $25,000 (2.00% APY for over $50,000).
Please see my June review of AmTrustDirect CDs for more details about the CDs and AmTrustDirect's financial health. AmTrust has been hit hard by the mortgage crisis. As I recommend with any bank, make sure you stay below the FDIC insurance limits (AmTrust FDIC Certificate # 29776).
Banks Mentioned in this Post:
|Recent Posts: Review of AmTrustDirect's Premium e-Mo... | Top Money Market and CD Rates at AmTru...|
|Latest Review: "If you open an account with Amtrust or its parent NYCB then you are going way ..."|