Dedicated to Deposits: Deals, Data, and Discussion

AmTrustDirect Raises CD Rates, 6-Month CD Yield is Now 4.15%

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AmTrustDirect
AmTrustDirect just increased the rates on its short-term online CDs. The 6-month CD yield increased from 3.51% to 4.15% APY, and the 9-month CD yield increased from 3.76% to 4.15% APY. The 18-month CD yield had a small increase of 3 basis points to 4.38% APY. The yields for all the other terms remained the same. Below is the table of the new and old yields:

Old and New Certificate of Deposit Yields as of 9/12/08

Term Old APY New APY Change
6 month 3.51% 4.15% +0.64
9 month 3.76% 4.15% +0.39
12 month 4.30% 4.30% -
18 month 4.35% 4.38% +0.03
24 month 4.35% 4.35% -
30 month 4.35% 4.35% -
36 month 4.35% 4.35% -
60 month 4.35% 4.35% -

Please see my June review of AmTrustDirect CDs for more details about AmTrustDirect CDs.

One thing that annoyed me with AmTrustDirect is their recent e-Savings Account promotion. At first look of their e-Savings Account page, it appears the rate is 4.00% APY for everyone. However, if you read the small print, you'll find that this only applies to new accounts for the first 90 days. For those with existing e-Savings account, you'll only earn the standard rate of 2.50% APY (see post).

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).

Related Pages: AmTrustDirect, CD rates

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Comments
9 Comments.
Comment #1 by Anonymous posted on
Anonymous
My wife and I pulled all of our money out of AmTrust recently because of the way they are always playing games. After a couple of years, we just got tired of the games.

AmTrust tries to attract new customers with high rates, but cares little about customer retention. They don't give their current customers the same rates on the money market accounts. Our advice is to stay away from AmTrust.

1
Comment #2 by Jeff (anonymous) posted on
Jeff
I agree with anon, I sent an email asking about the e-savings rate difference and they said it was for new customers but 'appreciated my loyalty. I have since closed my accounts with them and will not play anymore AmDistrust games.

1
Comment #3 by Anonymous posted on
Anonymous
Another annoying aspect of Amtrust's CD accounts that I recently discovered is that it will no longer issue mothly interest payments via ACH transfer, as they had done previously. If you want a monthly check, they charge $5 for each check issued, which is sufficient reason for me to take my CD business elsewhere.

1
Comment #4 by ww (anonymous) posted on
ww
Yep, I'm pretty well done with them too.

1
Comment #5 by Anonymous posted on
Anonymous
STAY AWAY FROM AMTRUSTDIRECT.

They tried to committ fraud against me awhile back.

DO NOT USE AMTRUSTDIRECT. Cant stress this enough.

After this experience I moved over and will only use local banks for online savings with large credibility which have the highest rates.

1
Comment #6 by Anonymous posted on
Anonymous
I have been an Amtrust customer for many, many years as they were one of the main banks in the area that I use to live in. However, since they have been playing games with their higher rates for new customers only, and not taking care of their loyal cusomers, I too have just about pulled out all my funds, closing one account and leaving $1 in the others - I still have a checking account with them - so if I travel I can put money in that account and use my debit card. THey would really have to do something outstanding to get my funds again!

1
Comment #7 by scott (anonymous) posted on
scott
6 month is now 4.35% APY

1
Comment #8 by scott (anonymous) posted on
scott
I don't care if a bank has any loyalty toward me, Makes it easier to just use them for a good rate then dump them with no guilt. I just opened the 6 month 4.35% CD, Had CD with them in the past so was surprised they no longer offered monthly interest to be ACH out. No problem, I opened by phone and the CRS just told me to open the free checking with $50 min and interest will be transfered there. Comes with 150 free checks so will be easy to just write out a check a month to get interest

1
Comment #9 by Anonymous posted on
Anonymous
Amtrust Free Checking

Scott,
Just want you to know that the free checking has an inactivity fee. I can't remember if it was 6 months or 1 year of inactivity before they impose a fee.
I use the free checking for online bill pay which has worked out well for me. Pay today, receive tomorrow. So no hold for 5 days.
Rate - liek the other posters, I wish they take care of exiting customer better with better rate and stop that teaser rate trick.

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