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Another New Savings Account at AmTrustDirect


AmTrustDirect just started offering 3.75% APY on its e-Money Market Account today. However, they've changed the name. It's now the Premium e-Money Market Account. So I called to see if this 3.75% applies to existing e-Money Market Accounts. After 15 minutes waiting for the CSR to find the answer, I was told that it does not. It only applies to new applicants. The CSR said he may be able to switch over an existing e-Money Market Account, but he wasn't sure.

This new Premium e-Money Market Account seems to have replaced the e-Savings Account's 4% promotion (see post). The e-Savings Account page now only shows a yield of 2.50% APY. For those who opened the e-Savings Account and locked in 4% APY for 3 months, you should be okay until the 3 months are over. Then you'll likely be faced with low yields unless you open a new account.

For those who still have the original e-Money Market account, the yield will probably be the same as it has been: 1.50% APY for the first $25,000. This e-Money Market account used to be a rate leader last year before they introduced the e-Savings account and started these new-account games.

Update 10/18/08: I just logged into AmTrustDirect to view my e-Money Market account. The listed rate is now 1.24%. Fortunately, I don't keep much in this account. Next week I'll ask them to switch this to the 3.75% Premium e-Money Market account. I'll let you know what happens.

  Tags: AmTrustDirect, savings account

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Comment #1 by ShraZZy (anonymous) posted on
thanks for calling
I used their online messaging system and will let you know the answer

Comment #2 by Anonymous posted on
I have given up on Amtrust. I have a M/M account and a savings account with just a few bucks in each. Left them open in case they decide to pay their current customers a descent rate. I doubt that will happen as they just start a new account and restrict it to new customers only. Oh well, there is still several thousand banks out there that haven't closed.

Comment #3 by Justin (anonymous) posted on
Exactly, I've also given up this bank. They just don't care how their customer feel. It's fine, they earn what they deserve. I've moved out my money to some other banks.

Comment #4 by Anonymous posted on
WOW, i cant believe this bank has once again introduced another savings product. While most banks will just raise the existing rates, this bank chooses yet to start a new product. To **** the bank off and make the bank pay, near the end of your 3-month 4% rate, open this new savings premium account and on your last day transfer money to the new account. Leave exactly $1.01 in your e-savings, and leave $1.01 in your original m/m. You'll have 3 accounts. If they give out monthly statements for each, for them to roll out new product and disss its customers, then make them pay for their silliness. 3 statements; 3 security, logo-printed on envelopes, and printing to cost $0.34 total; plus 0.324 x 3 (for 1st class presorted mail.) That's $1.30 for 2 accounts cuz they wont let new customers have current "high" yield with really low balances, and 1 with a real balance. That's absurd. They should treat you customers better. This bank doesnt deserve your money with product managers that want to play games; and 1 star rating with bankrate.

Comment #5 by jeff (anonymous) posted on
This bank is a joke with these games. I gave up on them and moved on.

Comment #6 by D (anonymous) posted on
I wholeheartedly agree with all the above posts. My wife and I really got tired of all the new "games" that AmTrust kept coming up with. We moved all of our money out.

My advice is to stay away from this bank. They care almost nothing about customer retention. They only want to lure new customers. Then, after a few months, when they have your money, they give lousy rates.

Comment #7 by Anonymous posted on
I also agree. I just read the fine print on their latest little deception:

"Rates may change after account is opened."

Comment #8 by Anonymous posted on
Just to add - there is an early closing fee if account is closed in less than 180 days. With a min 1 dollar balance, this is easy to not worry about but just to be aware of.

Minimum deposit to open: $500.00
Termination: The Account Holder may terminate this account at any time without penalty. However, a fee will be assessed to all Accounts that are closed before the 181st day after the original Account opening date. See Deposit Account Schedule of Charges.

Early Account Closing Fee A fee will be assessed to all Accounts that are closed before the 181st day after the original Account opening date.

Minimum Balance to Obtain Annual Percentage Yield $1.00
Interest will not accrue for any day the daily collected balance is below $1.00.
The daily collected balance method is used to calculate the Minimum Balance to obtain the Annual Percentage Yield. This method applies a daily periodic rate to the collected balance in the Account each day of the interest calculation period.

Comment #9 by Anonymous posted on
The anonymous with numbers: company-emblem statements, envelopes, large printers, toners, and labor for placing statements into envelopes and conveyor belts to stamp their presorted 1st class mail must be factored into your estimate. A single-page statement can cost the bank much more than your estimate.

On a side note, where on AmtrustDirect website do they post the interest rates for the original e-money market? How do you know it's what you say it is? Did they get rid of that product?

Comment #10 by realdeal (anonymous) posted on
amtrust in a word--SCAMMERS. do not invest with this bank. i applied for the 4% APY e-savings account. heard nothing from them throughout the process--never a single email or postal-service correspondence or phone call. i had to keep calling to try to find out status. they dragged their feet on the "credit check" until i was told my account was declined due to questionable info about my adress (checked with all 3 credit bureaus--no problem w/ address info). "coincidentally" the rate they offer on the e-savings dropped by half to 2%APY right after they declined my account. 1) bogus grounds for decline on high-rate savings; 2) one-way communication, from customer to them--no efforts on their part to ever communicate, not even an initial confirmation e-mail for application receipt; 3) rate games; 4) incompetence + deceptive practices + non-responsiveness = CAUTION--STAY AWAY, YOU'RE ASKING FOR TROUBLE (PS correction to previous blogger: they are currently offering 2% APY on e-savings at

Comment #11 by Anonymous posted on
What kind of service do you expect from a bank that won the 2008 Recruiting Excellence Award, that laid off 5% of its workforce in May, that gives it a Safety Rating D- as of Sept,19, 2008, and has total assets=15.89B, liabilities total=14.644B include deposits=12.25B and equity capital total=1.25B as of 6/30/2008? They do have above average CD rates.

Comment #12 by Anonymous posted on
As of 9/20/2009, AmtrustDirect's e-Saving account now pays 0.995% APR/ 1.00% APY on ALL balances upto $100,000. Their Premium e-money market pays only 0.499 / 0.50% for under $10,000; for entire balances at 10,000 or above, it's also 0.995%/1.00%.
Note: update: Amtrust Bank debt ratio or texas ratio rose from 61 in December 2007, to 88 in June 2008, to 130 in December 2008, to 174 in March 2009, to 214 in June 2009. Early this month, AmTrust Bank's sale of 3 Lake County branches was called off; they wont get the planned $7mill. Earlier this year they sold 5 Columbus branches to WesBanc. They're still 4th largest bank in Greater Cleveland area with nearly $5bill in deposits!?