New York Community Bank acquired AmTrust Bank in December 2009 when AmTrust Bank failed. New York Community Bank has continued to operate AmTrust as one of its divisions. You can open accounts online at AmTrust.com or at AmTrustDirect.com, or at one of its branches in Arizona, South Florida and Ohio. The best online deal is AmTrustDirect's Premium e-Money Market Account which has a promotional 1.25% APY for balances of $10K to $150K (as of 9/5/2011). AmTrustDirect has been offering this promo rate since April. I'm a little concerned that it may not last too much longer. When the rate falls, it may be a big fall. The rate for balances under $10K and above $150K is currently only 0.50%.
If you want to avoid seeing your rate fall, you'll need a CD. Both AmTrust and AmTrustDirect have some fairly competitive long-term CD rates. The following rates are listed at this AmTrust page and this AmTrustdirect page as of 9/5/2011:
- 2.25% APY 5-year CD
- 1.75% APY 3-year CD
- 1.50% APY 30-month CD
Unfortunately, these are now competitive rates. There are only a couple internet banks which offer higher 5-year CD rates. The best 5-year CD rate at a nationally available bank is 2.50% APY at Airbanking. For all-access credit unions, the best 5-year CD rate is 2.68% APY at Melrose Credit Union (rates accurate as of 9/5/2011).
For those who prefer to bank at a branch, the above CDs may be a good choice. As I mentioned above, AmTrust has branches in South Florida, Arizona and Ohio. These CD rates are very competitive for brick-and-mortar banks in both South Florida and Arizona.
AmTrust's parent New York Community Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 17.30% (average) based on June 2011 data. Please refer to our financial overview of New York Community Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 16022).
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