AmTrustDirect has started to offer a competitive 1-year CD with a 1.05% APY. Minimum deposit is $500. New York Community Bank acquired AmTrust Bank (and its internet bank AmTrustDirect) in December 2009 when AmTrust Bank failed. I’m surprised that New York Community Bank has decided to keep the AmTrustDirect brand going when it still operates its first internet bank, MyBankingDirect. Both offer a money market account with a yield that has remained the same (0.80%) for quite some time. MyBankingDirect also offers CDs, but its current 1-year CD rate is only 0.40%. It’s interesting that AmTrustDirect is offering a 1-year CD rate that’s so much higher. Another interesting thing to note is that AmTrustDirect’s application link points to a MyBankingDirect page.
AmTrustDirect’s 12-month CD has an early withdrawal penalty of 180 days of interest. More details on the CD and on account opening and closure are described in AmTrustDirect’s FAQ page and in its disclosure page.
AmTrustDirect’s parent New York Community Bank has an overall health grade at DepositAccounts.com of an A with a Texas Ratio of 7.46% (excellent) based on September 2013 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).
How This CD Rate Compares
There are a few nationally available 1-year CDs with higher rates. The highest is 1.10% APY that’s available at Connexus Credit Union, Melrose Credit Union and AloStar Bank of Commerce.
There are a few other internet banks with a 1.05% APY 1-year CD. These include DollarSavingsDirect, GE Capital Retail Bank and CIT Bank. Out of these three, CIT Bank has the best deal since its 1-year Achiever CD allows for an additional deposit and a bump-up in rate.
The above rates are accurate as of 1/10/2014.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates table.