Competitive 1-Year CD Rate at AmTrustDirect


1.05%$500-AmTrustDirect12 Month CD
Accounts mentioned in this post. Rates as of December 7, 2016.

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 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.

Anonymous   |     |   Comment #1
Has anyone heard about changes at NYCB's and beginning March 9, 2015? It appears they are discontinuing Money HQ and their direct e-Transfer Services! It seems that if you want to make an External Transfer from your NYCB account to your accounts at other financial institutions. Standard delivery for 3 business days is $3; to make payments or transfer money between you and another person, by Popmoney, they charge $0.50 for standard delivery. Does this mean it is no longer free to for ACH transfer to and from the account at NYCB to your account at another bank?
Review of AmTrustDirect's Premium e-Money Market Account

It has been a while since I last took a look at AmTrustDirect. With the top rate of its Premium e-Money Market Account, I thought it was worth another look. AmTrustDirect has been around for a while, but there have been several changes. I first reviewed the internet bank in 2006. Its parent, AmTrust Bank, failed in 2009, and New York Community Bank assumed all deposits. AmTrustDirect continues to operate as a division of New York Community Bank.

AmTrustDirect offers both internet CDs and a money market account called the Premium...

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AmTrust Direct is now part of New York Community Bank. AmTrust Bank failed on December 2009 and New York Community Bank assumed all deposits. It's common for acquiring banks to have some deposit deals at the failed bank branches (physical and virtual branches) to keep depositors.

AmTrust Direct doesn't have great deals, but it does offer some competitive CD rates as of 2/20/2010. These include:

  • 1.55% APY 9 month
  • 1.70% APY 12 month
  • 1.95% APY 18 month
  • 2.15% APY 24 month

Since I haven't done a review of AmTrust Direct since its failure, I thought it...

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One restriction of note to savers limits interest rates that AmTrust can offer:

AmTrust's internet division, AmTrustDirect is definitely complying with this. Their savings account and CD rates are way down. Their highest CD rate...

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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...

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4.25% 6-Month Online CD at AmTrustDirect
Update 9/28/08: The 6-month CD yield is now up to 4.35% APY.

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%...

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