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AmTrustDirect's New 4.00% e-Savings Account Promotion


AmTrustDirect increased the intro rate on its e-Savings account from 3.50% to 4.00% APY. This yield applies only to the first $100,000 and only for the first 90 days of account opening. After 90 days it reverts back to the standard rate which is currently only 2.50% APY.

AmTrustDirect still makes it look like this 4.00% APY is the new standard rate on its e-Savings account. You have to review the small print at the bottom of the page to see where it mentions 90 days. This was also done when they first came out with the 3.50% APY, and they have not made it any clearer.

Several readers in my last AmTrustDirect post seemed to agree that this e-Savings page is deceptive. A good example of how to specify a promo rate is EverBank's home page. It clearly presents both the intro rate and the ongoing rate.

But if you're a new customer, this 4% APY for 90 days is a good deal. Just be prepared to move your money sometime in the future when the standard rates return. And if they introduce a new savings account, the rate may fall even more. AmTrustDirect's first savings account, the e-Money Market account, has a very low yield of 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 new e-Savings account.

Update 8/2/08: If you already have an e-Savings account and are still willing to stick with them, I would recommend calling AmTrustDirect and asking for the 4% 90-day deal. When I called two weeks ago, the CSR said they may provide retention offers to current e-Savings customers if they call and request it. If you do call, please comment on how it goes.

Please see my October 2007 review of the e-Savings for more account details.

AmTrustDirect also has some competitive CD rates including a 4.30% APY 12-month CD. Please see my June review of AmTrustDirect CDs for more details about the CDs and AmTrustDirect's financial health. 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).

Thanks to the reader who mentioned this new promo rate in the Finding the Best Deals post.

Related Pages: AmTrustDirect, New York, Philadelphia, Cleveland, Miami, Tampa, West Palm Beach, Ft. Myers, Phoenix, savings account

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Anonymous   |     |   Comment #1
AmtrustDirect can offer 100% interest and I would not use it.

I had major issues with them a long time ago.
Anonymous   |     |   Comment #2
I have been please with them honoring their promotions but I do not keep any balance now.
Anonymous   |     |   Comment #3
Does "one account per customer." mean that if I've ever had an esavings account with amtrust, I cannot get the 4% rate?
Is it 1/ social security# or per household?

e-SAVINGS 4.00 % APY*
$1 minimum deposit
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
I should have mentioned that if you already have an e-Savings account, you should call AmTrustDirect and see if they'll offer you 90 days of 4% APY as a retention offer. When I called after their 3.50% rate offer, the CSR told me of this potential retention offer. Note, your miles may vary.
Anonymous   |     |   Comment #5
I have had personal as well as family accounts at AmtrustDirect for a couple of years. A family member just opened a one-year CD. When it matures, I will close all accounts. They are just too hard to deal with in trying to resolve simple issues.
Anonymous   |     |   Comment #7
Friday night a bank representative said the 4% APY e-savings account is not just a 90 day promo but is the rate for that account. Does that mean AmtrustDirect is planning to drop the rate before 90 days ?
Also he said starting Monday the new minimum opening balance will be $1,000 and that current e-savings account holders may ask for the "retention offer".
Anonymous   |     |   Comment #8
Please post if anyone has any luck with the "retention offer" & PLEASE get the rep's name/id/ extension!
4.00% for first 90 days in Amtrust Direct e -savings[/Q]
I opened one of these promo AmTrust accounts but theat promo is long over... anyone know if I can open a new account and get the 4% rate promo? or if someone else in my household can? I emailed them but am waiting for a reply. Any experience on this is appreciated. Thx
Anonymous   |     |   Comment #9
I just called AmTrustDirect and spoke with a rep named Sheena. She told me that I would have to open up a completely new e-Savings account to get the 4.0% 90-day rate.

My wife and I have been AmTrustDirect customers for several years and already have 3 e-Savings accounts. The rep told me that there is no "retention offer". Who ever was told this was misinformed.

This is the "last straw" for my wife and I. We are tired of the games that AmTrustDirect plays and their lack of commitment to current customers. They obviously do not care about retaining current customers.

It is a real hassle to have to continue to open up new accounts every time they come out with a special promotion rate!
Anonymous   |     |   Comment #10
I have an Amtrust e-savings account and asked for the 4% rate. I was told no, it was not available to me, only to new customers "which is clearly stated on the web site." Well, it isn't. I would gladly open a new account to get this rate, and was told I could not. I've been a long-time customer and keep a minimal amount of money in Amtrust because I like their online transfers. Customer service is touch and go, depends on who you get, I guess. There are plenty of other banks to choose from...
Anonymous   |     |   Comment #11
Does AmTrust require a hard credit pull on this 90-day deal?
D (anonymous)   |     |   Comment #12
This latest gimmick is the "straw that breaks the camel's back" for me. I have been an AmtrustDirect customer for a number of years, but can no longer put up with their deception and lack of desire to retain their customers.

I have moved my savings out of the bank to another bank that cares about customer retention!