Amtrustdirect accout up to 5.3%

[disneysteve]

Amtrustdirect.com just bumped their account to 5.3%. There is a $1,000 minimum. They also have a 6-month CD for 5.5%.

[risknothing]

Re: Amtrustdirect accout up to 5.3%

give me a show of hands on how many people use Amtrustdirect. I do.

[disneysteve]

Re: Amtrustdirect accout up to 5.3%

I have a CD with them but no savings account.

[poundwise]

Re: Amtrustdirect accout up to 5.3%


Very nice account terms and rate.

I keep track of these types of accounts and rates (see link in my signature for the thread on this forum) and, presently, I believe the AmTrust eSavings to be best overall offer.

[Broken Arrow]

Re: Amtrustdirect accout up to 5.3%

Has AmTrust always been this competitive?

I am most likely still going to go with e-loan since my EF exceeds 5k right now.

[poundwise]

Re: Amtrustdirect accout up to 5.3%

Has AmTrust always been this competitive?

I am most likely still going to go with e-loan since my EF exceeds 5k right now.

Yes.

And you are correct in that with 5K or more you can (as you know) get 5.50% APY through E-Loan which is the best rate going.

If there is a concern with an E-Loan it is, just as you asked regarding AmTrust, what does their history show regarding their rate? Since they are newcomers to the online savings arena, there is no history to go by. Hopefully, they will keep their rate strong in the future.

If you do open an account with E-Loan, please post in the MMA rate thread and tell us how the process goes, about the functionality of the site, etc. The same goes for anyone with or opening an AmTrust account.

[disneysteve]

Re: Amtrustdirect accout up to 5.3%

Just to give some additional info, AmTrust is not an internet bank. It is just the online arm of a bricks and mortar bank in Ohio.

[Broken Arrow]

Re: Amtrustdirect accout up to 5.3%

Yes, I agree that not having a track record does damper its appeal.

Still, I've got little to lose to give them a shot. When I get around to it (probably early next week), I'll be sure to document it and post it for the forum.

[jmjj215]

Re: Amtrustdirect accout up to 5.3%

I'm wary of new entrants coming in with a competitive rate that can't be sustained. Once you've gone through the hassle of signing up and moving money it gets that rate for a bit and then they either a) don't keep up with rate rises or b) move it down. This is especially worrisome of the differential between what you were getting and what you're going after is only a few basis points.

[Broken Arrow]

Re: Amtrustdirect accout up to 5.3%

I understand Jesse, though I'm going to wait and see what happens.

[kittycat0604]

Re: Amtrustdirect accout up to 5.3%

I have an e-Money market and a cd account with them.

[krayziebone33]

Re: Amtrustdirect accout up to 5.3%

I have an e-Money market and a cd account with them.

I am seriously considering moving my ED money to an Amtrust E-money market since ED lowered their APY.

What are their fees? How fast are their transfers? What problems have you had, if any? Basically, can you tell me any and all useful information about their E-money market account? Would it be worth it to transfer my ED money to Amtrust for the 5.30% APY?

Anyone else who has any useful information is free to chime in. Thank you all. I'm very happy that I found this forum.

[kittycat0604]

Re: Amtrustdirect accout up to 5.3%

Krayziebone33:

When I open the e Money market account, it took about 5 days(well, that includes a weekend, so I should say 3 days). After that, when I open my cds, it took shorter time. I think now they are faster. I do not think they charge fees for low balance(you can have $1.00 in account to earn interest), but you can have 6 external transfers per statement period.

The transfer from your other account to Amtrsut Direct usually show up the next day if you already set it up as your LINked external account. The transfer from Amtrust Direct to linked external account usually takes 2 business days.

I am satisfied with them, But I do have two things to complain:

1. I could not open a new CD within my account. I have to go through everything all over again, fillout all the forms to open a new CD. But after I open it, it shows with my other cds or account together within the same one login. (With ING, you could open CD using money from you saving account easily, and it show up immediately).

2. I have problem with my e money market account history. The total balance is correct, but when I check the details, nothing there, I called to complain, they fixed it, only1 week later, the detail disappear again. I call them again, and was promised they would permanently fixed it. I do not know if that is only me, or other people have the same problem.

Their customer service people are vey nice and helpful.

I have ING account, no ED, so I could only compare it to ING. I think ING is more flexible, easy to use, user friendly than Amtrust direct, but ING's rate sucks. Amtrust Direct still need many improvement for their websites, but they have good e money market and cd RATES. I am not aware they have any outragous fee. And I like their customer service.

One thing to be careful, only Amtrust Direct (www.amtrustdirect.com)has the high rate, Amtrust(www.amtrust.com) is NOT.

Hope this could help a little.

[risknothing]

Re: Amtrustdirect accout up to 5.3%

Thank you for your reply. Due to transaction limits on Money Market account, online bill pay is not allowed because it could cause you to be charged fees for excess transactions. However we have learned that a programming problem has given bill pay access to some Money Market accounts. Once the problem is fixed, you will not be able to make online bill payments from your Money Market account.

Total of six (6) transfers per statement cycle, of those, a maximum of three (3) may be third party checks, automatic transfers (ACH) or drafts. (Transactions beyond these limitations will result in additional fees). We apologize for the inconvenience.

To use online bill payment once the problem has been fixed, a Platinum, Titanium, Checking with Interest or Totally Free Checking account can be used. If you would like to open one of these accounts, you can do so online by clicking on the account of choice on the left-hand side of our homepage at www.amtrust.com. Or if you prefer, you can open an account by calling the Customer Contact Center at 1-888-696-4444.

Sincerely,

Janet Fort

AmTrust Bank

[poundwise]

Re: Amtrustdirect accout up to 5.3%


I think AmTrust Direct is a fine choice. I would point out, however, that you ought to consider it's offering along with others that are at 5.24%-5.27% as there are many and that rate difference is truly negligible, especially when also taking into consideration the frequency at which these rates change.