AmTrust Direct e-Money Market Account
Rates and Account Review
Last Update: October 15, 2008
Editor's Note: eMoneyCentral.com no longer tracks the rates on the e - Money Market account. Rates listed on this page may no longer be available.
AmTrust Direct is the online presence for AmTrust Bank, formerly Ohio Savings Bank. If you wanted one of the highest rates available on a savings account, this used to be the place to go.
| | Balance | APY | Interest Rate | $1.00 - $24,999 | 1.50% | 1.49% | $25,000 - $49,999 | 1.75% | 1.736% | $50,000 - $99,999 | 2.00% | 1.982% | $100,000+ | 2.00% | 1.982% |
| www.amtrustdirect.com
(888) 228-8146
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Minimum Deposit
$1 | Monthly Fee
None | Minimum Balance
None | Compounding
Monthly |
If you wanted one of the highest rates available on a savings account, AmTrust Direct used to be the place to go. Unfortunately, the Federal Reserve cut rates during the fall of 2007 and so did AmTrust.
But even though rates fell in 2007, so did the minimum deposit required to open the e-Money Market account. It now takes only $1 to open, down from $1,000.
The e-Money Market account has no minimum balance fee and all balances above $1 earn interest.
There's no checks or ATM card with the e-Money Market account, but it does let customers link their accounts at other banks to conduct easy electronic transfers (ACH). Customers can link up to six external bank accounts where funds can be transferred from and to. Electronic transfers out of the e-Money Market account are limited to $100,000 per day and $2,500,000 per month.
One mark against the e-Money Market account is that customers have complained that Amtrust Direct does a hard credit report inquiry during the account opening process. This can lower a saver's credit score.
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