About
AmTrust Direct was originally the online division of AmTrust Bank, which became part of New York Community Bank in 2009. AmTrust offered CD and high yield money market accounts, all FDIC insured.
AmTrust Bank was founded in 1889 under the name Ohio Savings Bank. The bank grew from a small community lender into a bank with over 60 branches in multiple states. However, AmTrust failed in 2009, and New York Community Bank acquired its assets. AmTrust's Ohio branches are now Ohio Savings Bank, while AmTrust Direct kept its name.
AmTrust Direct essentially offered two products – certificates of deposit (CDs) of varying maturities, and money market accounts that required a minimum of $5,000 to open. CDs were available in 7 and 60 month (5 year) maturities, and you only needed to deposit $500 to earn the stated APY.
As of June 2018, AmTrust Direct’s acquiring bank, New York Community Bank (NYCB), has $50.5 billion in assets. NYCB operates in New York, New Jersey, Florida, Ohio and Arizona. Customers in these states can browse NYCB’s financial products, including checking accounts, savings accounts, CDs, money market accounts, mortgages and credit cards.
Search for today's CD rates and money market account rates on RateZip!
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FAQs
Best money market rates of September 2024
- Quontic Bank: Earn up to 5.00% APY.
- Redneck Bank®: Earn up to 4.90% APY.
- Republic Bank of Chicago: Earn up to 5.21% APY.
- Sallie Mae: Earn up to 4.65% APY.
- UFB Direct: Earn up to 5.15% APY.
- Vio Bank: Earn up to 5.30% APY.
- ZYNLO® Bank: Earn up to 5.00% APY.
Our top picks for best money market account rates are Vio Bank (5.30%), Quontic Bank (5.00%) and EverBank (3.75%), but you can get rates as high as 5.40% from Sovereign Bank. All our top picks are free of monthly fees.
Who is paying the highest interest rates on CDs right now? ›
Highest current CD rates (overall)
| Institution name | APY | Term length |
|---|
| My eBanc | 4.90% | 12 months |
| LendingClub Bank | 4.90% | 18 months |
| Bask Bank | 4.90% | 18 months |
| First National Bank of America | 4.86% | 12 months |
31 more rowsCertificates of deposit with at least 5% interest
| Institution | Most Competitive CD Term | Highest CD APY Available |
|---|
| NBKC Bank | 7 months* | 5.00% |
| Dow Credit Union | 3 months* | 5.20% |
| NASA Federal Credit Union | 9 months* | 5.20% |
| USALLIANCE Federal Credit Union | 12 months* | 5.20% |
6 more rowsAug 27, 2024
Many accounts have monthly fees
Another drawback to remember is that while they have high yields, money market accounts can also come with cumbersome fees. Many banks and credit unions will impose monthly fees just for the upkeep of your account.
Has anyone ever lost money in a money market account? ›
However, this only happens very rarely, but because money market funds are not FDIC-insured, meaning that money market funds can lose money.
Are MMA accounts safe? ›
Generally speaking, money market accounts are very safe. At banks, money market account balances are insured by the FDIC, and at credit unions, balances are insured by the NCUA. Both the FDIC and NCUA insure up to $250,000 per depositor, per account ownership category per insured institution.
How much will $10,000 make in a money market account? ›
If you deposit $10,000 into a money market account with a 5.00% APY, you will earn $513 in interest by the end of the year, assuming daily compounding. If you deposit $10,000 into a money market account with a 5.00% APY at age 20, you will earn nearly $85,000 in interest by age 65, assuming daily compounding.
Is MMA better than savings account? ›
Traditionally, money market accounts have offered higher interest rates as a reward for the higher initial deposit amounts required to open the accounts. Savings accounts typically earn slightly lower interest and have low to no minimum opening balance requirements.
Is anyone offering a 6% CD rate? ›
FAQ: 6% CD rates
No banks are currently paying 6% APY on a CD. However, you can find some credit unions offering 6% CD rates. You can also get 5% CD rates at some banks or use alternative savings approaches, such as a high-yield savings account or money market account, to maximize the return on your investment.
While there aren't any financial institutions paying 7% on a CD right now, there are other banks and credit unions that pay high CD rates. Compare today's top CD and savings rates.
What is the best CD rate for $100,000 today? ›
The best CD rate for $100,000 is around 4% to 5% APY and can be found with accounts on this list like Luana Savings Bank, Credit One Bank and Grow Financial Federal Credit Union.
What is the biggest negative of putting your money in a CD? ›
The biggest disadvantage of investing in CDs is that, unlike a traditional savings account, CDs aren't flexible. Once you decide on the term of the CD, whether it's six months or 18 months, it can't be changed after the account is funded.
How high will CD rates go in 2024? ›
Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.
Which bank gives 7% interest on savings accounts? ›
See how we rate banking products to write unbiased product reviews. A 7% interest savings account is hard to come by. The only institution we found offering such a high rate is Landmark Credit Union.
Which bank gives 7% interest on savings accounts in the USA? ›
No banks are currently offering a 7% interest rate on savings accounts. However, Landmark Credit Union and OnPath Credit Union are offering at least 7% APY on their checking accounts.
Where can I get 6% interest on my money? ›
Benefits of 6% interest savings accounts
Currently, there's only two accounts that pay 6% APY — Digital Federal Credit Union's savings account and Boeing Employees' Credit Union's savings account — and they only pay 6.17% APY on a small portion of your balance.
Are money market accounts a good investment now? ›
While money market funds aren't ideal for long-term investing due to their low returns and lack of capital appreciation, they offer a stable, secure investment option for individuals looking to invest for the short term.
