One of the most important things you can do for your financial situation is to have a short-term savings account or some type of emergency fund. Having two separate emergency funds like a high yield savings account and money market account is a good option to consider. This will give you short-term and long-term funds for financial problems varying from job loss to car repairs. The AmTrust Direct Money Market Account offers a higher interest rate from a traditional savings account along with flexibility and the opportunity to earn a higher interest rate based on the amount of money you carry in the account.
The Main Draw to a Money Market Account
While you may be able to find a high yield savings account with a nice interest rate most money market accounts will offer a higher interest rate, even if it is just 0.25%. The main draw to a money market account is the ability to write checks from the account, giving you quick access to the account if you need it for an emergency.
The Interest Rate Potential
When you open an AmTrust direct money market account you will need to front $500.00 to open the account. From here you can take advantage of higher interest rates based on the amount you are able to carry in the account. The interest rates will vary from 0.50% up to 1.24%. The balance tiers start at $1.00 to $9,999.99 for the 0.50% interest rate and move to 1.24% when you have a balance of $10,000 to $149,999.00. The APY will also vary from 0.50% to 1.24% based on the balance tiers.
Special features to the AmTrust Money Market account
Choosing to open an account with AmTrust will require the initial $500 deposit and you can enjoy the following benefits:
- Start earning interest today on $1.00
- No minimum balance fee
- Direct deposit availability
- FDIC Insured
- Free online banking options
- Deposits by mail
- Mailed statements or e-statements
- No hard inquiry
- Ability to create joint accounts
Open an Account
To open an account you will need to establish an external bank account transfer to your AmTrust Direct money market account. You can establish an account online or you can choose to go to a branch. Once the application has been submitted the account will be opened after AmTrust has been able to complete the review process and may approve you for an account. You will start earning interest money on the initial deposit once it is received in the account.
Special Notes
You will not be given an ATM or debit card with this account. There are account limits based on the ACH withdrawals (must contact AmTrust to learn the ACH withdrawal limits for your balance). You have a limit of 6 ACH transfers per statement cycle. ACH transfers from another bank are allowed. There are undisclosed fees on the account that may reduce the earnings for the account. It is important to note that the account rates can change before or after you open an account with AmTrust.
Visit AmTrust’s official website to open an AmTrust Direct Premium Money Market Account or compare AmTrust’s money market rate with other money market rates on the rates comparison chart
