In my continuous pursuit of high savings rates, I came across AmTrust Direct. This is a bank located right here in Ohio. Cleveland to be exact.
I applied for my account with AmTrust on line over the weekend. The application process took less than 10 minutes. I'll be moving some of my savings from Emigrant Direct (Paying 5.05%) to AmTrust (Paying 5.36%)
I'm looking forward to comparing the two web sites head-to-head and to see how long it takes to transfer funds in and out of these accounts.
I've been asked many times, "Is it worth switching savings accounts from my local bank because of higher interest rates on the web?" My answer. . . You bet. With the internet, it's easy and fast to open a new savings account and in this case, and extra .31% in interest for the 10 minutes it took to set up the account will be time well spent and money well earned.
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3 comments:
Todd,
How do you judge if you can trust these online places? That is a killer interest rate on a money market account.
Tom,
Great question!
My suggestion is to give them a call and ask questions before you deposit funds with them.
In the case of AmTurst Direct, their brick and mortar bank has been in Cleveland for years. 888.228.8146.
We opened an account with AmTrust Direct while we were taking Financial Peace University this past spring (shameless plug for FPU).
I checked the FDIC web-page to make sure that it was insured. If you go to http://www.fdic.gov/deposit , there is a "bank find" link where you can check the status of any bank.
AmTrust Direct is part of the old Ohio Savings Bank. They are in the middle of changing the company's name to AmTrust Bank. There is an advertising campaign on SportsTime Ohio during the Indians games to make the public aware of the name change.
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