AmTrust Direct's APY Keeps Falling, and Falling, and Falling

10.08.07 | Online Savings Accounts | 2 Comments | by junger

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AmTrust Direct, which at one point was offering an e-Money Market Account with a 5.31% APY, has dropped its interest rate multiple times over the past few weeks.


Today, the account pays 5.06% interest (still one of the higher rates at there), but it's been a bumpy road to get there.

Reader Erik writes in that AmTrust "dropped from 5.36 to 5.31 on 9/21. 5.21 on 10/2. On 10/3 it's down to 5.16. Thanks subprime lenders & Fed! You guys are aces."

It's fairly unusual for a bank to drop its rate multiple times over a few weeks. Obviously, the Fed rate cut affected the drop (as it did for so many accounts), but for them to cut the rate at least four times in just over two weeks is odd.

Any AmTrust Direct customers out there have any emails/announcements from the company about the multiple rate changes?

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