AmTrust Direct was the online deposit brand of AmTrust Bank of Cleveland, Ohio, offering internet-only savings accounts and CDs that regularly appeared near the top of national rate tables in the late 2000s.
What happened to AmTrust Direct?
Last reviewed August 2026
AmTrust Direct was closed when parent AmTrust Bank failed and its deposits were acquired in 2009 and now operates as New York Community Bank.
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AmTrust Direct was AmTrust Bank's online arm
December 2009: AmTrust Bank fails, NYCB takes the deposits
AmTrust Bank was closed by regulators on December 4, 2009, and the FDIC was appointed receiver. Per the FDIC, New York Community Bank assumed all of AmTrust's deposits, so no depositor lost insured money. AmTrust Direct accounts and CDs continued under New York Community Bank.
Where to find comparable CD rates today
The AmTrust Direct brand is gone, but the internet-only rate leaders that replaced it are tracked daily on the RateZip Rate Index, with CD and savings APY history back to 2010.
Original profile
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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RateZip Rate Index
Today's top savings rates
| Bank | APY | As of |
|---|---|---|
| CIT Bank | 4.10% | 2026-08-21 |
| Poppy | 4.00% | 2026-08-21 |
| Western State Bank | 4.00% | 2026-08-21 |
Highest published savings APYs tracked by RateZip as of 2026-08-21 12:20 ET. See the full RateZip Rate Index →
Frequently asked questions
What happened to AmTrust Bank CD rates and accounts?
When AmTrust Bank failed on December 4, 2009, New York Community Bank assumed all of its deposits, including AmTrust Direct online CDs and savings accounts. Existing CDs were honored by the acquiring bank; no insured depositor lost money.
Does AmTrust Direct still exist?
No. The AmTrust Direct online deposit brand ended with AmTrust Bank's 2009 failure. For today's highest CD and savings APYs, see the RateZip Rate Index.
Sources
- https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/amtrust.html - FDIC failed-bank page for AmTrust Bank, Cleveland, OH: closed December 4, 2009; the FDIC was appointed receiver and New York Community Bank, Westbury, NY assumed all deposits.
- https://www.fdic.gov/news/press-releases/2009/pr09219.html - FDIC press release PR-219-2009 (December 4, 2009): New York Community Bank acquired all deposits of AmTrust Bank; the bank's four-state branch network reopened under New York Community Bank.