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.
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