AmTrust Direct, the online banking arm of AmTrust Bank and New York Community Bank is offering one of the highest money market account rates available today. The bank’s current yield on their “e-Premium Money Market Account’ is 1.25 percent on account balances of $10,000 to $149,999.

There is a $500 minimum opening balance. e-Premium Money Market Account balances between $1 to $9,999 and $150,000 or more receive an APY of .50 percent. Opening a money market account makes sense if your balances is going to be in the $10,000 to $150,000 range.

The money market account is a variable rate account which means the rate and yield can change at anytime. Premium e-Money Market accounts can only be opened with funds not currently on deposit with AmTrust. You can also open a money market account if you are using funds from a maturing AmTrust Direct certificate of deposit.

The bank also has an e-savings account which also has a tiered savings rate and yield. The minimum opening deposit is also $500. Savings account balances of $1 to $99,999 earn an APY of 1.00 percent. Savings account balances $100,000 and up receive an APY of .50 percent.

AmTrust Direct Money Market Account and Savings Account: Application