AmTrust Direct pushes for their Premium e-Money Market account which offers their highest money market rates at 1.25% APY for tiers that holds $10,000 through $150,000.

The high interest rates can be enjoyed by opening an account for at least $500. It appears that individuals from any state can open this money market account.

The bank also offers lower and higher tiers for this money market deal but the mid tiers are the most competitive. The bank does not ask for any minimum balance fees. You will have access to online banking and can setup a direct deposit.

Interested individuals can open this money market online or by phone. Initial funding can be sent via mail as a check. You need to download and print a form to send in with your check. Take note that it may take 10 days to open an account if you will use a check to fund it initially. We can not find any information if you can lock the interest rates.

You can also link your account to an existing bank account so you can transfer funds electronically. You can connect your e-Money market account to a max of six external accounts.

Like other money market accounts, transfers are limited to six every month but the bank’s website does not detail the fees which may affect your deposits once you go over the limit. If you have questions with regard to opening an account or if you want more information about their products, you can call the bank through 1888-228-8146.

New York Community Bank assumed the deposits of AmTrust Direct last December. The parent bank has some average ratings with 4 stars coming from BauerFinancial for soundness and safety. Bankrate.com tagged it with 3 stars for its performance. These ratings were based on their September 2009 collected information. The bank is insured with the FDIC through certificate number 16022.