Reviews / Banking
- Overview
- Features
- How It Stands Out
- Comparable Options
- How To Apply
GOBankingRates Score
4.8
Quick Take: While Amerant offers branches in only two states -- Florida and Texas -- in the United States, online and mobile banking empower you to bank from anywhere. It's the largest community bank in Florida.
Besides personal and business accounts, Amerant shows its commitment to serving customers through a complimentary online financial education center. The platform stands out from the competition because it is easily accessible without having to create a login or signup. This Amerant Bank review looks closer.
- APYs
4.9
(Video) The 5 Best Bank Accounts 2022 | High-yield savings accounts, CDs, and iBonds for a recession! - Benefits
4.7
- Products
- Customer Service
4.8
How did we calculate this?
Pros
- Competitive interest yields on higher balances
- Broad accessibility with a website in both English and Spanish
- Wide variety of products, which include investing and in-depth business services options
- Extended customer service hours of 7 a.m. to 8 p.m. EST Monday to Friday, and 8 a.m. to 5 p.m. on Saturday and Sunday
Cons
- Regional bank with limited locations
Amerant Bank Overview
Amerant Bank first opened in 1979 as Commercebank, N.A. in South Florida and has grown to nearly $8 billion in assets over the past 43 years. With 24 branch locations serving south Florida and Houston, a loan processing center in New York and an online and mobile banking suite, Amerant provides a dynamic banking experience.
Amerant is committed to customers’ financial well-being. It offers a financial education platform with topics spanning money basics, investments and fraud prevention. This center has videos and other resources to help customers improve their financial knowledge from the comfort of their own homes.
Amerant Bank Key Features
Four main features were considered in this assessment of Amerant Bank.
APYs
When you open an Amerant savings account, you’ll earn a high yield of % on your balances of $25,000 or more.
Certificate of Deposit APYs depend on the term and can be as high as 0%.
Money market account rates range from % to % depending on your balance. If you link a checking and money market account, a relationship rate of 0% APY is available.
Benefits
The best feature of banking with Amerant is the higher-than-average yields. Besides the possibility of growing your funds, you can expand your finances internationally with an international checking account.
Amerant’s readily-available financial education center is also a significant benefit.
Products
Amerant Bank offers a variety of checking, savings, investment and loan products to fit your needs. When choosing an account, consider what minimum balance you will maintain, as well as what kind of interest you want to earn on your balances. Compare your expectations to the requirements for having fees waived each month.
Amerant offers three checking account options: Value checking, Interest checking and Relationship Interest checking.
| Account | Opening Deposit | Monthly Fee | Interest |
|---|---|---|---|
| Value Checking | $50 | $5; Waived by enrolling in online statements or monthly direct deposit or with four debit card transactions per statement cycle | No |
| Interest Checking | $100 | $15; Waived with an average daily balance of $2,500 during a statement cycle | Yes |
| Relationship Interest Checking | $100 | $35; Waived with a $50,000 combined average monthly balance in deposit, loan or investment accounts and monthly direct deposit or four transactions per statement cycle | Yes |
Amerant offers a single savings account option. Interest rates are clearly outlined with minimum balance requirements for each one. Monthly service fees apply but can be waived by meeting minimum balance requirements.
In addition to the regular savings account, Amerant offers two money market accounts, which allows you to choose the account that’s best for you. The basic Money Market account has a $100 opening deposit and a $25 monthly fee that is waived when you maintain an average daily balance of $5,000 during a statement cycle.
The Relationship Money Market account has a $100 opening deposit and a $150 monthly fee that is waived when you have a Relationship Interest checking account with a balance of at least $1.
Finally, Amerant offers CD accounts with varying rates and terms. Fixed rates of return are guaranteed with terms from three to 60 months. Rates depend on location — Florida or Texas account holders can earn % APY on terms from 24 to 60 months. If you live in other states, rates are higher for all available terms, with a 60-month CD earning 0% APY.
Customer Service
Customer service call center hours are 7 a.m. to 8 p.m. EST Monday to Friday and 8 a.m. to 5 p.m. EST on Saturday and Sunday.
These hours are the same for online and mobile banking customer support except that online and mobile banking support is closed on Sundays. Online bill pay hours are 7 a.m. to 1 a.m. EST seven days a week, and credit card services are offered 24/7.
How Amerant Bank Stands Out
The number of account options is an attractive feature — you can upgrade your accounts as your account balances and financial needs change.
The possibility to open an international account is something you won’t find with many other banks.
Amerant Bank vs. Competitors
It can help to compare a bank to its competitors to get an idea of whether it’s the best fit for your finances. Here’s a look at how Amerant Bank stacks up to its top competitors.
Amerant Bank vs. Centennial Bank
Centennial Bank offers over twice the checking account options that Amerant Bank does — seven versus three.
However, Amerant Bank offers more accessible banking hours than Centennial Bank, especially on weekends.
Amerant Bank vs. Pan American Bank & Trust
Pan American Bank & Trust reimburses up to $25 in non-network ATM fees per cycle, while Amerant charges $2.50 per out-of-network withdrawal and offers no reimbursements.
However, Amerant Bank offers two credit card options for customers, whereas Pan American offers only debit cards.
Amerant Bank vs. Town Bank
Town Bank offers a robust lineup of credit building and repair resources, while Amerant Bank offers a single secured and one unsecured credit card.
However, Amerant offers a lower opening checking deposit of $50, while Town Bank’s minimum opening deposit is $100.
How To Open an Account
Account opening is subject to credit approval. You’ll need to have your personal information ready, including full name, address, email and phone number. You’ll need to verify your identity using your Social Security number, date of birth, driver’s license or other identification, and employment information.
You will also need to provide the routing and account numbers from another bank to transfer your initial opening deposit.
When you have gathered the documents and information you need, simply navigate to the account you want to open on the Amerant Bank website and click the orange “Apply Now” button, then follow the prompts.
Final Take
Amerant Bank is a proven financial partner with 43 years in business. It’s easy to find a checking or savings account that helps you reach your specific financial goals. When your goals change, you don’t have to look for another bank. Amerant offers account tiers to continue meeting your needs over time.
Amerant Bank is also a leader in offering financial services to customers who speak Spanish. Its website translates completely for full accessibility, and there are customer service options for Spanish speakers.
Amerant Bank FAQ
Now that you know more about Amerant's products and services, here are answers to some of the bank's frequently asked questions.
- Is Amerant Bank safe?
- Yes. Amerant Bank has been in business for 43 years and has about 800 employees. All deposits are federally insured by the Federal Deposit Insurance Corp. up to $250,000.
- Does Amerant Bank have Zelle?
- Yes. Customers may access Zelle by logging into online or mobile banking and selecting "Send money with Zelle" from the Transfers and Payments menu.
- How many locations does Amerant Bank have?
- Amerant Bank is a regional bank with 24 total branches, located in South Florida and Houston, Texas.
- What was Amerant Bank before?
- Amerant Bank was formerly Mercantil Bank Holding Corporation until the year 2019. The brand began its rebranding to Amerant Bank in 2018.
- Who is the owner of Amerant Bank?
- Amerant Bank's principal subsidiaries are Amerant Bank, N.A., Amerant Investments, Inc. and Amerant Trust, N.A.
- Is Amerant Bank a good bank?
- Amerant Bank is a great option for residents of the Houston Area and Florida. You'll find a variety of banking services and competitive rates.
Katy Hebebrand contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 29, 2022.
Editorial Note: This content is not provided by Amerant Bank. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Amerant Bank.
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About the Author
Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
FAQs
Is Amerant Bank safe? ›
Is Amerant Bank safe? Yes, we've been in business since 1979. Deposits are FDIC Insured for up to $250,000. You can see what Bankrate, MyBankTracker, and DepositAccounts have to say about us.
Is CFG bank legitimate? ›Overall, CFG Bank is a good bank that gets the job done, with a rating of 4.0 stars out of 5 from our experts. CFG Bank has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards.
Which bank has the highest rates? ›- UFB Direct: 2.61% to 2.85% APY.
- Bread Savings: 2.15% to 2.90% APY.
- Prime Alliance Bank: 2.26% to 2.70% APY.
- American Express National Bank: 1.90% to 2.00% APY.
- Barclays: 2.00% to 2.25% APY.
- Discover Bank: 2.00% to 2.15% APY.
- Capital One: 2.00% to 2.15% APY.
Mercantil Bank Holding Corporation Announces Name Change to Amerant Bancorp Inc. CORAL GABLES, Fla., June 07, 2019 (GLOBE NEWSWIRE) -- Mercantil Bank Holding Corporation (NASDAQ: AMTB and AMTBB) (the “Company”) today announced that it has changed its corporate name to Amerant Bancorp Inc.
Where is Amerant bank from? ›Amerant Bancorp Inc. (1) (NASDAQ: AMTB) is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC.
Does Amerant bank have Zelle? ›How do I use Zelle? You can send, request, or receive money with Zelle. Log into Amerant Online BankingSM or Amerant MobileSM app and select “Send Money with Zelle®” from the Transfers & Payments menu option. Once you have accepted the terms and conditions, click on the “Get Started” button.
How long has CFG Bank been in business? ›It was established in 1997 and as of June of 2022, it had grown to 210 employees at 2 locations. CFG Bank's money market rates are 6X the national average, and it has an A health rating.
What does CFG Bank stand for? ›Capital Funding Group (CFG) had a brief taste of banking, and that was enough.
Is Quontic a good bank? ›Quontic offers very competitive yields on its High Interest Checking account, High Yield Savings account, CDs and money market accounts, and was named Best Overall Online Bank on Forbes Advisor's Best Online Banks Of 2022.
Where can I put my money for the highest interest rate? ›If you want a safe place to park extra cash that offers a higher yield than a traditional checking or savings account, consider a money market account. Money market accounts are like savings accounts, but they typically pay more interest and may offer a limited number of checks and debit-card transactions per month.
How can I get 5% interest on my money? ›
- Current: 4% up to $6,000.
- Aspiration: 3-5% up to $10,000.
- NetSpend: 5% up to $1,000.
- Digital Federal Credit Union: 6.17% up to $1,000.
- Blue Federal Credit Union: 5% up to $1,000.
- Mango Money: 6% up to $2,500.
- Landmark Credit Union: 7.50% up to $500.
Currently, no savings account offers a guaranteed interest rate of five percent. However, you may be able to get close by investing in a fixed annuity. As of September 2022, annuities are guaranteeing up to 4.60% APY.
Who is the CEO of Amerant bank? ›Mr. Plush serves as the Company's Chairman, President, and CEO since June 8, 2022, having served previously as Vice-Chairman & CEO since March 20, 2021. Mr.
Is Amerant bank the same as Mercantil Bank? ›On October 23, 2018, our new brand, Amerant, was announced. On August 8, 2018, Mercantil Bank Holding Corporation, Mercantil Bank's holding company, started a new chapter as a publicly traded organization.
Who has the highest 12 month CD rate? ›- State Bank of Texas - 3.85% APY.
- USAlliance Financial - 3.75% APY.
- Rising Bank - 3.70% APY.
- Bread Savings - 3.60% APY.
- Merrick Bank - 3.60% APY.
- Merchants Bank of Indiana - 3.56% APY.
- Banesco USA - 3.55% APY.
- BankPurely - 3.55% APY.
...
- AMG National Trust Bank.
- Amoco Federal Credit Union.
- Anchor Bank.
- Andrew Johnson Bank.
- Andrews Federal Credit Union.
- Anstaff Bank.
- APCU/Center Parc.
- APL FCU.
Are there any fees to send money using Zelle®? Zelle® doesn't charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no additional fees.
How long has CFG been around? ›The First 150+ Years
Built on the principle that we succeed only when our customers succeed, Citizens Financial Group, Inc. is one of the oldest and largest financial services firms in the United States. Our history dates back to High Street Bank, founded in 1828, which established Citizens Savings Bank in 1871.
Citizens Trust Company became the first African-American owned bank in the United States to become a member of the Federal Deposit Insurance Corporation (FDIC). And, in 1947, Citizens Trust Company was the first Black-owned bank to be a member of the Federal Reserve System.
Did Citizens Bank merge with HSBC? ›HSBC branches now rebranded as Citizens
The 80-branch acquisition includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/ Washington D.C. area, and 5 locations in Southeast Florida . The acquired branches have been re-branded as “Citizens.”
Is Citizen One and Citizen bank the same? ›
Citizens One and Citizens One Home Loans are brand names of Citizens Bank, N.A. (NMLS ID #433960). All accounts, loans and services are subject to individual approval.
Is Citi and Citizens Bank the same? ›...
Citizens Bank vs Citibank.
| Citizens Bank | Citibank |
|---|---|
| Citizens Bank | Citibank |
| Approximately 1,018 branches across the country | More than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami) |
| CreditDonkey® Reviews | |
| Savings | |
HSBC Bank USA Acquisition
On May 26, 2021, Citizens entered into an agreement with HSBC Bank USA to purchase HSBC's retail operations on the East Coast, including 80 branches in New York City, Washington D.C., and Southeast Florida.
Steve Schnall, Disruptive Digital Banking Executive and the Founder of Quontic Bank joins us in the Ask A CEO Podcast to share his exemplary life experience. Steve shares how he manages to run over sixty offices and multiple businesses,] and his top advice for the CEOs.
How many branches does Quontic Bank have? ›Locate an ATM near you to withdraw funds from your Quontic account. With over 90,000 fee-free locations across the country, you're never too far away from the funds you need.
How do I fund my Quontic account? ›There are limits to the ways you can fund your account. Quontic customers can use remote check deposit, direct deposit and electronic transfers. But if you need to deposit cash, you'll want to look at a different institution because Quontic does not accept cash deposits.
Should I take my money out the bank 2022? ›There are a lot of better choices than holding cash in 2022. Inflation will deteriorate the value of your savings if you decide to stash your cash in a bank account. Over the long run, you'll be better off investing now, even if expected returns are lower than they've been historically.
What to do if you have more than 250k in the bank? ›Perhaps the most straightforward way to get another $250,000 insured is to open an account at a second FDIC member bank. If you're using accounts that earn interest at a bank with only FDIC insurance, be sure your deposits are low enough that your balance with interest will be within the $250,000 limit.
What is the safest investment right now? ›- Certificates of Deposit.
- Money Market Accounts.
- Treasury Bonds.
- Treasury Inflation-Protected Securities.
- Municipal Bonds.
- Corporate Bonds.
- S&P 500 Index Fund/ETF.
- Dividend Stocks.
High-quality bonds and fixed indexed annuities are often considered the safest investments with the highest returns. However, there are many different types of bond funds and annuities, each with risks and rewards. For example, government bonds are generally more stable than corporate bonds based on past performance.
Where is the best place to put money right now? ›
- High-yield savings accounts.
- Certificates of deposit (CDs)
- Money market funds.
- Government bonds.
- Corporate bonds.
- Mutual funds.
- Index funds.
- Exchange-traded funds (ETFs)
- Post Office Monthly Income Scheme.
- Long-Term Government Bonds.
- Corporate Deposits.
- Monthly Income Plans.
- Pradhan Mantri Vaya Vandana Yojana.
- Life Insurance Plus Saving.
- Systematic Withdrawal Plans.
- Equity Share Dividends.
| Name of Bank | Rates of Interest (p.a.) |
|---|---|
| Kotak Mahindra Bank Savings Account | 3.50% to 4.00% |
| State Bank of India (SBI) Savings Account | 2.70% |
| Yes Bank Savings Account | 4.00% to 5.25% |
| Citibank Savings Account | 2.50% |
- Elements Financial - 3.25% APY*
- UFB Direct - 3.01% APY.
- DollarSavingsDirect - 3.00% APY.
- Bread Savings - 2.90% APY.
- Vio Bank - 2.80% APY.
- BrioDirect - 2.80% APY.
- Bask Bank - 2.75% APY.
- First Foundation Bank - 2.75% APY.
The 2022 federal funds rate increases may bring a boost to savers. It will cost more to borrow money, but you might see your savings account interest rate increase. At NerdWallet, we have such confidence in our accurate and useful content that we let outside experts inspect our work.
Is Mybankingdirect FDIC insured? ›No monthly maintenance fee or minimum balances to open. Member FDIC.
Is First National bank of America legitimate? ›Yes, First National Bank of America is FDIC insured (FDIC# 17438). The federal government protects your money for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Are Money Market accounts FDIC insured? ›Yes. Like other deposit accounts, money market accounts are insured by the FDIC and NCUA up to $250,000 for each account holder. Money market mutual funds, however, are not federally insured.
Is bask bank a good bank? ›Bask Bank received a D+ rating from the BBB because it hasn't responded to a customer complaint. However, its parent company Texas Capital Bank has an A+ rating from the BBB. BBB ratings aren't necessarily the be-all and end-all.
Is New York Community Bank a good bank? ›New York Community Bank Recognized by American Banker as Top Bank in the Country for Best Overall Customer Experience.
Does adding a beneficiary increase FDIC coverage? ›
By setting up beneficiaries on your account, you can increase your FDIC coverage. For example, joint account owners who qualify for $250,000 each in FDIC coverage would increase their coverage to $750,000 each if three beneficiaries are named to their Savings account.
Which of the following is not protected by the FDIC? ›Investment products that are not deposits, such as mutual funds, annuities, life insurance policies and stocks and bonds, are not covered by FDIC deposit insurance.
Is First National a good bank? ›About First National Bank
It has nearly 340 branch locations and more than 800 ATMs in its service area. Most recently, it was named one of the Best Regional Banks of 2022, holding spot no. 22, and also one of the Top 100 Banks of 2022 in GOBankingRates annual rankings.
FNBA Today
First National Bank of America is still a private, family owned company. We're unusual in the way that we do business, meaning that no one else in the industry does what we do.
You'll discover some exciting options and upgrades to your banking experience, from new products and services to an innovative digital banking channel. Our teams are working diligently to ensure a smooth transition over the weekend of November 13-16, 2020 when the four branches of FNB will become CapStar Bank.
What to do if you have more than 250k in the bank? ›Perhaps the most straightforward way to get another $250,000 insured is to open an account at a second FDIC member bank. If you're using accounts that earn interest at a bank with only FDIC insurance, be sure your deposits are low enough that your balance with interest will be within the $250,000 limit.
Is it better to have a CD or money market account? ›When it comes to interest rates, money market accounts may be the way to go. MMA rates are typically higher than basic savings accounts and short-term CD rates. CDs can have higher rates than a money market account, but those are often the long-term accounts from two years and upward.
What happens if you have more than 250 000 in bank? ›Any individual or entity that has more than $250,000 in deposits at an FDIC-insured bank should see to it that all monies are federally insured. It's not only diligent savers and high-net-worth individuals who might need extra FDIC coverage.
Is bask bank free? ›No monthly account fees. Earn 2.75% APY.
Do you need money to open bask bank? ›...
Bask Interest Savings Account.
| Key Features | Details |
|---|---|
| Minimum Deposit | None |
| Access to Your Account | Online and mobile |
| Security | FDIC insurance up to the maximum amount allowed by law |
| Fees | No monthly account fees |
Who can open a bask bank account? ›
- Be a legal US resident.
- Be at least 18 years old.
- Have a social security number.
- Have a government issued ID.