Amerant Financial institution is a regional financial institution headquartered in Coral Gables, Florida. It operates bodily branches in Florida and Texas, however its on-line banking instruments make this financial institution accessible to individuals nationwide. 

Amerant Financial institution provides all kinds of deposit accounts. The charges are excessive on some accounts, though the financial institution gives choices to waive them. General, the charges for its deposit accounts are a lot much less engaging than these provided at different banks, particularly when evaluating charges for on-line banks and credit score unions.

The Amerant CoverMe overdraft safety program covers all overdrafts of as much as $100. A particular provide for its 12-month certificates of deposit, which pays a aggressive annual share yield of 4.00%, is obtainable for a restricted time till Feb. 2, 2023. 

What we like

• Free ATMs: Surcharge-free ATM transactions are supported by Amerant Financial institution, the Presto! ATM community operated by Publix grocery retailer and Allpoint networks.
• Amerant CoverMe: No charges utilized to overdraft checks of beneath $100 till Feb. 2, 2023.
• Curiosity-bearing accounts: Entry to a number of choices for interest-bearing accounts.
• Digital banking options: Nationwide entry to Amerant’s banking companies.
• Bodily branches obtainable: Folks all through the state of Florida and the Houston, Texas metro space have entry to in-person customer support.

What we do not like

• Excessive charges: Excessive month-to-month charges for Amerant’s checking accounts than many different banks and which require numerous steps to waive.
• Overdraft charges: Overdraft charges apply to checks of greater than $100. Many banks provide completely free checking accounts.
• Lacking web site element: The APYs of Amerant’s checking accounts aren’t listed on its web site.
• Restricted bodily branches: Residents exterior of Florida and Texas haven’t got entry to bodily branches.
• Low charges: The charges provided aren’t as aggressive as different banks that function nationwide.

Who’s Amerant Financial institution fitted to? 

Individuals who reside in Texas or Florida and have or are interested by loans or enterprise accounts are finest suited to work with Amerant. This financial institution, nevertheless, has excessive charges and limits entry to some accounts exterior of Florida and Texas. 

Checking account assessment

Amerant Financial institution provides three checking account choices: Worth, Curiosity and Relationship Curiosity Checking. The accounts cost a month-to-month charge of $5, $15 and $35, respectively. All checking accounts cost an preliminary deposit of both $50 or $100 to open and waive overdraft charges on checks of as much as $100 by the Amerant CoverMe overdraft safety program. The cost is $10 per merchandise for returned checks of greater than $100.

The Curiosity Checking comes with a tiered yield fee construction. An account steadiness of as much as $10,000 earns a 0.10% APY, whereas an account with a steadiness of $10,000 or extra earns a 0.50% APY. The Relationship Curiosity Checking account pays a flat 0.50% APY.

Month-to-month charges may be waived for every account by the next steps:

• Worth Checking: Enroll in on-line statements or make 4 debit card purchases per assertion cycle.
• Curiosity Checking: Keep a $2,500 steadiness.
• Relationship Curiosity Checking: Keep a mixed $50,000 steadiness throughout checking, mortgage or Amerant funding accounts.

What we like

• Free ATMs: Surcharge-free ATM transactions are supported by Amerant Financial institution, Presto! (Publix) and Allpoint networks.
• Overdraft safety: There are not any charges utilized to overdraft checks beneath $100.
• Curiosity-bearing accounts: Entry to a number of choices for interest-bearing accounts.

What we do not like

• Charges: Month-to-month charges require a number of steps to waive. There are numerous options that supply completely free checking.
• Overdraft charges apply: Overdraft charges apply to checks of greater than $100. Many banks provide completely free checking accounts.
• Lacking web site element: The checking account APYs aren’t listed on the web site. That info is barely obtainable by contacting a customer support consultant. 

Financial savings account assessment

Amerant Financial institution provides a financial savings account that earns an APY of between 0.05% and 0.75% primarily based on a tiered construction. The very best price is obtainable on balances of $25,000 or extra. There is a $5 month-to-month upkeep charge, however that may be waived by sustaining a $300 steadiness within the financial savings account or a minimal $1 steadiness in an Amerant checking or cash market account.

Financial savings account options

• APY: 0.05% to 0.75%
• Minimal steadiness to open: $50
• Month-to-month upkeep charge: $5

What we like

• Free ATMs: Surcharge-free ATM transactions are supported by Amerant Financial institution, Presto! (Publix) and Allpoint networks.
• Low preliminary deposit: Cheap preliminary deposit required to open a financial savings account.

What we do not like

• Charges: There are month-to-month charges. Regardless that there are a number of choices to waive the month-to-month charge, there are a lot of options that supply free financial savings accounts.
• Low-yield accounts: Larger-yielding financial savings accounts can be found at different banks.

CD account assessment

CDs can be found nationwide, however the phrases obtainable range relying in your location. Amerant solely provides an ordinary CD with phrases that vary from three months to 5 years. Given the latest financial local weather together with Fed price hikes, APYs for Amerant CDs aren’t as aggressive as at different banks. Savers ought to examine charges for high-yield CDs earlier than they purchase a CD. Moreover, Amerant CDs require a considerable preliminary funding of $10,000 to open an account.

As talked about, Amerant has a particular provide on its 12-month CD that pays 4.00% APY. The provide expires on Feb 2, 2023.

What we like

• Accessible nationwide: CDs can be found in all states nationwide. 
• Aggressive 12-month price: The particular provide for the 12-month CD is a aggressive APY.

What we do not like

• Restricted choices: Amerant does not provide specialty CDs equivalent to no-penalty or step-up CDs.
• Low APYs: Larger charges may be discovered at different banks.
• Phrases restricted by location: Residents in states apart from Florida and Texas haven’t got entry to all obtainable phrases.
• Restrictive penalties: The early withdrawal penalty may be as excessive as 180 days easy curiosity.

Cash market account assessment

Amerant Financial institution has two varieties of cash market accounts. The usual Cash Market account has charges which might be decrease than many competing banks. The Relationship Cash Market account provides a extra aggressive price, however the excessive charges make each of those accounts financially unattractive choices. 

Whereas the month-to-month upkeep charge may be waived by sustaining a $1 steadiness within the Relationship Cash Market account, every requires you to keep up both $25,000 or $50,000 in mixed balances throughout Amerant accounts or mortgage merchandise to keep away from month-to-month charges. Until there is a particular profit to opening a cash market account with Amerant, you’ll find higher-yielding accounts elsewhere.

What we like

• Free ATMs: Surcharge-free ATM transactions are supported by Amerant Financial institution, Presto! (Publix) and Allpoint networks.
• Overdraft safety: There are not any charges utilized to overdraft checks beneath $100.
• Curiosity-bearing accounts: You have got entry to an interest-bearing account, nevertheless different banks provide extra aggressive charges on cash market accounts.
• Low preliminary deposit: The quantity to open a cash market account is barely $100.

What we do not like

• Excessive charges: The month-to-month charge of $150 is extreme though you possibly can waive that charge by sustaining a $1 steadiness in a Relationship Curiosity Checking account. The overseas transaction charge can also be larger than many competing banks.
• Overdraft charges apply: Overdraft charges apply to checks over $100. Many banks provide completely free checking accounts.

Banking expertise

Amerant Financial institution’s cellular banking instruments make it accessible to individuals nationwide. Its cellular banking app gives fundamental performance equivalent to cellular test deposits and account transfers and is obtainable for iOS and Android telephones. 

Overdraft charges

Amerant Financial institution provides an Amerant CoverMe overdraft safety program that covers all overdrafts on checking and cash market accounts of as much as $100. Overdrafts of greater than $100 are topic to a $10 nonsufficient funds charge.

Customer support

Amerant Financial institution provides prolonged customer support hours Monday by Friday from 7 a.m. to eight p.m. ET (Four a.m. to five p.m. PT) and Saturday and Sunday from eight a.m. to five p.m. ET (5 a.m. to 2 p.m. PT). The telephone quantity is 855-263-7268. There’s additionally an automatic phone service obtainable 24/7. 

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