Amerant Bank Review 2020

Published May 2020 by Mary Wisniewski

AT A GLANCE
2.4

Bankrate Score

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Top CD rates

Amerant Bank is a good option to consider if you’re looking for a community bank and live in Florida or Texas. If you're looking for the highest yields, you will want to look elsewhere.

  • Savings
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    3.2
  • CDs
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    2.3
  • Checking
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    2.8
  • MMAs
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    1.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    0.80 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    2.4

    Bankrate Score

    Amerant Bank is a brick-and-mortar bank based in Florida, and it offers competitive rates on CDs nationwide.

    What we like

    • Lots of free ATMs available to checking account customers.

    • Competitive yields on money market accounts.

    • Offers an Apple Watch app.

    What we don't

    • Certain products are available only to consumers living in its physical footprint.

    • Offers a basic mobile banking app.

    • Bank representatives aren’t available by phone on Sundays.

    Savings accounts

    3.2

    Bankrate Score

    The savings account requires only a $50 deposit to open the account. But you can earn higher yields elsewhere.

     

    What we like

    • You only need $50 to earn the account’s best APY.

    • Minimum deposit requirement is relatively low.

    What we don't

    • There are much higher APYs available at online banks.

    • You will pay a monthly fee (there are ways to sidestep the fee).

    CD rates

    2.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Amerant Bank offers a handful of CDs. They are available to savers in all 50 states, although rates and products differ slightly for Florida and Texas residents. If you live in either of those states, you can open a CD in a banking center or online. If you live elsewhere, you can open a CD only online.

    Early withdrawal penalties apply. For example, for residents of states besides Texas and Florida, the penalty is equal to 180 days’ interest on the amount withdrawn, based on the simple interest rate tied to the account.

    What we like

    • The bank offers competitive yields.

    • CDs can be opened online by residents in every U.S. state.

    What we don't

    • Interest is compounded monthly.

    • Customers don’t have access to any special CDs.

    • Minimum deposit to open a CD is steeper.

    Checking accounts

    2.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    0.80 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    The bank's interest checking account offers tiered-interest rates starting on balances of at least $100. It also requires $100 to open the account. To avoid the $15 monthly service fee, account holders need to maintain an average balance of $2,500 each statement cycle.

     

    What we like

    • Free access to Presto ATMs at Publix Super Markets and through the Allpoint network.

    • Tiered interest rates benefit those with higher checking balances.

    • Access to Zelle through the bank app.

    What we don't

    • Branch access limited to Texas and Florida.

    • Other interest-bearing checking accounts make it easier to avoid monthly service fees.

    Money market accounts

    1.4

    Bankrate Score

    Amerant offers money market accounts that require only $100 to open. You will earn more interest on higher balances.

    To earn the highest interest rate, you must open the Relationship Money Market account. However, you can earn the rate only if you open the account at one of Amerant's banking centers.

     

    What we like

    • Both money market accounts have a complimentary starter kit of checks.

    • Minimum deposit requirement for the standard MMA is low.

    What we don't

    • You can earn a higher APY or a comparable APY with another bank.

    • The best rates on the money market accounts are only available in branches in Florida and Texas.

    Bank experience

    You’re not choosing Amerant Bank for an edgy digital banking experience. The mobile banking design resembles a paper ledger. However, the app lets you accomplish the big to-do's, including depositing your checks.

    More impressively, the bank has an app available on Apple Watch.

    The customer service hours are pretty standard. But you won’t be able to reach a representative over the phone on Sundays.

    About Amerant Bank

    Amerant Bank, formerly Mercantil Bank, opened its first banking center in 1979. It is based in Coral Gables, Florida, and offers a full selection of banking products, including checking accounts, savings accounts, money market accounts and CDs.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.