Amerant Bank Review 2019

Amerant Bank Logo


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

Top CD Rates


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Amerant Bank

Amerant Bank is in the process of rebranding from Mercantil Bank.

Mercantil Bank opened its first banking center in 1979. Now Amerant Bank, 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.

Not all banking products are available to consumers living outside of the bank’s physical footprint. In fact, Amerant Bank only offers CDs to all 50 states.

Amerant Bank is a good option to consider if you’re looking for a CD. If you’re looking to open other bank products and don’t live in Florida or Texas, look elsewhere; these accounts aren’t available to you.  


  • Generous free ATM access available to checking account customers.
  • Competitive yields on CDs and money market accounts.
  • Offers an Apple Watch app.


  • Certain products are available only to consumers living in its physical footprint.
  • Offers a basic mobile banking app.
  • Bank representatives aren’t available on the phone on Sundays.

Amerant Bank Services

Savings Rating


The Mercantil Savings account is only available in the bank’s branches in Florida and Texas. You can’t open a Mercantil Savings account online. The Mercantil Savings account earns an APY that’s a little more than twice the national average on balances of $50 and higher.


  • APY is more than twice the national average.
  • You need only $50 to earn the account’s best APY.


  • There are much higher APYs available at online banks.
  • There is a $25 fee per account that you close prior to having it for six months.

Savings accounts available from other banks

CDs Rating


Mercantil 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 two states, you can open a CD in a banking center or online. If you live elsewhere, you can only open a CD online. Early withdrawal penalties apply. For example, for residents of states outside of 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.


  • The bank offers competitive yields.
  • CDs can be opened online by residents in every U.S. state.


  • Interest is compounded monthly.
  • The minimum deposit is higher for account holders outside of Florida and Texas.
  • Customers don’t have access to any special CDs.

CDs available from other banks

Checking Rating


Mercantil Interest Checking offers tiered-interest rates starting on balances of at least $100. Conveniently, it also requires $100 to open the account. To avoid the $15 monthly service account, holders need to maintain an average balance of $2,500 each statement cycle. It will take some serious cash to get the best interest rates from this account. Mercantil bank customers won’t get quite as good of a rate with the Mercantil Relationship Checking account. The account can be opened with $100. To avoid the $35 monthly service fee, customers could make 10 transactions per statement cycle. Mercantil Value Checking accounts can be opened with $50. The accounts don’t pay interest, but the $5 monthly service fee can be avoided by just enrolling in online statements or making monthly direct deposits or transacting with a debit card at least four times per statement cycle.


  • Complimentary checks provided at account opening.
  • Free access to Presto ATMs at Publix Super Markets and through the Allpoint network.
  • Tiered interest rates benefit those with higher checking balances.


  • Branch access limited to Texas and Florida.
  • Other interest-bearing checking accounts make it easier to avoid monthly service fees.

Checking accounts available from other banks

MMAs Rating


The Amerant Relationship Money Market account offers a top-tier APY. Its APY is more than 11 times the national average. In order to get this APY, you need to have an Amerant Relationship Interest Checking account. You’ll need to keep a combined $50,000 average balance in deposits (time deposit balances are excluded from this total), loan or Amerant Investment accounts. You’ll also need to make a monthly direct deposit or 10 transactions per statement cycle in this checking account to be able to earn this APY on balances $100 and over. The Amerant Money Market Account earns an APY that is a little more than eight times the national average. You need $100,000 to earn that APY. Amerant money market accounts aren't available online. Both Amerant money market accounts come with a complimentary starter kit of checks when you open your account.


  • Money Relationship Money Market account offers APY up to more than 10 times the national average.
  • Both money market accounts have a complimentary starter kit of checks.


  • You can earn a higher APY or a comparable APY with another bank.
  • Other banks have lower requirements to earn a similar APY.
  • Money market accounts are only available in branches -- in Florida and Texas.

MMAs available from other banks

Bank Experience Rating


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, depositing your checks included. More impressively, the bank has an app available on Apple Watch. The customer service hours are pretty standard; however, you won’t be able to reach a representative over the phone on Sundays.

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