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Amerant Bank Review 2020
Published January 2020 by Mary Wisniewski
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Member FDIC
CD
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Checking account
Member FDIC
Checking account
Member FDIC
Checking account
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Checking account
Overall
3.3
Bankrate Score
Amerant Bank is a brick-and-mortar bank based in Florida, and it offers competitive rates on CDs nationwide.
What we like
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Generous free ATM access available to checking account customers.
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Competitive yields on CDs and money market accounts.
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Offers an Apple Watch app.
What we don't
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Certain products are available only to consumers living in its physical footprint.
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Offers a basic mobile banking app.
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Bank representatives aren’t available on the phone on Sundays.
Savings accounts
2.8
Bankrate Score
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.
What we like
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APY is more than twice the national average.
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You need only $50 to earn the account’s best APY.
What we don't
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There are much higher APYs available at online banks.
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There is a $25 fee per account that you close prior to having it for six months.
CD rates
3.6
Bankrate Score
Member FDIC
CD
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example, for residents of states outside of Texas and Florida, the penalty is equal to 180 days’ interest on the amount withdrawn, based on the simple interest rate tied to the account.
What we like
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The bank offers competitive yields.
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CDs can be opened online by residents in every U.S. state.
What we don't
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Interest is compounded monthly.
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The minimum deposit is higher for account holders outside of Florida and Texas.
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Customers don’t have access to any special CDs.
Checking accounts
2.2
Bankrate Score
Member FDIC
Checking account
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.
What we like
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Complimentary checks provided at account opening.
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Free access to Presto ATMs at Publix Super Markets and through the Allpoint network.
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Tiered interest rates benefit those with higher checking balances.
What we don't
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Branch access limited to Texas and Florida.
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Other interest-bearing checking accounts make it easier to avoid monthly service fees.
Money market accounts
3.7
Bankrate Score
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.
What we like
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Money Relationship Money Market account offers APY up to more than 10 times the national average.
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Both money market accounts have a complimentary starter kit of checks.
What we don't
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You can earn a higher APY or a comparable APY with another bank.
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Other banks have lower requirements to earn a similar APY.
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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, 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.
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.
Mary Wisniewski @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.