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Amerant Bank Review 2023

Updated January 6, 2023
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.9 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

Amerant Bank offers deposit products to consumers throughout the country, and it’s also an option for those living in Florida or Texas looking for a community bank.

Highlights

  • Free Checking
  • Low Min Deposit
  • Low Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Amerant Bank offers a full range of online accounts to residents anywhere in the U.S., and the bank also maintains 16 branches in Florida and seven in Texas. Plenty of free ATMs are available to checking account customers, and minimum balance requirements are generally low. While rates are higher than national averages, better annual percentage yields (APYs) can be found at other banks.

Pros

  • Checkmark

    Amerant offers lots of free ATMs to checking account customers, including at the bank’s branches, Publix supermarkets and the more than 55,000 Allpoint ATM locations worldwide.

  • Checkmark

    Minimum balance requirements are low for some products.

  • Checkmark

    The app is available on Apple Watches.

Cons

  • Some products and promotions are limited to those in Florida and Texas.

  • Higher rates on banking products can be found elsewhere.

Amerant Bank bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Amerant Bank savings overview

Amerant’s savings account requires just $50 to open the account, but higher yields can be found elsewhere. There is a $5 monthly service fee, which can be avoided by maintaining a monthly balance of at least $300, or by having a checking or money market with the bank that has a monthly balance of $1 or more.

Pros

  • Checkmark

    Only $50 is needed to open the account.

Cons

  • Higher APYs are available elsewhere.

  • A balance of at least $25,000 is needed to obtain the highest APY.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Amerant Bank's mobile banking app receives mixed reviews on both iOS and Android, but it’s capable of fundamental tasks, such as depositing a check. The app can also be viewed on the Apple Watch. Customers have access to Zelle as well as mobile payment services Apple Pay, Samsung Pay and Google Pay.

Customer service representatives are available 7 a.m. to 8 p.m. Eastern time, Monday-Friday, and 8 a.m. to 5 p.m. on Saturday and Sunday. Appointments can also be booked online.

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, a savings account, money market accounts and CDs.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.