Amerant Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.8

Bankrate Score

bank-logo

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.

  • Savings
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    3.2
  • CDs
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    4.0
  • Checking
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    4.7
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.8

    Bankrate Score

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

    What we like

    • Amerant offers lots of free ATMs available to checking account customers.

    • CD rates are competitive.

    • The app is available on Apple Watches.

    What we don't

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

    • The mobile banking app has very basic capabilities.

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

    Savings accounts

    3.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    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 open the account and earn its top APY.

    • Minimum deposit requirement is relatively low.

    What we don't

    • There are much higher APYs available elsewhere.

    • Customers must maintain a minimum balance of $300 to avoid a monthly fee.

    CD rates

    4.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Amerant Bank offers a handful of CDs that 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 online only.

    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

    • There are no specialty CDs available, such as no-penalty or step-up CDs.

    • There’s a high minimum deposit of $10,000 to open a CD.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Amerant offers a few checking account options: Value Checking, Interest Checking and Relationship Interest Checking.

    The Value Checking account is the bank's basic free option. It requires $50 to open, and it doesn't charge a monthly maintenance fee.

    The 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.

    The Relationship Interest Checking account is a step up from the Interest Checking account. It has a $35 monthly maintenance fee, but customers can waive it by meeting one of these criteria:


    • Maintain $50,000 in combined deposits across eligible accounts or loans, and set up a monthly direct deposit.

    • Make 10 transactions per statement cycle.

    What we like

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

    • Multiple checking accounts to fit individual needs.

    • Access to Zelle through the bank app.

    • All customers receive a complimentary check order at account opening.

    What we don't

    • Branch access limited to Texas and Florida.

    • Other interest-bearing checking accounts offer easier ways to avoid the monthly service fee.

    Money market accounts

    2.1

    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.

    • The minimum deposit requirement to open an account is low.

    What we don't

    • You can earn a significantly higher APY elsewhere.

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

    • High balances are required in order to avoid the monthly service fee.

    Bank experience

    Amerant Bank's mobile banking app receives mixed reviews on both iOS and Android. 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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy