Amerant Bank: 2023 Banking Review

Amerant Bank: 2023 Banking Review

Amerant Bank is a regional bank headquartered in Coral Gables, Florida. It operates physical branches in Florida and Texas, but its online banking tools make this bank accessible to people nationwide. 

Amerant Bank

Amerant Bank

Amerant Bank offers a wide variety of deposit accounts. The fees are high on some accounts, although the bank provides options to waive them. Overall, the rates for its deposit accounts are much less attractive than those offered at other banks, especially when comparing rates for online banks and credit unions.

The Amerant CoverMe overdraft protection program covers all overdrafts of up to $100. A special offer for its 12-month certificate of deposit, which pays a competitive annual percentage yield of 4.00%, is available for a limited time until Feb. 2, 2023. 

What we like

  • Free ATMs: Surcharge-free ATM transactions are supported through Amerant Bank, the Presto! ATM network operated by Publix grocery store and Allpoint networks.
  • Amerant CoverMe: No fees applied to overdraft checks of under $100 until Feb. 2, 2023.
  • Interest-bearing accounts: Access to multiple options for interest-bearing accounts
  • Digital banking features: Nationwide access to Amerant’s banking services
  • Physical branches available: People throughout the state of Florida and the Houston, Texas metro area have access to in-person customer service.

What we don’t like

  • High fees: High monthly fees for Amerant’s checking accounts than many other banks and which require various steps to waive.
  • Overdraft fees: Overdraft fees apply to checks of more than $100. Many banks offer totally free checking accounts.
  • Missing website detail: The APYs of Amerant’s checking accounts aren’t listed on its website.
  • Limited physical branches: Residents outside of Florida and Texas don’t have access to physical branches.
  • Low rates: The rates offered aren’t as competitive as other banks that operate nationwide.

Who is Amerant Bank suited for? 

People who reside in Texas or Florida and have or are interested in loans or business accounts are best suited to work with Amerant. This bank, however, has high fees and limits access to some accounts outside of Florida and Texas. 

Checking account review

Amerant Bank offers three checking account options: Value, Interest and Relationship Interest Checking. The accounts charge a monthly fee of $5, $15 and $35, respectively. All checking accounts charge an initial deposit of either $50 or $100 to open and waive overdraft fees on checks of up to $100 through the Amerant CoverMe overdraft protection program. The charge is $10 per item for returned checks of more than $100.

The Interest Checking comes with a tiered yield payment structure. An account balance of up to $10,000 earns a 0.10% APY, while an account with a balance of $10,000 or more earns a 0.50% APY. The Relationship Interest Checking account pays a flat 0.50% APY.

Monthly fees can be waived for each account by the following steps:

  • Value Checking: Enroll in online statements or make four debit card purchases per statement cycle.
  • Interest Checking: Maintain a $2,500 balance
  • Relationship Interest Checking: Maintain a combined $50,000 balance across checking, loan or Amerant investment accounts

Checking account features

Checking account APY Minimum balance Monthly fee Overdraft fee Foreign transaction fee
Value Checking N/A $50 $5 $10 per item over $100 ($0 otherwise) 3%
Interest Checking 0.10% to 0.50% $100 $15 $10 per item over $100 ($0 otherwise) 3%
Relationship Interest Checking 0.50% $100 $35 $10 per item over $100 ($0 otherwise) 3%

What we like

  • Free ATMs: Surcharge-free ATM transactions are supported through Amerant Bank, Presto! (Publix) and Allpoint networks.
  • Overdraft protection: There are no fees applied to overdraft checks under $100.
  • Interest-bearing accounts: Access to multiple options for interest-bearing accounts.

What we don’t like

  • Fees: Monthly fees require several steps to waive. There are many alternatives that offer totally free checking.
  • Overdraft fees apply: Overdraft fees apply to checks of more than $100. Many banks offer totally free checking accounts.
  • Missing website detail: The checking account APYs aren’t listed on the website. That information is only available by contacting a customer service representative. 

Savings account review

Amerant Bank offers a savings account that earns an APY of between 0.05% and 0.75% based on a tiered structure. The highest rate is available on balances of $25,000 or more. There’s a $5 monthly maintenance fee, but that can be waived by maintaining a $300 balance in the savings account or a minimum $1 balance in an Amerant checking or money market account.

Savings account features

  • APY: 0.05% to 0.75%
  • Minimum balance to open: $50
  • Monthly maintenance fee: $5

What we like

  • Free ATMs: Surcharge-free ATM transactions are supported through Amerant Bank, Presto! (Publix) and Allpoint networks.
  • Low initial deposit: Reasonable initial deposit required to open a savings account.

What we don’t like

  • Fees: There are monthly fees. Even though there are several options to waive the monthly fee, there are many alternatives that offer free savings accounts.
  • Low-yield accounts: Higher-yielding savings accounts are available at other banks.

CD account review

CDs are available nationwide, but the terms available vary depending on your location. Amerant only offers a standard CD with terms that range from three months to five years. Given the recent economic climate along with Fed rate hikes, APYs for Amerant CDs aren’t as competitive as at other banks. Savers should compare rates for high-yield CDs before they buy a CD. Additionally, Amerant CDs require a substantial initial investment of $10,000 to open an account.

As mentioned, Amerant has a special offer on its 12-month CD that pays 4.00% APY. The offer expires on Feb 2, 2023.

CD account features

CD Term APY
Three-month N/A (1.50% in Florida and Texas)
Six-month N/A (1.50% in Florida and Texas)
Nine-month N/A (1.50% in Florida and Texas)
12-month 2.25%
18-month 2.25%
24-month (two-year) 2.75%
36-month (three-year) 2.75%
48-month (four-year) 2.75%
60-month (five-year) 2.75%

What we like

  • Available nationwide: CDs are available in all states nationwide. 
  • Competitive 12-month rate: The special offer for the 12-month CD is a competitive APY.

What we don’t like

  • Limited options: Amerant doesn’t offer specialty CDs such as no-penalty or step-up CDs.
  • Low APYs: Higher rates can be found at other banks.
  • Terms limited by location: Residents in states other than Florida and Texas don’t have access to all available terms.
  • Restrictive penalties: The early withdrawal penalty can be as high as 180 days simple interest.

Money market account review

Amerant Bank has two types of money market accounts. The standard Money Market account has rates that are lower than many competing banks. The Relationship Money Market account offers a more competitive rate, but the high fees make both of these accounts financially unattractive options. 

While the monthly maintenance fee can be waived by maintaining a $1 balance in the Relationship Money Market account, each requires you to maintain either $25,000 or $50,000 in combined balances across Amerant accounts or loan products to avoid monthly fees. Unless there’s a specific benefit to opening a money market account with Amerant, you will find higher-yielding accounts elsewhere.

Money market account features

Account APY Minimum balance Monthly fee Overdraft fee Excessive transaction fee Foreign transaction fee
Money Market 0.01% to 0.15% $100 $25 $10 per item over $100 ($0 otherwise) $12 3%
Relationship Money Market 2.00% $100 $150 $10 per item over $100 ($0 otherwise) $12 3%

What we like

  • Free ATMs: Surcharge-free ATM transactions are supported through Amerant Bank, Presto! (Publix) and Allpoint networks.
  • Overdraft protection: There are no fees applied to overdraft checks under $100.
  • Interest-bearing accounts: You have access to an interest-bearing account, however other banks offer more competitive rates on money market accounts.
  • Low initial deposit: The amount to open a money market account is only $100.

What we don’t like

  • High fees: The monthly fee of $150 is excessive even though you can waive that fee by maintaining a $1 balance in a Relationship Interest Checking account. The foreign transaction fee is also higher than many competing banks.
  • Overdraft fees apply: Overdraft fees apply to checks over $100. Many banks offer totally free checking accounts.

Banking experience

Amerant Bank’s mobile banking tools make it accessible to people nationwide. Its mobile banking app provides basic functionality such as mobile check deposits and account transfers and is available for iOS and Android phones. 

Overdraft fees

Amerant Bank offers an Amerant CoverMe overdraft protection program that covers all overdrafts on checking and money market accounts of up to $100. Overdrafts of more than $100 are subject to a $10 nonsufficient funds fee.

Customer Service

Amerant Bank offers extended customer service hours Monday through Friday from 7 a.m. to 8 p.m. ET (4 a.m. to 5 p.m. PT) and Saturday and Sunday from 8 a.m. to 5 p.m. ET (5 a.m. to 2 p.m. PT). The phone number is 855-263-7268. There’s also an automated telephone service available 24/7. 

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