Amboy's No-Min Online Savings Account Now 5.05%
Jun 27, 2006 - 7:20 PM by Ken Tumin
Amboy Direct raised its Premium Online Savings Account today from 4.75% to 5.05% APY. It's now the highest yield no-minimum savings account. It's just ahead of Citibank's e-Savings Account and OneUnited's UNITY Internet Savings Account which both have rates that were recently raised to 5% APY. Amboy Direct started this new Premium Online Savings Account back in April with a high APY of 4.75%.
It's good to see Amboy intends to keep this competitive. Amboy has been offering other online savings accounts (eSavings and Money Market Maximizer) at least since 2004. Although these account have had signup bonuses and promo rates, the standard rates have never been near the top. It's interesting to note that AmboyDirect still does not seem to be advertising this premium savings account. There's no direct link from amboydirect.com and it's not listed at Bankrate.com. Even though they may not be advertising, many people have been signing up without any problems. In my April post, commenters mentioned that the signup process can be done all online. Also, it has been reported that ACH transfers are as fast as Emigrant's, clearing the next business day after they're requested.
For more details about this savings account, please refer to my Amboy Direct post.
Thanks to the commenter who mentioned this new rate in the finding deals post.
It's good to see Amboy intends to keep this competitive. Amboy has been offering other online savings accounts (eSavings and Money Market Maximizer) at least since 2004. Although these account have had signup bonuses and promo rates, the standard rates have never been near the top. It's interesting to note that AmboyDirect still does not seem to be advertising this premium savings account. There's no direct link from amboydirect.com and it's not listed at Bankrate.com. Even though they may not be advertising, many people have been signing up without any problems. In my April post, commenters mentioned that the signup process can be done all online. Also, it has been reported that ACH transfers are as fast as Emigrant's, clearing the next business day after they're requested.
For more details about this savings account, please refer to my Amboy Direct post.
Thanks to the commenter who mentioned this new rate in the finding deals post.
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Anonymous - #1, Wednesday, June 28, 2006 - 12:42 PM
called in today (6/28/06) and got a reply that the new rate will take effect tomorrow (6/29/06). 4.75% -> 5.05%
Anonymous - #2, Thursday, June 29, 2006 - 11:05 PM
This was listed on bankrate.com today at least for a short while, however later in the day was removed.
When I called to inquire about any transfer fees (none, so long as you say under six transfers per-month), I also asked why the service wasn't advertised on their website. The customer service person simply said that if it was advertised, "all of their NJ customers would want one".
*shrug*
Anonymous - #3, Saturday, July 1, 2006 - 9:49 PM
This is once again listed on bankrate.com
Anonymous - #4, Sunday, July 2, 2006 - 7:57 AM
I have Opened up the Amboy Direct Account last month (June 2006) and when they closed the statement on the last day of June, the interest that they have computed on my Premium Savings is at the rate of 4.06%. I opened it with 10 dollars to see how the site works.
It looks like the rate that they have advertised only applies for 20000 dollars+ balances.
If there is a balance lower than that, they are paying out the regular savings rate which is at 4.06%.
Please do research on this account before you open one. The yield applicable is on the fine print of their web page at amboydirect.com/premiumsavings.
Banking Guy (anonymous) - #5, Sunday, July 2, 2006 - 12:51 PM
I do see at Amboy Direct's Premium Savings home page where they have on the bottom right: "* Minimum to open an account is $1, maximum deposit is $250,000. Source: Ratewatch Survey 6/25/06. APY's based on $20,000 money market deposits and subject to change at any time."
This didn't appear to specifically imply that you have to have a $20K balance to earn the 5.05%.
I can't find where Amboy does disclose the rate tier for this account. I would think this should be available some place on their site. I just sent an email requesting this info.
Thanks for letting us know about your experience.
Banking Guy (anonymous) - #6, Sunday, July 2, 2006 - 12:56 PM
Just found their disclosure for the premium savings account here.
Here's what it states regarding the rate tier: "Balances from $1.00 to $250,000 receive a rate of 4.95% with an APY of 5.06%. When account balances exceed $250,000, balances on the portion above $250,000 will receive a rate of 3.00% (3.04% APY)."
Anonymous - #7, Thursday, July 6, 2006 - 7:46 AM
I sent them an email about the $20000 balance on their webpage. I received the following response:
"Thank you for contacting Amboy Direct on June 30, 2006 regarding a Premium Online Savings account.
The current rate of 4.95% with a yield of 5.05% is paid on balances from $1.00 to $250,000.00. We only used a balance of $20,000 to provide an example of potential interest earnings over a period of one year. Our rate is variable and subject to change daily."
Jane (anonymous) - #8, Saturday, August 19, 2006 - 10:36 AM
I've been with Amboy since the Premium Savings inception. Transfers into and out of the account go without a hitch. The CSRs are knowledgeable and patient. Access can be either online or via phone. My guess is that Anonymous (July 2) inadvertently opened Amboy's eSavings account ($100 min) which has a much lower yield than the Premium Savings (min $1) which now is at 5.15% apy. Given the service and the rate, definitely a good place to be.
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