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Amboy Direct's Premium Savings Account Now 5.15%

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Update 11/04/2010: The Premium Savings Account APY is now 1.00% for balances of at least $20K

Amboy Direct raised its Premium Online Savings Account today from 5.05% to 5.15% APY. It has been about a month since Amboy's last rate hike. Amboy Direct started this new Premium Online Savings Account back in April with a high APY of 4.75%.

The only real downside to this savings account that I can see is the limit of only one linked external account. Here's a summary of this savings account based on reports from comments I received in this previous post, from this FW thread and from the Amboy's FAQ page:

  • Minimum initial deposit of $1
  • No monthly balance requirements or monthly fees
  • Account can be set up entirely online
  • No hard credit pull, only ChexSystem report
  • Can be linked to only one external account
  • Multiple accounts are allowed each with a link to a different account, however, you can't transfer balances between accounts (does not help the one-link limit)
  • Links from an external account can be done, but debits cannot be done by initiating withdrawals from external account
  • Inbound transfers initiated at Amboy have been reported to take a day or less. Outbound transfers have been reported to take one to two days.
  • Starting 5/1/09: A $5.00 monthly fee will be assessed on accounts older than one year with less than $100 minimum balance.

For information about Amboy Direct's $25 refer-a-friend bonus, please refer to this post.



Comments
Comment #1 by Anonymous posted on
Anonymous
I just signed up for this account to go with my ING Direct and Emigrant Direct accounts. I am going to be using Amboy Direct in place of the HSBC Direct account because I've had too many issues with their web site requirements, fees (in regards to ATM withdrawals) and slow service (by mail).

Thanks for the info!

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