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.