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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.



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