Dedicated to Deposits: Deals, Data, and Discussion

5.50% 12-Month CD for Amboy Direct's Savings Account Customers

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Amboy Direct Online Savings Account customers can open a 5.50% APY 12-month certificate of deposit online. This CD isn't advertised at Amboy's website. You have to have a savings account. When you log in, a CD offer link will be listed at the botton. The CD application page seems to be publicly available, however, you need to enter your Amboy Direct account number to open the CD. According to the CSR, this CD is available to anyone who has a Premium Online Savings Account.

It appears the CD opening and closing process can all be done online. You just enter the amount of the deposit ($10K minimum, $50K maximum) and your Amboy's account number. The CD deposit will be transferred from your Amboy Direct account. Principal and interest will be transferred to your Amboy Direct account at maturity. The CD can also be opened by mail.

If you're interested in a 5.50% 1-year CD, you should consider this even if you're not interested in the savings account. Since the Premium Online Savings Account has no minimum balance requirements or fees, there's not much extra work or money required. Also, it has a very competitive 5.25% APY (5.35% for balances over $20K) and there's a $25 refer-a-friend sign-up bonus (see post).

Another promo that a reader just informed me about is on their Money Market Maximizer Account. According to the CSR, this is available only to new customers who had received the offer in the mail. It's not listed on their website. The promo is 6% APY for the first 3 months for balances from $30K to $100K. Offer expires 1/15/07.

The Best 1-year CD

A month ago, a 5.50% 1-year CD wasn't anything special. But with falling rates, it's now hard to find. The highest yielding 1-year CD listed at Bankrate.com is currently 5.41% APY at AmTrustDirect. In my weekly summary I had listed a 5.64% APY 12-month CD at GTE FCU which is widely available. However, GTE FCU just lowered this rate to 4.96% APY.


Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
Amboy Direct's web site is http://www.amboydirect.com but the Special CD page is at https://www.amboydirectbank.com/cdactivate.asp and the web site http://www.amboydirectbank.com is "Under Construction". Is this a legitimate offer?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's important to note that the link was listed inside the AmboyDirect account page. It's not intended to be used by non AmboyDirect customers and should only be used by Amboy customers from their account page. I provided it for informational purposes only.

I've been using AmboyDirect for over 3 months now, so I'm confident in them. Nevertheless, it is a good idea to always be careful. Here is some supporting info. Sorry I didn't include this in the post.

Amboy Direct is a division of Amboy National Bank. This web address is listed in their FDIC page. At amboybank.com there is a link to AmboyDirect.com. So that confirms AmboyDirect's identity. I can't show the link to amboydirectbank.com since like I said, it's only shown in the account page at AmboyDirect when you're logged in.

I also checked the registration info of the domain of amboydirectbank.com, and it does list Amboy National Bank:

Registrant:
Amboy National Bank
3590 US Highway 9
Old Bridge, NJ 08857
US

Domain Name: AMBOYDIRECTBANK.COM

So if you're interested in this CD, you must first open a AmboyDirect savings account at AmboyDirect.com.

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Comment #3 by Anonymous posted on
Anonymous
I have a question do they perform a credit check to open an account? I read some where that they do a hard pull. is that correct?

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Comment #4 by mrfrugality (anonymous) posted on
mrfrugality
The money market maximizer 6.00% bonus rate actually IS a published rate at
http://amboydirect.com/maximizer/18/
where there is a bonus reference code. (And yet a second different bonus reference code for this offer if you click on "Email me an offer" at that page)

Oddly enough the above page is accessed by clicking on the "New Jersey New Client Special" link at the money market maximizer info page
http://www.amboydirect.com/AmboyMM.html

However, nowhere does it indicate that this offer is limited to New Jersey residents.

Rather confusing to say the least.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
About the credit check, I've been told that they only do a ChexSystem report and not a hard credit pull (see this post for many of the details of the savings account)

mrfrugality, Thanks for the info on the 6% bonus rate. This could be better deal than the $25 bonus for those with large balances. Since there is some confusion, I would recommend getting confirmation from the CSR before signing up if you didn't get the mailer.

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Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
This 12-month CD is now 5.35% APY as of 2/10/07

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