Dedicated to Deposits: Deals, Data, and Discussion

Amboy Direct Premium Savings Now 5.35% for $20K+


Amboy Direct began a new rate tier today. Fortunately, the tier only improves the rates. For those who keep balances under $20K, you'll keep the 5.25% APY. For balances over $20K, the new rate is 5.35% APY.

Amboy Direct also has a refer-a-friend program for this Premium Savings Account. The only problem with this refer-a-friend bonus is that it requires the friend to maintain a minimum $3K balance for 90 days. After this bonus period ends, the friend will receive $25 and the client who made the referral will receive $10.

It has been just over 3 months since I applied for this account via this refer-a-friend program and funded it with the $3K, and I'm still waiting for the bonus. I called Amboy, and the CSR said that it'll post in about 2 weeks. She also confirmed that this refer-a-friend program is still available.

[Update 1/17/07: I did receive the $25 bonus and have already received several of the $10 referral bonuses. I'm currently forwarding referral requests to my friend who first referred me to Amboy. If you want a referral, please send me your first and last name to bankdeals at And please mention Amboy in the request. I will then forward your request to my friend who'll fill out the form to have Amboy send you the email with the promo code.]

Please refer to this post for more information and history about this Premium Savings Account. For the full details, please refer to this post. Amboy also has some useful FAQ's in their contact page.

Thanks to the reader who mentioned this rate update in the finding deals post.

Comment #1 by moneyforsmartpeoples (anonymous) posted on
wow kool ,its nice to know banks are starting refferal programs too

Comment #2 by al_r (anonymous) posted on
Question for banking man or anyone:

Out of curiosity, I clicked on the "Email Me Offer" button here & got an email from Amboy that, among other things, said that when applying, "Bonus reference code 400002 required."

I see nothing in the details of the email that is different from the website details. Am I missing something? Anyone used this code 400002?

As a FYI, here is the full text of what Amboy emailed:

Premium Saving Account Offer

You are invited to open an Amboy Direct Premium Savings account with our high everyday rate....currently 5.35%APY with balances over $20,000; 5.25%APY with $1 to $19,999. Bonus reference code 400002 required.


Why AmboyDirect Premium Savings?

-Always earn more with our high everyday rate
-Easy access to your money with bank-to-bank transfers
-No need to change banks - link and use you current checking account
-Confidence in one of the country's oldest and established banks (1888)
-Member FDIC
-$1 to open. $250,000 maximum deposit. No monthly fees or minimums
-Online sign up in 4 minutes

To apply go to

As of 12/01/06, earn 5.35% annual percentage yield (APY) with balance over $20,000; with balances between $1 and $250,000 earn 5.25% APY; $1 minimum to open. $250,000 maximum account balance. Rate may change based on market conditions. Fees may reduce earnings. Amboy Direct eSavings is not available at Amboy branches.

al r

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Al, I'm not sure what would be different than just applying without that code.

Below is the email that I received four months ago for the referral bonus:

Earn More with our everyday high rate...
Plus $25 bonus to get you started.

Dear ?????,

??? ????? thinks you would like to receive a $25 bonus by opening an Amboy Direct Savings account.

Special $25 Application Reference Code

* Amboy Direct Savings ... a better way to saveEarn more - 5.15% APY
* Everyday access
* Secure
* 4 step online account opening

You get one of New Jersey's highest rates.

Earn 5.15% APY from one of the most trusted banks in New Jersey - Amboy National Bank.

Your money is ready when you are... wherever you bank.

You electronically transfer funds from your existing checking account to your Amboy Direct account. To access your savings quickly, you just transfer them back to your checking account. Transfers are free. You don't need a minimum balance, or pay any fees. You keep your existing checks.

Your accounts are safe and secure.

Your account has the strength and 118-year reputation of Amboy National Bank behind it. All Amboy Direct accounts are FDIC-insured. And, since you only access your savings by transferring money to your checking account, no one can make direct withdrawals from your Amboy Direct Savings account except you.

Trying is believing.
A $25 bonus makes believing even easier.Just keep a minimum balance of $3,000 or more for 90 days and receive our cash bonus.

Why receive low interest rates from your bank any longer? Make the most of your savings and get a $25 bonus just for trying AmboyDirect. Go to And if you have any questions, call 1-877-22-AMBOY.

Thanks, and start savings now!

P.S. Remember to use this special code within the next two months

Special $25 Application Reference Code

As of 08/08/2006, everyday balances over $1 earn 5.15% Annual Percentage Yield (APY). $250,000 maximum account balance. Rate may change based on market conditions. Fees may reduce earnings. Amboy Direct Savings is not available at Amboy branches. To receive the $25 bonus, you must open a new Amboy Savings account and keep a minimum balance of $3,000 or more for 90 days. The bonus is credited about 90 days after account opening. This bonus offer cannot be combined with other promotional offers. Only one Amboy Direct promotional account per household. Offer good for 2 months from receipt of e-mail. New money only.

Comment #4 by al_r (anonymous) posted on
thx banking guy -

I couldn't find anything extra in that 'bonus reference code 400002' either. It looks like it is just informational.

Already using the 'Refer A Friend' bonus you helped me get, I was hoping, of course, to get a double dip. I'm dreaming, right? [lol]

Thank you very much, btw, for helping to get that Refer a Friend bonus.

al r

Comment #5 by Anonymous posted on
Recently opened a new Amboy account using the referral code from Banking Guy with no problem. Had to phone Amboy due to locking my account and customer service has been good so far.
Thanks Banking Guy for the referral code and a very informative site!

Comment #6 by Andrew (anonymous) posted on
Hi, just a random reader. I saw that great deal by Amboy (5.25 and 5.35% Premium Direct Savings) a month ago and was going to sign up. However, I have been looking the last few days and see that the rate is now 4.28%. I know rates are variable, but that's a REALLY big change! I was wondering if you could tell me if you're still getting the rate you signed up for or if they've bait-and-switched you with this new rate?


Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
One thing that's confusing about Amboy Direct is that this Premium Savings account is different than the eSavings account. I see that the eSavings Account APY is 4.28%. But the Premium Savings Account is still at 5.35%/5.25% APY (according to what's listed at

Comment #8 by Anonymous posted on
Very fast transfers at Amboy.

Comment #9 by a_rog (anonymous) posted on
banking guy:

...just checking back in with a report on that $25 refer-a-friend bonus you helped with back in January.

My 90 days was up on Apr 16 and the $25 was posted to my account on Apr 18 - I'm well satisfied with that.

...a couple of other things:
1] I have made several transfers-in to this account from my external linked account. ALL so far are being posted on the SAME day as the transfer. Availability still takes a few days, but that is not so important so long as interest is being earned right away. I do make sure that I initiate the transfer well before 2:00pm Jersey time, or maybe I have just been lucky so far.

2] Experience with CSR's has been very positive. I tend to call frequently to follow-up & they have a nice crew that always gets back promptly if they can't answer right away.

Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
a_rog, thanks for the info. Glad to see they promptly credited you the bonus.

I also experienced the same-day transfers in. I initiated a transfer at Amboy pulling from my HSBC checking account at around noon and it showed as deposited at Amboy when I checked that evening at 8:00pm.