Dedicated to Deposits: Deals, Data, and Discussion

6.00% 3-Month Money Market Promotion at Amboy Direct New Jersey

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Update 1/11/09: The intro rate has gone down to 4.00% APY with a guarantee period of 3 months. See bottom for rate history of this intro rate.

Amboy Direct is offering a 6% APY on its Money Market Maximizer account for the first 3 months for balances of $30K to $100K. This is only for new customers who live in New Jersey. The Money Market Maximizer Account is different than the Premium Savings Account. First, the standard rates are much lower. To earn the top standard rate of 5% APY on the Money Market Maximizer, you need a balance of $30K. Balances between $5K and $30K earn 2% APY, and no interest is earned on balances below $5K. It only requires $100 to open and there are no monthly balance requirements. The Premium Savings Account has a rate of 5.25% APY for balances from $1 to $20K and 5.35% APY for balances over $20K. There's also a $25 refer-a-friend bonus.

Amboy's promo page lists an APY of 5.30% below the 6%. I believe this is what the rate would be if you kept your money in the account for a full year (the average of 6% for 3 months and 5% for 9 months).

For those in New Jersey with over $30K to deposit, the 6% promo is better than the Premium Direct Savings Account rate and bonus. For a $30K deposit, you'll earn about $49 over what you would earn from the 5.35% APY in the Premium Savings Account. So this beats the $25 bonus. For a $100K deposit, you'll earn about $162 more.

It appears you should be able to open the Premium Savings Account after you open the Money Market Maximizer Account (You probably won't qualify for the $25 bonus.) Once the 6% promo is over, you should be able to transfer your money over to the Premium Savings. I'm not sure of how long the Money Market Maximizer has to remain open or the closing fee, but with no balance requirements, this shouldn't be a major concern.

For more info on the Premium Savings Account and its bonus, please refer to this post.

Amboy Direct is part of Amboy National Bank which is FDIC insured (Cert. # 6423).

Thanks to the reader who mentioned this Amboy promotion.

Rate History of Intro Special
Update 01/11/09: The intro rate went down to 4.00% APY with a 3 month guarantee.
Update 11/08/08: The intro rate went up to a 4.25% APY with a 5 month guarantee.
Update 10/12/08: The intro rate has changed to a 4.00% APY for 6 months.
Update 7/03/08: The 3-month intro rate went up to 4.25%
Update 6/07/08: The 3-month intro rate has fallen to 4.00%.
Update 3/15/08: The 3-month intro rate has fallen to 4.25%.
Update 2/23/08: The 3-month intro rate has fallen to 5.00%
Update 10/27/07: The 3-month intro rate has fallen to 5.50%.

  Tags: New Jersey, savings account

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