Amboy Direct Lowers Rates on Premium Online Savings Account
Feb 5, 2009 - 6:22 PM by Ken Tumin
Update 2/05/09: The Premium Savings APY is now 2.27%.
Amboy Direct just lowered the yield on the Premium Online Savings Account. The new yield is 5.05% APY for balances under $20K and 5.10% APY for balances over $20K. The APYs had been 5.25%/5.35%.
I'm surprised Amboy decided to cut rates when HSBC's 6% promo was ending. Except for the $25 bonus there's not much reason to move your money to Amboy now.
Amboy's rates had held for a long time on this Premium Savings Account. The 5.25% APY was first reached last September. Amboy started the 5.35% APY for the $20K balance on December 1st.
For more details on this savings account, please refer to my August post. Amboy Direct is part of Amboy National Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423).
Amboy Direct just lowered the yield on the Premium Online Savings Account. The new yield is 5.05% APY for balances under $20K and 5.10% APY for balances over $20K. The APYs had been 5.25%/5.35%.
I'm surprised Amboy decided to cut rates when HSBC's 6% promo was ending. Except for the $25 bonus there's not much reason to move your money to Amboy now.
Amboy's rates had held for a long time on this Premium Savings Account. The 5.25% APY was first reached last September. Amboy started the 5.35% APY for the $20K balance on December 1st.
For more details on this savings account, please refer to my August post. Amboy Direct is part of Amboy National Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423).
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Anonymous - #1, Monday, April 30, 2007 - 8:56 PM
Interesting timing--so much for capitalizing on the end of HSBC's promotion. I think I'll stick with GMAC.
Adam (anonymous) - #2, Monday, April 30, 2007 - 10:07 PM
what would you recommend using to replace Amboy? IGO Banking?
Anonymous - #3, Monday, April 30, 2007 - 10:33 PM
I'm still sticking with GMAC.
How is IGO?
Anonymous - #4, Tuesday, May 1, 2007 - 12:11 AM
GMAC screwed up yesterday. I tried to setup an ACH transfer from an external a/c into GMAC. Got an error message 3-4 times yesterday night. This morning I tried and it accepted it. Next I looked at the "pending transfer" screen and I see four copies of the same transfer. It wouldnt allow me to edit/delete the duplicates. Called customer service but pretty much said they cannot do anything within 24 hours of the transfer date. They kind of mentioned that they would refund me any fees the other bank chares (if I send them a letter from the other bank). Will wait tomorrow to see how it all plays. Am certainly upset over it. Will see how they handle it finally.
Barbara (anonymous) - #5, Tuesday, May 1, 2007 - 2:18 PM
I have had an account there for several months and they are still advertising 5.25/5.35 and my account's interest rate hasn't dropped yet.
Anonymous - #6, Tuesday, May 1, 2007 - 2:21 PM
Yeah, I'm still seeing 5.25/5.35 on the Amboy Direct Premium Savings main page. Are we sure the rate will decrease?
Anonymous - #7, Tuesday, May 1, 2007 - 3:11 PM
Nevermind my post above. The Amboy page is now showing 5.05/5.10.
So, what is the best alternative? Grand Yield Direct (Apple) looks good .
Terry (anonymous) - #8, Friday, May 4, 2007 - 10:59 PM
Too bad, I had good luck with Amboy, but I am giving the FNBO 6% offer a try.
gary (anonymous) - #9, Thursday, February 14, 2008 - 8:07 AM
Amboy direct Premium savings is still at 4%, but they have introduced a new eSavings that pays 4.25% (APY). Unfortuantely, it is a tier account and requries $3000 to get that rate (otherwise, 1%).
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