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Amboy Direct Lowers Rates on Premium Online Savings Account

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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).

  Tags: savings account

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Comments
9 Comments.
Comment #1 by Anonymous posted on
Anonymous
Interesting timing--so much for capitalizing on the end of HSBC's promotion. I think I'll stick with GMAC.

1
Comment #2 by Adam (anonymous) posted on
Adam
what would you recommend using to replace Amboy? IGO Banking?

1
Comment #3 by Anonymous posted on
Anonymous
I'm still sticking with GMAC.

How is IGO?

1
Comment #4 by Anonymous posted on
Anonymous
GMAC ****ed 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.

1
Comment #5 by Barbara (anonymous) posted on
Barbara
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.

1
Comment #6 by Anonymous posted on
Anonymous
Yeah, I'm still seeing 5.25/5.35 on the Amboy Direct Premium Savings main page. Are we sure the rate will decrease?

1
Comment #7 by Anonymous posted on
Anonymous
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 .

1
Comment #8 by Terry (anonymous) posted on
Terry
Too bad, I had good luck with Amboy, but I am giving the FNBO 6% offer a try.

1
Comment #9 by gary (anonymous) posted on
gary
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%).

1