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$50 Bonus for AmboyDirect's eSavings Account

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Update 4/09/09: The top rate has fallen to 1.51% APY.

AmboyDirect is offering a $50 sign-up bonus for its Amboy Direct eSavings. This account is different than Amboy's Premium Online Savings Account which has been the main Amboy account that I've reported on. The Premium account used to have the best rates, but this has changed. The yield on the eSavings account is now 3.25% APY for balances of over $3K. The yield on the Premium account is now only 3.05% APY for balances over $1. Below are the basic feature of this eSavings account:
  • No monthly balance minimums or service fees
  • $100 minimum opening balance
  • 3.25% APY on balances from $3K to $100K as of 9/08/08
  • 1.00% APY on balances from $300 to $2,999 as of 9/08/08
  • No interest on balances below $300
  • Maximum deposit of $100K

And here are the details on the eSavings bonus:
To receive the $50 bonus, you must open a new Amboy eSavings account and keep a minimum monthly average balance of $3,000 or more for 90 days. The bonus will be credited within the following statement cycle after account meets 90 day balance requirements. Only one new client bonus per household. This bonus offer cannot be combined with other promotional offers.

Amboy Direct offered this same promotion last February, and a reader commented that you have to be new Amboy customers. Those who already have an Amboy's Premium Online Savings account do not qualify.

These accounts have an ACH electronic funds transfer service. If it's like the ACH service for the Premium Savings Account, the ACH features are not the best:
  • Only allow one linked account at a time
  • Changing a link requires you to mail a $1 payable to yourself
  • ACH debits initiated from third parties are blocked
  • ACH deposits initiated from third parties are accepted
  • ACH transfer speeds have been fast: 1 to 2 days for outbound transfers and one day or less for inbound transfers

Another thing to note is that there's no hard credit inquiry in the application (at least not for the Premium Savings). For more details about the Premium Savings account, please refer to this 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
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
You no longer need to mail a check to change your linked account, it can be done online now. There is a slight delay in doing it though since they have to contact you via phone to verify the linked account information before they will process it.

1
Comment #2 by michael (anonymous) posted on
michael
Anyone getting pop-up ads from the amboydirect.com site? The new page that opens if you click on border white areas bring up a company called 24/7 Real Media. I'm hesitant to apply with this weird behavior on their site.

1
Comment #3 by Anonymous posted on
Anonymous
No pop-ups for me, maybe run a virus/spyware check on your computer. I have 2 accts with amboydirect and have been very happy with them except for the fact that they only allow 1 linked acct at a time.

1
Comment #4 by Anonymous posted on
Anonymous
I opened the account online for the $50 bonus and (at the time) semi-competitive interest rates. After the 90 days, I received the credit to my account. The interest rate started dropping, so I withdrew all the funds from my account (initial + interest + $50). I did all of this online with no problems--although the web interface was a bit 'clunky,' i thought [it worked better on internet explorer than on firefox, also].

1
Comment #5 by Anonymous posted on
Anonymous
Plan on waiting about 4 months and making a few phone calls before you get the bonus.

1