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4.25% Money Market Promotion with 5-Month Guarantee at AmboyDirect (NJ Only)

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Update 12/06/08: The promo rate and period have gone down. It's now 4% for 3 months.

AmboyDirect continues to offer a very attractive new client special for New Jersey residents. The promotion is for their Money Market Maximizer Account, and it's guaranteeing 4.25% for 5 months as of 11/17/08. According to the small print on the promotion page, the 4.25% applies to balances from $30,000 to $100,000.

The current ongoing yield on the money market account is 3.05% APY for balances over $30K and 2% APY for balances between $5K and $30K. No interest is earned for balances under $5K. There are no monthly service fees.

This promotion has long been offered by AmboyDirect. My last post on it was in March 2007. Most of the time it has only been a 3-month guarantee. The extra 2 months is especially nice in today's rate environment.

For those outside of New Jersey, AmboyDirect continues to offer a $50 sign-up bonus for its eSavings account. The bonus requires that you keep $3,000 in the account for 90 days. This bonus is available for people in any state. The eSavings account continues to pay 3.25% APY for balances over $3K. Balances from $300 to $3K only earn 1% APY. Like the money market account, there are no service fees. I have more details about this promotion and account in this account and bonus review.

Amboy Direct is part of Amboy Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423). It's financial ratings for soundness are a little weak: 2 stars (problematic) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both are based on 6/30/08 data.

  Tags: money market accounts, New Jersey, savings account

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Comments
2 Comments.
Comment #1 by jeff in jersey (anonymous) posted on
jeff in jersey
amboy direct has good transfer times. never more than 2 days.

ive had money there for 2 years.

1
Comment #2 by Anonymous posted on
Anonymous
I use to really like Amboy until their rates took a big dive.

1