Dedicated to Deposits: Deals, Data, and Discussion

4.00% 9 & 12-Month CD and Other Specials at an Amboy Bank Branch in New Jersey

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Update 1/21/09: A reader has reported that these 4% CD specials have ended.

Amboy Bank is offering a branch opening CD special with an APY of 4.00% for terms of 9 and 12 months. Minimum deposit is $5,000, and a maximum of $50,000. Offer is only available at Amboy's new Monmouth Junction office. There is a branch opening celebration on Jan 17th 9AM to 2PM. The small print states that the "offer may be modified at any time."

There's also a new-branch checking account promotion with a bonus of up to $150. Open a new Regular or Advantage Checking account by February 14, 2009 and receive credits up to $150 upon completing the following transactions:
  • $50 for direct deposit
  • $25 after 5 checking transactions
  • $50 after 5 check card purchases
  • $25 after 3 AmboyNET online bill payments
First order of checks are free when you sign up for AmboyNET and choose eStatements.

The new Amboy branch is located at the Corner of Georges Road and 522 in Monmouth Junction, New Jersey.

These promotions are not listed at Amboy's website. A reader recently received a flyer in the mail with these promotions. Here are links to the scans: CD and checking promotion overview, map of the new office, small print for the promotions. Hat tip to the reader for scanning and emailing these.

Other Amboy Bank Deals

For those in New Jersey who don't live near this branch, Amboy's internet bank AmboyDirect continues to offer a special 4% rate for 3 months on its Money Market Maximizer. This applies to balances from $30,000 to $100,000. The standard yield as of 1/11/09 is 2.00% APY for balances of $5K to $30K and 2.79% APY for balances of $30K and over. Minimum initial deposit is $100. There are no monthly balance requirements.

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 currently pays 2.79% APY for balances over $3K. Balances from $300 to $3K only earn 1% APY. Like the money market account, there are no monthly service fees. I have more details about this promotion and account in this account and bonus review.

Amboy Bank has been FDIC insured since 1934 (FDIC Certificate # 6423). Its financial ratings for soundness have improved recently: 3 stars (adequate) at BauerFinancial and 4 stars (sound) at Bankrate.com. These are based on 9/30/08 data, and they're 1-star higher than they were when they were based on 6/30/08 data.

  Tags: CD rates, New Jersey

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Comments
Comment #1 by hot pockets (anonymous) posted on
hot pockets
whoa... nice find.

that's about a 15 minute drive for me. i think i'll bite on the cd offer.

i have money in amboy direct. not flashy but fast transfer times.

1
Comment #2 by Anonymous posted on
Anonymous
I was considering the bonus for opening new checking with them. However: to avoid monthly maintenance fees, Regular Checking requires min balance of $1,000 (otherwise $7 fee/month), Advantage Checking requires $10,000 combined balance in checking, money market or statement savings (otherwise $20 fee/month). Combined balance does not include CD's, and probably doesnt include amboydirect eSavings or Money Market Maximizer. AmboyNET's billpay costs $5.95/mo for regular checking after 2 free-trial months. Account must stay open for 180 days to avoid early closure fee. The CD rate at 4% for 12 months, min $5k, sounds good (and at least guarantees 4% rate).

1
Comment #3 by Anonymous posted on
Anonymous
I was at their new branch grand opening at 9am this morning and took out a 4% APY CD. The place was packed with customers but there was plenty of helpful bankers on hand. A great deal in this current low interest rate environment.

1
Comment #4 by Anonymous posted on
Anonymous
As of today (1/21/09) the 4% CD is not offered anymore. too bad.

1
Comment #5 by Anonymous posted on
Anonymous
Beacon Credit Union, Lynchburg, VA
5.05% APY Choice Checking

1