Dedicated to Deposits: Deals, Data, and Discussion

Update on Amboy Direct Savings Accounts, Bonuses and CDs


Amboy Direct recently changed their website, and in this change the page for the Premium Online Savings Account disappeared. I called Amboy Direct, and the CSR sent me the link to the new Premium Online Savings Account page. The rate is still 1.51% APY on balances up to $250K. They're not promoting this account, but I was told they'll still accept new customers. When I didn't see this account on their website, I was worried that they may have cut the interest rate. But that's not the case. As we learned when Amboy Direct added the monthly fee ($5/mo for balances under $100), it's important to keep an eye on your bank accounts.

eSavings $50 Bonus

Update: This $50 eSavings bonus has recently been changed to a New Jersey only promotion.

Amboy Direct continues to offer a $50 sign-up bonus for the eSavings account. You must be a new Amboy customer. The promotion is listed at the left side of the eSavings Account page. It requires a minimum monthly average balance of $3,000 for 90 days. The downside to the eSavings as compared to the Premium is that the 1.51% APY applies only to balances of $3,000 to $100,000.

2.25% for 3-Months for NJ Residents

The Money Market Maximizer also has a new account promotion, but it's only for New Jersey residents. New Amboy customers in New Jersey can earn 2.25% APY for 3 months for minimum balances of $30,000. The 2.25% only applies to balances up to $100,000. Besides this bonus, both the Premium and the eSavings are better deals. The top standard rate of the Money Market Maximizer is the same as the rate of the other two, but it requires a minimum balance of $30,000.

I have more details about Amboy's ACH bank-to-bank transfer service and other account features in this July post.

Amboy Direct's Add-On CD

Amboy Direct is now fully promoting their add-on CD, the eSavings CD, which is listed on the front page. It allows you to make additional deposits anytime during the first 6 months up to a total balance of $100,000. The rate as of 8/17/09 is 2.00% APY for balances over $10,000 and 1.00% for balances of $100 to $10,000. This CD can be useful if you have CDs maturing in the next 6 months. You can open the eSavings CD with just $100. With only $100, you won't lose much with a 1% interest rate. If rates continue to fall, you can fall back on this CD. Once you reach $10,000, you'll get 2% APY for the rest of the term as long as the balance remains at or above $10,000.

FDIC/Financial Info

Amboy Direct is part of Amboy Bank which has been a FDIC member since 1934 (FDIC Certificate # 6423). Amboy Bank's financial ratings for soundness have fallen in the last year and are now weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Both ratings are based on 3/31/09 financial data.

Other Competitive Savings Account and CD Rates

Related Pages: CD rates, New Jersey, savings account

Related Posts

Comment #1 by Anonymous posted on
Just a note that the $50 bonus is only available for NJ residents. Their website reads - "Earn 1.51% APY Plus $50 Bonus if you maintain a $3,000 balance for 90 days. Offer good for new NJ customers only."

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for catching this. According to the CSR this just recently changed to a NJ-only promotion.

Comment #3 by Anonymous posted on
Does anyone know when exactly the change occurred? I opened my account on 07/27. I am now wondering after 90 days (by 10/27/09), if Amboy will honor the bonus for me.