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Amboy Direct Savings Account Promotion for New Customers

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Amboy Direct

Update 6/7/2012: Amboy Direct has changed the promotion so that the 1% APY is now guaranteed for balances up to $50K for the first 12 months (used to be $25K). Balances between $50K and $100K earn an interest rate of 0.75%. Also, it's now limited to New Jersey residents.

Amboy Direct is offering a new-customer bonus on its eSavings account. New customers will receive 1.00% APY guaranteed to last one year from account opening. However, this APY is only guaranteed on the first $50,000. The interest rate is only 0.75% for the portion of the balance between $50K and $100K, and this isn't guaranteed to last. This promotion is listed on the left side of the Amboy Direct's eSavings page as of 6/7/2012. To see the details, click on the "Learn More" link. You then have to enter your email address.

The standard eSavings account rate is 0.75% (as of 6/7/2012) for balances of $300 to $100,000. The eSavings account has no monthly balance minimums or fees.

Amboy Direct had some popularity back in 2006 when it was offering a savings account with a 5.15% APY. In the last couple of years, its rates have been a little low for internet savings accounts. Also, its online banking features are weak compared to Ally, ING Direct and Discover.

The rate guarantee is nice, but guaranteeing 1.00% for 12 months doesn't amount to much especially when there's a $25K balance cap. If you assume your current savings account will keep a 0.75% APY for 12 months, you will only gain $62.50 with this Amboy Direct promotion if you keep a $25K balance.

Amboy Direct is a division of Amboy Bank, a New Jersey based bank founded in 1888. Amboy Bank isn't in the best financial shape. It has an overall health score at DepositAccounts.com of 2 stars (out of 5) with a Texas ratio of 94.92% (poor) based on December 2011 data. Please refer to our financial overview of Amboy Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6423).

How This Offer Compares

Two other banks offer similar promotions. Flagstar Bank is guaranteeing 1.15% APY for 4 months for balances up to $250K. EverBank is guaranteeing 1.05% APY for 6 months for balances up to $100K (checking) and $50K (money market). I have more details in my EverBank promo review.

You can get a higher rate of 1.25% APY at TIAA Direct, but there's no guarantee about how long this rate will last.

To compare the best rates, please refer to our savings account table and our money market account table.


Related Pages: Amboy Direct, savings account

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Closed my account a while ago, but Amboy Direct was the worst website I've ever seen for an online account. 

1
Comment #2 by Anonymous posted on
Anonymous
How is Amos Direct website worst compare to other Internet Banks? Please, explain.

1