Amboy Direct continues to offer promotional rates on its savings and money market accounts. The money market rate has gone down, but it's still competitive. Just like the last one, the money market account promo will be more appealing for those with large balances. Also like the last one, these promotions are limited to New Jersey residents.
Money Market Promotion
For the money market account, new customers who open a Money Market Max Plus account will receive a guaranteed 1.05% APY for 6 months with a minimum balance of $50,000. The APY is guaranteed up to a balance of $250,000. This promotion is listed on the left side of the Money Market Maximizer page as of 12/10/2012. To see the details and to apply, click on the "Learn More" link. You then have to enter your email address. It's also listed in this this Amboy Direct page. Below is the small print of the offer:
*$100 to open. 1.05% Annual Percentage Yield (APY) will be paid from $50,000 to $250,000. Balances between $5,000 and $49,999 earn an APY of 0.25%. Under $5,000 earns no interest. APYs are guaranteed for 6 months and then may change daily. Maximum deposit $250,000. One offer per new Amboy Direct household. Offer may be withdrawn without notice. Fees may reduce earnings. Not available at Amboy Branches. NJ residents only. Offer code required. Member FDIC.
The Money Market Maximizer is a tiered-rate account with a standard top rate of 0.75% for balances of $30K to $250K. The standard rate is 0.40% for balances of $5K to $30K. No interest is paid for balances under $5K. The account has no monthly balance minimums or fees.
Savings Account Promotion
For the 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 12/10/2012. To see the details and to apply, click on the "Learn More" link. You then have to enter your email address. Below is the small print of the offer:
*1.00% Annual Percentage Yield (APY) will be paid from $1 to $50,000. Balances between $50,001 and $100,000 earn an interest rate of 0.75% with an APY from 1.00% to 0.88%. APYs over $50,000 may change daily. Maximum deposit $100,000. One offer per new Amboy Direct household. Offer may be modified without notice. Fees may reduce earnings. Not available at Amboy Branches. NJ residents only. Offer code required. Member FDIC.
The standard eSavings account rate is 0.75% (as of 12/10/2012) for balances of $300 to $100,000. The eSavings account has no monthly balance minimums or fees.
Amboy Direct Overview
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. Amboy Direct only has the ability to link to one non-Amboy checking account. Changes to this requires a form that must be mailed in. It cannot be changed online.
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 84.77% (poor) based on September 2012 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 These Promotions Compare
Salem Five Direct is also offering a savings account promotion with a 1.25% APY for new customers, but this isn't guaranteed to last for a certain amount of time. You'll have to carefully monitor your account statements to know when the promo rate ends.