Amboy Direct's Jersey First eSavings Continues To Be A Rate Leader

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Deal Summary: Jersey First eSavings, 1.01% APY on balances up to $50k, balances between $50,001 and $250k earn 0.40% APY, $1 minimum opening deposit, limit of one account per NJ household and must be first Amboy Direct account opened.

Availability: New Jersey residents through online application only.

Amboy Direct’s Jersey First eSavings account has maintained its 1.01% APY on balances between $1 and $50k for the last 18 months. (Note: the fine print on the landing page shows a 1.05% APY for balances up to $50k. CSR stated that is a misprint and the correct rate is 1.01% APY.)

The fine print also states balances of “$50,001 to $250,000 earn from 1.01% APY to 0.52% APY.” According to CSR, balances of $50,001 to $250,000 earn 0.40% APY. Assuming the current rates hold, a $250k balance would result in a blended APY of 0.522%, with annual dividends of approximately $1,305.

The Jersey First eSavings account can be opened with a $1 minimum deposit. There is a limit of one account per New Jersey household, with the Jersey First eSavings account being the account holder’s first Amboy Direct account. (FYI – the “First” in the account’s name refers to the requirement that it must be the account holder’s first Amboy Direct account.) When I last wrote about the Jersey First eSavings in 2019, there was a one-year rate guarantee; unfortunately, a rate guarantee is no longer offered.

All Jersey First eSavings deposits and withdrawals have to be made through Amboy Direct’s bank-to-bank transfer process,

making it easy for you to move money between your Amboy Direct account and your checking account with a click of the mouse. After logging in, select whether you move money to or from your Amboy Direct account and enter an amount. It's that simple.

Money Market Max More $250 Bonus

Amboy Direct continues to offer a $250 bonus for maintaining a minimum monthly average balance of $30k in a Money Market Max More (MMMM) during the first twelve months following account opening. The bonus will be awarded in four $62.50 payments on a quarterly basis. If the MMMM is closed within the first 12 months, any bonus payment credited will be debited from the MMMM at closing.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.45*%$30k$250kAmboy DirectMoney Market Max More - NJ only
OTHER TIERS: 0.20% $5k - $30k
Rates as of May 15, 2021.

Assuming the MMMM’s 0.45% APY holds, a $30k balance maintained for one year would earn $135. The addition of the $250 bonus would result in an equivalent APY of approximately 1.28%.

The MMMM must be opened online and is only available to New Jersey residents. The $250 bonus is limited to one per “new NJ Amboy Direct household that has not received a past bonus.” The minimum opening deposit is $100, and the opening deposit is capped at $250k.

Availability

Amboy Direct is the internet division of Amboy Bank, a full-service commercial bank headquartered in Old Bridge Township, New Jersey.

New Jersey residents who are U.S. citizens/resident aliens (18 years or older) with a valid Social Security number can open a Jersey First eSavings account online.

The More Product Information pop-up screen contains the following statement.

Account must be opened with an initial deposit from
your personal account with check writing privileges.

When I asked about the “check writing privileges” requirement, CSR explained that funding can only be done from a liquid account that has check writing ability. That explains the following statement that appears under What you need to complete this application on the first page of the online application:

A copy of one of your personal checks from the account you
would like to use to fund your new Amboy Direct account.

Bank Overview

As the internet division of Amboy Bank, Amboy Direct operates under Amboy Bank’s FDIC Certificate.

Amboy Direct/Amboy Bank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 5.84% (excellent), based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $342.59, an excellent annual growth rate of 17.95%. Please refer to our financial overview of Amboy Direct/Amboy Bank (FDIC Certificate # 6423) for more details.

Founded in 1888 as the First National Bank South Amboy, Amboy Bank (Amboy Direct’s parent company) is currently the 14th largest bank headquartered in New Jersey, with assets in excess of $2.6 billion and more than 41,000 customer accounts. Amboy Direct was established as a division of the Bank in 1995 and became an internet banking service in 2003.

How the Jersey First eSavings Compares

When compared to the Savings Accounts tracked by DepositAccounts.com that do not have small balance caps and are available to all New Jersey residents, Amboy Direct’s Jersey First eSavings APY currently ranks first.

The above information and rates are accurate as of 3/25/2021.

To look for the best Savings Accounts rates, both nationwide and state specific, please refer to our Savings Account Rates page.

Related Pages: savings accounts, Internet banks

Comments
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