Availability:Residents of New Jersey
Amboy Direct, the internet arm of Amboy Bank (New Jersey) has introduced its new Money Market Max More account, which earns 1.27% APY on balances between $40K and $250K. Balances between $5K and $39,999 earn 0.25% APY. (While the Money Market Max More account can be opened with a $100 deposit, $5K is the minimum eligible balance to earn any interest).
This a promotional offer and, as stated on Amboy Direct’s Money Market Max More page, the APY is guaranteed for six months.
Thanks to DA member, Michael Greiner, for his Forum posting about this Money Market Max More deal!Anytime Access CD
Amboy Direct continues to offer its Anytime Access CD (1.15% APY $10K-$100K), which I first wrote about in a February 2014 posting. Details on the Anytime Access CD can be found here, but essentially it’s a 3-year CD that allows you to withdraw (penalty free) up to 25% of the original balance each year. While you can make the withdrawal at any point during the year, you are only allowed one withdrawal per year.
Amboy Direct is the internet division of Amboy Bank, a New Jersey full-service commercial bank that is headquartered in the Township of Old Bridge. Accounts at Amboy Direct are available to New Jersey residents (18 years or older) who are U.S. Citizens or U.S. Resident Aliens.
Amboy Direct has an overall health rating of "B" at DepositAccounts.com, with a Texas Ratio of 35.69% (average), as of September 30, 2014. Amboy Direct has an excellent capitalization level of 13.97%, a result of holding $2.15 Billion in assets, with $300.58 Million in equity. Please refer to our financial overview of Amboy Direct for more details.
Amboy Direct’s parent company, Amboy Bank, was founded in 1888 and has grown into a multi-billion dollar institution, with over 20 branches across central New Jersey. Amboy Direct was established as a division of the Bank in 1995, and became an internet banking service in 2003.
How Money Market Max More Compares
While the 1.27% APY is not the highest for comparable Money Market Accounts available to New Jersey residents, the higher maximum balance ($250K) is 5 times higher than EverBank’s Money Market Account, making Money Market Max More very competitive.
The above rates are accurate as of 1/26/2015.
To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market rates table.