It’s been more than two years since Amboy Direct offered anything blog worthy. The New Jersey-based internet bank recently introduced the Jersey First eSavings account, which looked competitive at first glance: 2.50% APY, guaranteed for one year. Great – but when you read the fine print and talk to CSR, you discover limitations that chip away at the Jersey First eSavings’ appeal.
- 2.50% APY only available on balances up to $50k.
- 1.875% applies to portion of balance greater than $50k (a $250k balance will result in a 2.00% blended APY.)
- $250k maximum balance.
- Jersey First eSavings must be the first and only Amboy Direct account.
- Limit of one account per household.
- Limit of only one linked external account
All Jersey First eSavings deposits and withdrawals have to be made through Amboy Direct’s,
bank-to-bank transfer process makes 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.
Thanks to all the DA readers who commented on the Jersey First eSavings Forum post.
$250 Money Market Max More Bonus
Amboy Direct is offering 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.
|1.76*%||$30k||$250k||Amboy Direct||Money Market Max More - NJ only|
|OTHER TIERS: 0.40% → $5k - $30k|
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 is capped at $250k.
Amboy Direct is the internet division of Amboy Bank, a full-service commercial bank headquartered in Old Bridge Township, New Jersey.
U.S. citizens and resident aliens (18 years or older) with a valid Social Security number, who are New Jersey residents, can open a Jersey First eSavings account online.
The More Product Information pop-up contains the following wording.
Account must be opened with an initial deposit from
your personal account with check writing privileges.
When I questioned CSR about the “check writing privileges”caveat, she 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 heading:
A copy of one of your personal checks from the account you
would like to use to fund your new Amboy Direct account.
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 "B+" at DepositAccounts.com, with Texas Ratio of 10.21% (excellent), based on March 31, 2019 data. The Bank has an excellent capitalization level (17.64%), the resulting of holding $2.26 billion in assets with $397.93 million equity. 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) currently the 14th largest bank headquartered in New Jersey, with more than 43,400 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 310 Savings Accounts tracked by DepositAccounts.com that are available to New Jersey residents, Amboy Direct’s Jersey First eSavings APY currently ranks fourth. While the 12-month rate guarantee adds to the APY’s competitiveness, the $50k balance cap definitely tempers its appeal.
The above rates are accurate as of 8/10/2019.
To look for the best Savings Accounts rates, both nationwide and state specific, please refer to our Savings Account Rates page.