Amboy Direct Adds Jersey First eSavings, 2.50% APY


Deal Summary: Jersey First eSavings, 2.50% APY on balances up to $50k, 1.875% on balances between $50k and $250k, one-year rate guarantee, $100 minimum opening deposit, must be first and only Amboy Direct account, limit of one account per household.

Availability: New Jersey residents through online application

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.

For example,

  • 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$250kAmboy DirectMoney Market Max More - NJ only
OTHER TIERS: 0.40% $5k - $30k
Rates as of November 13, 2019.

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.

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 "B+" at, 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 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.

Related Pages: New York savings accounts, Philadelphia savings accounts, savings accounts, money market accounts, bank bonuses

RichReg   |     |   Comment #1
Just what I needed when all of my great-rate CDs are maturing in the next few months...a $50K cap.
BTW, what happened to Northern Bank Direct in the Money Market list...?
anonymous   |     |   Comment #3
If you go to this website's page for Northern Bank Direct, you will see that "Rates for Northern Bank Direct are currently being reviewed."
RichReg   |     |   Comment #7
What for?
Their Money Market rate has been tried and true for 2 months now since they re-opened it to EVERYBODY, & it's guaranteed thru 12/31. Maybe Ken & his staff are reviewing OTHER product rates at Northern, but I don't see anything questionable on their web-site about the Money Market.
Anonymoose   |     |   Comment #2
It's a good question. Can't find NBD on any of the account lists.
Att   |     |   Comment #5
Northern Direct's website says 2.5%. Not sure if they have any guarantees on rate duration.
Hooked   |     |   Comment #6
On the bank’s website, if you scroll all the way down, it still says the rate is ‘guaranteed through December 31, 2019’.
Gtg   |     |   Comment #8
The 3.00% APY listed above is for FitnessBank, not SalemFive.
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Availability: Nationwide (internet bank)

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