Amboy Direct Jersey First eSavings Offers 2.10% APY For A Year

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Deal Summary: Jersey First eSavings, 2.10% APY on balances up to $50k, balances between $50,001 and $250k earn between 2.10% and 1.91% APY, one-year rate guarantee, $1 minimum opening deposit, must be first and only Amboy Direct account, limit of one account per NJ household.

Availability: New Jersey residents through online application only

Amboy Direct is still promoting its Jersey First eSavings account, which currently earns 2.10% APY on balances up to $50k with a one-year rate guarantee. (FYI – the “First” in the account’s name refers to the requirement that it must be the account holder’s first and only Amboy Direct account.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.05*%$1$50kAmboy DirectJersey First eSavings
OTHER TIERS: 1.83% $50k - $250k
Rates as of January 26, 2020.

At first glance, 2.10% APY guaranteed for one year, looks attractive. After reviewing the fine print and talking to CSR, I’m not as impressed as I initially was.

For example,

  • 2.10% APY only available on balances up to $50k.
  • Balances of $50,001 to $250k earn between 2.10% and 1.91% APY.
  • The APY for balances above $50k is not guaranteed.
  • Jersey First eSavings must be the first and only Amboy Direct account.
  • Limit of one account per New Jersey household.
  • Limit of only one linked external account
  • I first wrote about the Jersey First eSavings account in August, when it earned 2.50% APY, guaranteed for one year. The 2.50% APY was in effect for about two months before it dropped to 2.35% APY. Less than a week ago, the rate dropped again – this time to 2.10% APY. I wouldn't be surprised if there were more rate decreases in the next year.

    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 DA reader, Highlight12, for the Forum post about the Jersey First eSavings account.

    $250 Money Market Max More 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
    1.76*%$30k$250kAmboy DirectMoney Market Max More - NJ only
    OTHER TIERS: 0.40% $5k - $30k
    Rates as of January 26, 2020.

    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.

    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 contains the following wording.

    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 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 "A" at DepositAccounts.com, with Texas Ratio of 8.69% (excellent), based on September 30, 2019 data. The Bank has an excellent capitalization level (17.96%), the resulting of holding $2.33 billion in assets with $418.95 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 13th largest bank headquartered in New Jersey, with nearly 43,000 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 331 Savings Accounts tracked by DepositAccounts.com that are available to New Jersey residents, Amboy Direct’s Jersey First eSavings APY currently ranks third. While the 12-month rate guarantee adds to the APY’s competitiveness, the $50k balance cap diminishes its appeal.

    The above rates are accurate as of 12/19/2019.

    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, Internet banks

    Comments
    Say
    Say "Merry Christmas"   |     |   Comment #1
    2.1% APY LOCKED for a year is an amazing deal!! It's very nearly enough to make me wish I lived in New Jersey . . . but not quite. ;-)
    #2 - This comment has been removed for violating our comment policy.
    RichReg
    RichReg   |     |   Comment #4
    2.1% with a max of $50K is not such an amazing deal...its O.K.
    Certainly plenty of Credit Unions with the same or better, but also not anything so fantastic that I'd want to move (out of Jersey), either...
    Predatory Depositor
    Predatory Depositor   |     |   Comment #3
    I keep very little in my liquid bank accounts so the small differences in rates is trivial in terms of dollars. Everything else in cash is locked longer-term at 3%+. I'd rather keep my liquid cash at a nice hub bank with excellent transaction features and take a few dollars less.

    I have a liquid savings account that guarantees 2.30% for about another year from now, but it has a 25k minimum to get that rate.

    Next big maturity dates for me coming up in about 4 months. Goinng be some tough decisions to make, hope there are some good deals available. But either way, I've got the majority locked in for at least 2 or 3 years so I'm in good shape.

    Over the past month I was able to take advantage of a deal I learned about here, that involved some challenging planning and transactions, but yielded a fantastic result that solved a very big problem for me. I want to thank Ken, the staff of this website, and most of the members who take part in the forums and blogs for the outstanding information you provide and wish you all happy holidays.
    #6 - This comment has been removed for violating our comment policy.
    #5 - This comment has been removed for violating our comment policy.
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