Amboy Direct's 12-Month CD Has Additional Deposit Option


Deal Summary: 12-month eSavings CD; 1.35% APY; $10k min/$100k max deposit; additional deposits allowed in the first six months

Availability: Internet bank

Over the weekend, Amboy Direct raised the rate on its 12-month eSavings CD by 15 basis points (1.35% APY). The minimum deposit is $10k, with a maximum balance cap of $100k.

1.35*%$10k$100kAmboy Direct12 Month eSavings CD
OTHER TIERS: 0.30% Up to $10k
Accounts mentioned in this post. Rates as of April 25, 2017.

The best feature of the 12-month eSavings CD is that “additional deposits may be made within 6 months of account opening.” Obviously, being able to add funds for six months is always advantageous. It’s also quite useful if you have another CD maturing and you’re looking for somewhere to place that money on a relatively short-term basis. For example,

  • You have $75k in a CD that matures in four months.
  • You open a 12-month eSavings CD today with a $10k minimum deposit.
  • You deposit the $75k in the eSavings CD four months from now.
  • The $75k is essentially in an 8-month CD earning 1.35% APY.

According to CSR, the Early Withdrawal Penalty is based on a formula that uses the amount withdrawn and time left until maturity as variables.


Amboy Direct is the internet division of Amboy Bank, a full-service commercial bank headquartered in Old Bridge Township, New Jersey. Amboy Direct occasionally limits certain accounts to only New Jersey residents. However, the eSavings CD does not have that limitation. U.S. Citizens and Resident Aliens (18 years or older) can open the eSavings CD with Amboy Direct either online or by mail.

CRS stressed that the money that will be used to fund the eSavings CD should be available in the personal account that will be linked, as funding will take place immediately following the verification process.

Amboy Direct’s More Product Information page explains how the online funding process is initiated.

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

Amboy Direct will send two small deposits to your personal checking account that must be verified. To verify, review your transaction history at the bank where your checking account resides and identify the two deposits. After reviewing, you will need to confirm the amounts by logging in to Amboy Direct and entering the amounts on a verification page. These deposits are sent as a fraud protection measure.

You must validate the 2 small deposits in your linked account no later than 50 days from the date the first deposit was made. If you do not validate the link within 50 days, Amboy Direct may return the initial deposit to the linked account and close the Savings account.

Transfer capabilities will be available immediately after "Verification process" is complete.

Bank Overview

As the internet division of Amboy Bank, Amboy Direct operates under Amboy Bank’s FDIC Certificate # 6423. Amboy Direct/Amboy Bank has an overall health grade of "B+" at, with Texas Ratio of 13.81% (above average), based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $78.12 million, an excellent annual growth rate of 4.66%. Please refer to our financial overview of Amboy Direct/Amboy Bank for more details.

Amboy Direct’s parent company, Amboy Bank, was founded in 1888 and has grown into a multibillion-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 the eSavings CD Compares

When compared to the 206 similar length-of-term CDs tracked by that are available nationally, Amboy Direct's 12-month eSavings CD APY currently ranks seventh, regardless of minimum deposit, but the ability to make additional deposits within the first six months increases its competitiveness.

Interest RateCD Length of TermCredit Union/Bank
1.50% APY12-Month Certificate ($5k min)Connexus Credit Union
1.46% APY12-Month eCD ($10k min)VirtualBank
1.35% APY12-Month eSavings CD ($10k min/$100k max)Amboy Direct

The above rates are accurate as of 4/5/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

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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.

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