Amboy Direct 12-month Add-on eSavings CD Available Nationwide

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UPDATE: 8/3/17 - The eSavings CD rate has gone back down to 1.51% APY. I've updated the July 15th post with this new rate.

UPDATE: 7/20/17 - The eSavings CD rate has increased from 1.51% to 1.65% APY! I've updated the July 15th post with this new rate.

Deal Summary: 12-month eSavings CD, 1.51% APY, $10k min/$250k max deposit, additional deposits allowed during the first six months.

Availability: Nationwide (internet bank)

If you’ve been following the saga of Amboy Direct’s 12-month eSavings CD over the past few months, you’ve seen several updates, including rate increases, a change in availability, and a balance cap increase. There’s one more update to talk about, and it’s a good one: DA has received written confirmation that the 12-month eSavings CD (1.51% APY) is available nationwide. The minimum deposit is $10k, with a maximum balance cap of $250k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.51*%$10k$250kAmboy Direct12 Month eSavings CD
OTHER TIERS: 0.30% Up to $10k
Accounts mentioned in this post. Rates as of August 19, 2017.

Note: Amboy Direct’s Personal eSavings Account (0.80% APY) is also nationally available, but the Business Money Market Maximizer and the Money Market Max More are only available to New Jersey residents.

A great feature of the 12-month eSavings CD is the ability to make additional deposits in first six months of the account's term. According to the eSavings CD Account Details,

You can make additional deposits during first 6 months from your current bank account using our Bank to Bank transfer capability. Deposits are made by logging into your Amboy Direct account and initiating a transfer.

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 essentially becomes an 8-month CD earning 1.51% APY.

The only piece of information I could not find on Amboy Direct’s website was how to receive the funds from a maturing eSavings CD. According to CSR, upon maturing the funds are automatically transferred into a Personal eSavings Account, giving you immediate access to the funds. The Personal eSavings Account will have the same account number as the eSavings CD. That account number also serves as the “Access ID” that is used to log into the Bank’s online banking platform.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.80*%$3k$100kAmboy DirectPersonal eSavings Account
OTHER TIERS: 0.30% $300 - $3k
Accounts mentioned in this post. Rates as of August 19, 2017.

As stated in a Disclosure that is attached to the online application, the Early Withdrawal Penalty reads as follows:

The early withdrawal penalty will be 6 months loss of interest at the rate and balance at the time of withdrawal.
In the event of an early withdrawal, your account will be converted to an eSavings account and be subject to an interest penalty.

Availability

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, who have a valid government ID can open an account with Amboy Direct either online or by mail.

CSR 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 the Bank’s FDIC Certificate (# 6423) and shares its financial history.

Amboy Direct/Amboy Bank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 13.02% (above average), based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $86.84 million, an excellent annual growth rate of 5.19%. Please refer to our financial overview of Amboy Direct/ Amboy Bank for more details.

Founded in 1888 as the First National Bank South Amboy, Amboy Bank (Amboy Direct’s parent company) has grown into a multi-billion dollar institution with 23 branches located 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 213 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Amboy Direct's 12-month eSavings CD APY currently ranks second. The option to make additional deposits within the first six months only increases its intrinsic value.

The above rates are accurate as of 7/20/2017.

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

Related Pages: New York savings accounts, Philadelphia savings accounts, savings accounts, 1-year CD rates, nationwide deals, Internet banks

Comments
Sylvia
Sylvia   |     |   Comment #1
Ken, today's rate for 12 month CD is 1.65%. I've posted on Forum.
Ken Tumin
Ken Tumin   |     |   Comment #2
Thanks Sylvia! That's great news that I wasn't expecting. It looks like Amboy is trying hard to attract deposits.
muthuk
muthuk   |     |   Comment #8
Hi Ken, thanks a lot for your good work & for this excellent website...looks like only US citizens can open accounts at Amboy but not resident aliens. I just got off the phone with a CSR who read it to me from their website. We might need to update/correct the 'Availability' section to reflect the same, currently it says "U.S. citizens and resident aliens, 18 years or older....".

Thanks
Muthu
Anonymous
Anonymous   |     |   Comment #3
The 1.65% rate is great. However, I have some misgivings about opening such an account. Perhaps via comments from other bloggers here at DA I will get a better sense of how to do this. The problems I have are --- the checking account used to fund the account. As of right now I have a checking account which I could use but it does not have the funds I would use to open the account. The funds I would use come from another financial institution where I am presently earning a good money market rate (on which I also have check writing abilities). I would not use this account because less than 1 year from now the guarantee I have on the rate of interest earned ends which would mean the account would be closed and not available to accept the maturing Amboy savings proceeds. The Amboy process seems to be too complex. I would lose interest from my guaranteed rate account while it is held in a noninterest bearing checking account for probably 7 - 10 business days. The idea of getting 1.65% interest for a year sounds great but does not in actuality work out for me.

For those of us who get good rates at different financial institutions, we don’t necessarily keep those accounts open because the guarantees expire and we are on to a different offer some place else. I have had large deposits from maturing CDs held at the financial institution I transferred them to sometimes for 7 – 10 business days and usually I make sure they have gone into an account earning a decent guaranteed amount of interest while they are on hold.
RJM
RJM   |     |   Comment #7
Dang it. I am simply going to be unable to resist opening another account.
And breaking some of my Ally no penalty 1.5% CDs.
I wanted to get below the limit at ally.
Amboy Direct (NJ) Raises 12-Month Add-On eSavings CD (1.51% APY)

UPDATE 7/10/2017: The maximum balance cap has increased from $100k to $250k.

UPDATE 6/16/2017: Only available to New Jersey residents.

UPDATE 6/16/2017: Rate has been increased.

Deal Summary: 12-month eSavings CD, 1.46% 1.51% APY, $10k min/$250k max deposit, additional deposits allowed during the first six months.

Availability: Nationwide (internet bank) New Jersey

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