There are dozens of different options for you to place your savings, and the number of competitors in the online savings banking business seems to keep expanding. Amboy Direct’s Premium Online Savings Account is another potential solution for a high-yield savings account.
Like all of the other larger online savings banks, such as ING Direct, Emigrant Direct, and HSBC Direct, Amboy Direct has no fees and no minimum balance. Currently Amboy Direct offers an extremely competitive rate coming in at 5.25% or 5.35% for balances with $20,000 or more, which is just about the highest rate out there. You can only link the account to one external checking account. Interest is compounded monthly and credited monthly. Amboy does not do a hard credit-pull so your credit score will not be affected. The account is FDIC Insured and is par for the course with the exception of the very great interest rate.
Signup is very hassle free, just about as good as ING Direct’s process. You can apply by mail or on the internet. If you apply online, you’ll have to enter some standard personal information and agree to their terms and conditions. You’ll then have to confirm the amounts the two small trial deposits that they place in your checking account so that they know the account is yours. Your opening deposit will then be withdrawn from your linked account, and you’re good to go. The process only takes about 4 business days.
Be sure not to confuse Amboy Direct’s “eSavings” and “Maximizer” accounts with Amboy Direct’s “Premium Online Savings Account.” If you go directly to the Amboy Direct website, you won’t see the premium savings account advertised. Rather you have to go to http://www.amboydirect.com/premiumsavings/ to see premium online savings account option.
The bank itself, Amboy National Bank, is based in New Jersey and has been around for almost 120 years. Amboy Direct was created in 1990 to offer accounts by mail, and expanded to the web in the last few years.
You can get a $25 signup bonus if you can get an existing member to refer you to the account, which is an added perk. If you know anyone who has an account already, send them an email and they can have a referral link sent to you so that you can get new account bonus.
Overall Amboy’s online savings option is very solid. It offers one of the best rates out there and the new signup bonus just makes the deal even sweeter.