Amboy Direct eSavings Account $50 Bonus

Posted by pfreviews

on January 16, 2009

Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.

I don’t usually see my local bank, true local bank, run promotions with their banking products. So when I do see one, I want to pass it along.

Amboy Direct eSavings Account Reviews

You may not familiar with Amboy Bank, which headquarters in Old Bridget, NJ, because it is one of those true local banks to me. The bank, established on May 12, 1888, mainly serves residents and businesses in the central New Jersey. FDIC has the following quick summary of the bank:

It was established on May 12, 1888.
Its main office (headquarters) is located at:
3590 U.S. Highway 9
Old Bridge, New Jersey 08857
County of Middlesex

Amboy Bank has 25 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices.

Amboy Bank has been a member of the FDIC since January 1, 1934 and its FDIC certificate number is 6423.

Amboy Direct is online division of Amboy Bank. The main product of Amboy Direct is its eSavings Account. The account requires only a $100 minimum initial deposit to open with no monthly account maintenance fee. eSavings Account currently offers a 2.53% APY for the minimum balance of $3,000. The rate isn’t that great, but it’s better than what you can get from popular online bank like ING Direct, which only pays 2.50% APY for its Orange Savings Account. However, if your account balance is below $300, then you won’t earn any interest. Balance between $300 and $3,000 will earn 1% APY.

And if you use ACH to transfer funds electronically to eSavings Account, you will get an even better rate. According to the bank, if you link eSavings Account to any non-Amboy checking account, the fund transferred to eSavings Account will earn a 2.79% APY, beating both ING Direct and HSBC Direct. Of course, your money at Amboy Direct is FDIC insured up to the maximum amount allowed by law.

Other features of eSavings Account include:

Bankrate.com Safe & Sound Ratings: 4 stars out of 5;
Amboy Bank routing number: 021204416;
Trial deposits account ownership verification;
Maximum 6 monthly withdrawals;
2 – 3 business days for out bound preauthorized ACH transfer;
Account accrues interest 1 business day after the deposit is made;
5 business days before deposits can be withdrawn.