Amboy Direct offers an eSavings account with a competitive rate and a $50 bonus. Get all of the details in our Amboy Direct review.
There’s a chance to get a cash bonus of $50 if you’re planning to open a new interest-earning bank account.
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Amboy Direct is offering a limited-time bonus for new customers of its eSavings account program. This bonus comes in addition to the program’s everyday high yield rate. You don’t have to change banks or get rid of your existing checking account to take advantage of this bonus offer. You can link your new Amboy digital-banking account to your existing checking account.
Amboy Direct eSavings Interest Rate
Amboy offers semi-competitive interest rates as long as you have at least $300 in your account. Account holders earn an APY of 0.30% with balances of between $300 and $2,999. Accounts with balances between $3,000 and $100,000 are given an APY of 0.90%. Accounts with $300 or less don’t earn any interest. It should be noted that APY may change daily.
Amboy Direct eSavings Account
An Amboy eSavings account is essentially a high yield savings account that utilizes the tools and perks offered by online banking. What is notable about the accounts provided by Amboy Direct is that they’re all backed by competitive APY’s. You can essentially take advantage of the high rates of a CD without being forced to lock up your money. Customers are able to move money between an existing checking account and an eSavings account with ease.
Amboy claims that customers can earn 40 times more with an Amboy eSavings account than with accounts offered by major banks like Wells Fargo and Bank of America. Amboy is able to offer higher rates than most traditional banks because everything is done strictly online and there is no need to devote resources to managing banking branches. However, Amboy Direct is a division of Amboy Bank. This means that customers get to enjoy the confidence of working with a banking institution that’s been around since 1888 while they take advantage of a cutting-edge online banking solution.
What are some of the things you should know about how an eSavings account from Amboy Direct works? These accounts are relatively easy to open and maintain. Here’s a look at the basics:
- Pays monthly interest
- No fees
- Available to customers nationwide
- Requires a minimum initial deposit of $100
- Backed by FDIC insurance up to $250,000 per depositor
- Provides 24-hour access for money transfers between accounts
- Allows for automatic transfers to be scheduled
- Account balance is limited to $100,000 per client
Opening an Amboy Direct eSavings Account
You can apply for an Amboy Direct account at any time online. You will begin earning interest on your money the next day after you are approved. Here’s a glance at some of the basics you’ll need to know before applying:
- Accounts are open to United States citizens who are at least 18 years old
- A valid Social Security number is required
- Accounts must be opened using an initial deposit from a personal account that has check-writing privileges
- Your initial deposit will be available for withdrawal after seven business days
- Amboy Direct will automatically initiate two small transactions to your personal checking account for verification when you fill out an application
- How to Get Your $50 Bonus From Amboy Direct
The Amboy eSavings New Client offer can be accessed here. Interested customers must submit an email address to receive a code to activate the offer. What if you don’t use email? You can call 1-877-22AMBOY to inquire about the bonus.
Amboy Direct $50 Bonus Rules
There are some requirements to be eligible to receive the bonus. A minimum monthly average balance of $3,000 or more must be maintained for at least 90 days. The $50 bonus will be credited to your account during the next statement cycle after you reach the requirement. Only one offer can be used per household. While Amboy has been offering this deal for quite a long time, there’s no guarantee that it will be around forever.
Using Your Amboy Direct eSavings Account
Your Amboy account can be viewed online around the clock. Only you can access your Amboy Direct account. Logging in will require an access ID and password. Online statements are emailed to customers on a quarterly basis. All current transactions will be listed for you to see whenever you’re logged into your account.
In addition to managing your account online, you can also manage funds directly from your keyboard. Amboy Direct offers a state-of-the-art system for completing bank-to-bank transfers. This means that you can move funds between your existing checking account and your Amboy Direct account with the simple click of a mouse. You will have the option to move money back and forth between the two accounts with ease. You can also manually enter the amount that you want to move when you’re logged into your account.
Electronic transfers made to your non-Amboy checking account will take about two to three business days to be completed. You will be able to make transfers up to six times per month. While Amboy Direct doesn’t charge any fees, the bank that your checking account is associated with may charge its own fees.
There are a few things to be cautious about when you open an online account with Amboy Direct. Amboy is extremely strict when it comes to maintaining a minimum balance in your account. An account will be closed immediately any time a balance drops down to $0. This is a big thing to watch out for because any accrued interest in your account will be automatically forfeited when that happens. In addition, you will forfeit all interest that has built up in your account if your balance dips below $1.
Is the Amboy Direct eSavings Account a Good Option?
Amboy’s eSavings accounts offer a relatively straightforward and consistent way to earn interest without doing any heavy investing or working with a financial consultant. It’s a good alternative to CDs and similar financial products if having access to your money without penalties or extra steps is important to you.
The fact that you are able to earn interest without any monthly fees definitely gives this option a boost if you’re comparing what different banks are advertising. Amboy offers a good setup if you’re interested in handling banking completely online. Anyone who prefers to meet with representatives in person or visit branches when they have issues or questions will be disappointed to know that Amboy Direct does not have any physical locations that can be visited. It is possible to speak with a service consultant over the phone by calling Amboy’s toll-free number.
The one thing that detracts from the allure of Amboy is the company’s punitive policy regarding balance totals. Customers really need to keep a close eye on their balances if they think totals could dip down to below $1. The fact that accounts can be cancelled and gained interest will be forfeited is definitely a big drawback to an otherwise beneficial and positive online banking option.
Updated February 11, 2018 and originally published October 19, 2017.