Amboy Direct Online Savings Account Rates
March 22, 2010 by · Leave a Comment
The main service branch of Amboy Direct has been headquartered in New Jersey since they were established in 1888. Based on over 120 years of banking experience they founded Amboy Direct as their Internet banking service back in 2003.
Customer service is a top priority for the company, and with their 12th consecutive year of being named the best bank in New Jersey they appear to be succeeding. But not only can you expect good customer service with this bank but the Amboy Direct online savings account rates cannot be beat by many.
The current annual percentage yield paid for Amboy Direct online savings accounts is an even 1.00%. This is a consistent rate that is earned by any online savings account and will not be changed simply because your balance has changed. There is a minimum opening deposit of $1,000 and you will earn the same interest rate as someone with $100,000.
Once you make an opening deposit it will begin accruing interest after the amount has been in the account for one business day, and that amount will not be available to be withdrawn for seven business days. While the same interest rate is earned no matter what the balance, it is necessary to note that if the balance falls under $300 then no interest will be earned on the account.
There are also no fees or costs to transfer funds so you can earn even more interest by saving that money every month. Should you choose to use an Amboy checking account for those transfer they are usually complete within 1-2 business days.
It’s important to keep in mind since you are opening the account online Amboy Direct will require that the initial deposit is made from an Amboy Direct checking account. After the initial deposit then you can make free online transfers from any account that you wish.
The initial deposit is a safety issue so they want to make sure they can verify the source, once this is done then you can manage the money any way you see fit. You also have access to your account 24/7 online, which gives you further control over your funds.
