Ambody Direct’s Premium Savings Account Review
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 fairly competitive rate coming in at 3.05. 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 Your opening deposit will then be withdrawn from your linked account, and you’re good to go.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 pretty solid, but there are higher interest rates available, the $25 sign-up bonus is tempting though.
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July 6th, 2009 at 4:30 pm
Beware of AmboyDirects cheating scheme of robbing your money by not sending you estatments and add charges to your account without notifying you. I opened an account with them in August 2006 with my Sons $50 birthday money. They sent me an estatment on 10/2/2008, which was a surprise to me because I never got any statement from them. I have other online banks that never send me statements, but they do not change terms either. Then a few days ago on 7/2/09, I got another estatement from Amboy and my account was deducted $5 service fee because my balance is under $100. I called them and complained. They simply said that the notice was on 3/31/09 statement. As you see, they do not send you statement, but claim they do quarterly. I have gmail and have never had any problems receiving email. They said it was my fault that I did not call them when I did not get statement. They set you up this way, changing terms without making sure that customers get notified. Obviously, if I could receive an estatement on 7/2/09, I should have received an estatement around 3/31/09. My gmail has never given me any problems. How would I suspect that I did not get estatement when I did not even know I should be getting them on quarterly basis. They then say that my estatement was online and I should check. But how could anyone remember to check online statement all the time when they have multiple accounts and bills to deal with. Services charges should be sent out to customers at least so they will be prepared and agree to pay. Not sending out notifications and making sure customer known about the charge is a way of ripping off customers. Once a bank has such a reputation, it is not going to change and be honest with customers any more. Do not trust AmboyDirect and do not trust your money with them, unless you are willing to let them ripping you off without being notified.