The eSavings Time Deposit is offered through Amboy Direct, the online version of Amboy Bank from New Jersey, featuring a reasonable 2.35% APY for savings of $10,000 or more and 1% APY for $100 to $9,999.  You can open the time deposit with a small minimum of just $100 and you are required to leave your money in the savings for a 12 month term.  If you would like to make additional deposits to the eSavings Time Deposit you can do so within the first six months of opening your eSavings Time Deposit, up to a maximum balance of $100,000.  Your interest rate is guaranteed throughout the twelve month term.  The only other stipulation is you can’t open an eSavings Time Deposit with money you already have saved with Amboy Direct.

It’s not in your best interest to save money in an eSavings Time Deposit if you don’t think you can leave the money untouched for at least 12 months.  If you withdraw your money before the 12 month term, you will pay a penalty equivalent to 3 months of nterest.  When making a withdrawal from an eSavings Time Deposit, you cannot withdraw just a part of the money – they require that you withdraw the full amount, and the enire balance is subject to the early withdrawal penalty.

The eSavings Time Deposit is available nationally.  They have an online application available on their Certificate of Deposits page.  Deposits and add-on deposits to the eSavings Time Deposit need to be done through ACH (electronic transfer) from a checking account held at any other, non-Amboy Direct bank.  The interest rates for eSavings Time Deposits lock in when the application is submitted.

This Time Deposit (CD) will be converted to the basic eSavings account unless you contact Amboy Direct and ask them to renew your Certificate of Deposit.  So if you are not interested in having an eSavings account with Amboy Direct, you’ll want to be sure to contact the bank for renewing your CD or withdrawing your money upon maturity.

Most certificate of deposit products require much higher minimums.  The Amboy Direct eSavings Time Deposit makes it possible to open your account with just $100.  During your first six months you can continue to deposit to the account to build it up and earn more interest.

Amboy Direct and Amboy Bank is FDIC insured up to the regular deposit limits.  Bankrate gives the financial institution 4 stars.