4.75% Online Savings

[RJB1180]

Amboy Direct.

http://www.amboydirect.com/premiumsavings/

Premium Savings Acct. 4.75 apy, $1 min to open, 250k max in acct.

You must be at least 18 years old and have a valid social security number.
Minimum initial deposit is $1. There are no monthly balance requirements.
You can open an account online or by mail.

Open by Phone Just call 877-22AMBOY and we'll walk you through the application. (IMASAVER)


the rest of the FAQ
Quarterly statements are sent electronically and secured with your personal password. Paper statements are a free available option.

Account information can be accessed 24/7 by logging into www.amboydirect.com or calling Amboy 24 at 1 877-24-AMBOY.

Accounts with Internet or phone service are automatically linked to the checking account used to open the account allowing you to make deposits or withdrawals by transferring Bank-to-Bank between these accounts.

Electronic deposits made to your account will begin to accrue interest 2 business days after the deposit is made and will be available for withdrawal after 5 business days. Every day is a business day, except Saturdays, Sundays and Federal Holidays.

Electronic transfers to your non Amboy checking will generally be at your bank within 2-3 business days.

In accordance with Regulation D, which banks must comply with, preauthorized transfers from the account are limited to six per month.

Amboy Direct Service Consultants are available by phone 8:30 - 7:00 Mon. - Thurs, 8:30 - 5:00 Fri., 9:00 - 1:00 Sat. EST

Wire transfers, mail in deposits and issues of bank checks are not available with this account.

The account balance limit is $250,000 per client.

Please let me know if you have worked with this bank before.


thanks

[Ima saver]

I have never heard of this bank, where is it located?

[RJB1180]

It is in New Jersey, Amboy National is the actual bank, like emigrant it is the direct side

[JPWRana]

Seems very interesting. They are FDIC insured. Sha'll we add this to our BIG 3 online banks?

1) ING
2) ED
3) HSBC
4) Amboy Direct (AD)?

[CJsoccerchic]

ING should not be in the top three - GMAC should with thier - 4.75% as well...
Ing is pretty sad at 4.15% - what a let down..

[JPWRana]

how is GMAC's user interface compared to ING? Is it just as good?

[lsdlsd0]

Originally Posted by JPWRana

how is GMAC's user interface compared to ING? Is it just as good?

yep it's good

[BTC]

I was just looking into opening a GMAC account and I'm not too wild about the monthly service charges if your balance ever falls below $500.00.

[JPWRana]

can you post a screen shot of the GMAC GUI?

Also, what are the monthly service charges if balance is kept BELOW $500?

[BTC]

Here is a link to their fee schedule.

http://www.gmacbank.com/fee-schedule.do

Here are some specific fees with regards to balances.

Money Market Savings Account Monthly Services Charges
If the Average Daily Balance of your GMAC Bank money market savings account is GREATER than $500

NO MONTHLY SERVICE CHARGES ON YOUR ACCOUNT.

If, however, the Average Daily Balance of your GMAC Bank money market savings account is LESS than $500

The Monthly Service Charge for Direct Deposit Accounts will be $5.00 per statement cycle or
The Monthly Service Charge for NON-Direct Deposit Accounts will be $7.50 per statement cycle.

[sweeps]

Yes, if there is a good chance your balance could go below $500, then GMAC should not be your choice. Stick with ED or HSBC (or one of the other new alternatives out there).

[markio26]

i use hsbc... ing for family fun stuff..

[sweeps]

Originally Posted by RJB1180

Amboy Direct.

http://www.amboydirect.com/premiumsavings/

Premium Savings Acct. 4.75 apy, $1 min to open, 250k max in acct.

According to a Bankdeals blog posting, there are a few possible issues:
- Electronic transfers may take up to 2 or 3 days
- The account can only be linked to 1 other account
- Since statements are received quarterly, it's possible that if you closed your account or your account was closed by them, you could lose up to 3 months interest.

Just an FYI.

[RJB1180]

Why except for fees are you closing online savings accts. $1 is not that much to leave behind to switch later on for better rates? I see this alot on this forum and another similar forum

[sweeps]

Originally Posted by RJB1180

Why except for fees are you closing online savings accts. $1 is not that much to leave behind to switch later on for better rates? I see this alot on this forum and another similar forum

I assume that question was for me? I personally have not closed an account, but someone may want to close accounts to help protect against identify theft. Also you should be prepared to have your account closed by the bank if it has a very small balance. Not very likely, but it can and does happen.

[mrvirgo]

Sweepsplayer, would you please elaborate on "help protect against identify theft."? It never even occurred to me that leaving $5.00 in ED and HSBC might ever be cause for any concern. If either ED or HSBC should give a huge rate hike in the future, I want to be in a position to put money into those accounts. That is why I didn't leave just $1.00 in either account.

[BTC]

I think Sweeps is just implying that the more online accounts one might have the more exposed they might become to identity theft.

[sweeps]

Yup, the biggest risk is just opening a new account, period. That gives many of that bank's employees and contractors all your financial information: name, address, phone, SSN, drivers license #, mother's maiden name, etc.

But there is also concern just having an account open, particularly if it's linked (or linkable) to other accounts. Regularly watching statements and getting email confirmations of account activity helps, but thieves can be pretty creative if they do compromise your account.

[wyett3]

Originally Posted by Sweepsplayer

According to a Bankdeals blog posting, there are a few possible issues:
- Electronic transfers may take up to 2 or 3 days
- The account can only be linked to 1 other account
- Since statements are received quarterly, it's possible that if you closed your account or your account was closed by them, you could lose up to 3 months interest.

Just an FYI.

Is there a regulation for these (GMAC, Amboy) online money market accounts on how many accounts they can be linked to; like the 6 transactions per billing cycle rule?

[RJB1180]

Somethin I just found out you CAN NOT cancel scheduled transfers see email

Thank you for contacting Amboy Direct on May 10, 2006 regarding transfers.

You do not have the option to cancel transfers as this process is done electronically.

If you have additional questions or concerns, please email or contact me at 1(800) 942-6269.

Sincerely,
Tammara Feldman
Call Center Team Leader


Just thought everyone should know