The Saving Advice Forums - A classic personal finance community.

4.75% Online Savings

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 4.75% Online Savings

    Amboy Direct.



    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

  • #2
    Re: 4.75% Online Savings

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

    Comment


    • #3
      Re: 4.75% Online Savings

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

      Comment


      • #4
        Re: 4.75% Online Savings

        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)?

        Comment


        • #5
          Re: 4.75% Online Savings

          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..

          Comment


          • #6
            Re: 4.75% Online Savings

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

            Comment


            • #7
              Re: 4.75% Online Savings

              Originally posted by JPWRana
              how is GMAC's user interface compared to ING? Is it just as good?
              yep it's good

              Comment


              • #8
                Re: 4.75% Online Savings

                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.

                Comment


                • #9
                  Re: 4.75% Online Savings

                  can you post a screen shot of the GMAC GUI?

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

                  Comment


                  • #10
                    Re: 4.75% Online Savings

                    Here is a link to their fee schedule.



                    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.

                    Comment


                    • #11
                      Re: 4.75% Online Savings

                      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).

                      Comment


                      • #12
                        Re: 4.75% Online Savings

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

                        Comment


                        • #13
                          Re: 4.75% Online Savings

                          Originally posted by RJB1180
                          Amboy Direct.



                          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.

                          Comment


                          • #14
                            Re: 4.75% Online Savings

                            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

                            Comment


                            • #15
                              Re: 4.75% Online Savings

                              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.

                              Comment

                              Working...
                              X