Funky name ftw

Currently at 3.05% APY, Amboy Direct’s Premium Online Savings Account is another potential choice for high-yield online savings account.

Just like ING, Emigrant, and HSBC Direct, Amboy Direct features no fees and no minimums. Account opening is a breeze, rivaling ING Direct’s simplicity. You’ll need your driver license number and checking account number around when you fill out the application.

Four steps to opening an Amboy Direct account:

  1. Enter your personal information
  2. Agree to terms and condition
  3. Make an electronic deposit from an existing account
  4. Confirm and submit information

Amboy Direct account opening is fast. Really fast.

Email confirmations

  • 7/24/06 – Filled out application and submit, received email confirmation.
  • 7/26/06 – Received email notifying account has been opened.
  • 7/27/06 – Received confirmation trial deposit in checking account.
  • 7/27/06 – Initiated test transfer of $10.
  • 7/28/06 – Test transfer of $10 credited in Amboy account.

Trail deposit and initial deposit

Need To Know:

  • Minimum account opening is $1, maximum deposit of $250,000.
  • You can link the Amboy Direct account to only one external account.
  • If you close account before interest is credited, you will not receive accrued interest.
  • Premium Savings not to be confused with eSavings or Maximizer accounts.
  • Interest is compounded and credited monthly.
  • AccessID to login instead of a username, ala ING Direct.
  • You can only ACH push into Amboy Direct, but not ACH pull. To transfer money out of your Amboy Direct account, you’ll need to use the Amboy Direct website.

Website Interface:

 

 

No-frills interface

That’s the gist of it for now. Expect full review after at least a few weeks (or months) of usage to fully utilize the account. So far so good.

Update: Amboy Direct’s Premium Savings is currently 1.51%. To get the current rate, please check the official Amboy Direct website.

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