Amboy Direct is still offering their highest cd rates for their add-on certificate of deposit called eSavings Time Deposit. The current cd rates for deposits of $10,000 and up is at 2.00% APY while anything below this balance gets 1.00% APY.

The best cd rates can be enjoyed by opening an account for a minimum of $100 new money. Additional funding can be done during the first six months of the certificate of deposit. The set ceiling for balance of the CD is $100,000. Interest rates upon opening are guaranteed through the life of the CD.

Interested consumers can apply online. Existing Amboy Direct customers must still go through the application process. Funding of the account can be done through electronic transfer from your checking account with another bank. Amboy will make trial deposits to verify your external account.

You have to give special instructions to the bank so they know what to do with your CD account upon its maturity. If there will be no instructions from the account holder, the certificate of deposit will automatically be converted into an e-savings account.

The bank imposes early withdrawal charges for as much as 120 days of earnings. The computation will be based on the entire balance of your CD.

The 2.00% is not really high for a one year money in the bank deal but the add on feature is a very good touch. You can start the account with just $100 and add to that in case the rates get better or keep it at a low if the rates take a dive.

Amboy Direct is the online division of Amboy Bank which is covered by the FDIC. It is registered through certificate number 6423.

The review for soundness and safety for Amboy Bank is not that good. Bankrate.com gave its lowest rating based on their March 2009 data. It will be wise to stay within the limits of the FDIC.