eSavings Time Deposit with Amboy Direct Pushed with Highest CD Rates at 2.50% APY
The Amboy Direct offers an add-on certificate of deposit through their eSavings Time Deposit that can earn as much as 2.50% APY for deposits of $10000 and higher. CD rates drop to 1.00% APY for accounts with $100 to less than $10K of funding.
The top cd rates are guaranteed for the rest of the 12-month term. This can be opened with a minimum deposit of $100. Account holders can add to the balance during the term of the certificate with a set cap of $100000.
It seems the bank is testing the market’s reaction to this kind of product. If you are an existing Amboy Direct client, you still need to go through the full application process. You can initiate one online. Funding can come from an existing account with another bank. The bank performs trial deposits and locks the rate upon submission of the application.
Early withdrawals incur 90 days of interest. Partial withdrawals from the account are not allowed. The account will be converted into an online savings account unless you give the bank instructions to renew it.
The great feature of the CD is its add on feature which allows you to open the account for as low as $100. It gives you the opportunity to increase the funds and the earnings when you have additional funds during the term of the certificate.
Amboy Direct operates under the umbrella of the Amboy Bank. BauerFinancial gave Amboy Bank a 2 star rating while Bankrate issued 4 stars after reviewing its financial soundness.
The bank is insured with the FDIC through certificate # 6423.
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