bank rates

National Savings Deal: 1-Year Rate Pledge

Amboy Direct pays 1.00% APY for a year.Anyone can take advantage of a special offer from Amboy Direct, the online division of New Jersey’s Amboy Bank, that lets you avoid sinking savings rates for the next 12 months.

Amboy Direct says it will pay new customers a guaranteed 1.00% APY for the next year on balances up to $25,000 in an eSavings account.

While Amboy Direct’s rate doesn’t top the best nationally available deal of 1.25% APY offered by TIAA Direct, it does offer a measure of assurance.

After all, TIAA Direct, the online bank owned by TIAA-CREF, can cut rates at any time.

The Amboy Direct account also is competitive when compared with the top 12-month CDs on our CD Rates Leaderboard, which pay 1.15% APY.

Again, Amboy’s rate is lower, but you can remove your money without penalty if need be. You’ll be charged an early-withdrawal penalty if you have to take your money out of a CD before maturity.

Typically, Amboy Direct’s eSavings account pays 0.75% APY, and that’s how much you’ll earn for any balances between $25,000 and $100,000.

To take advantage of the special rate, you must click on the promotional offer link on the bank’s website ( The bank will email you a bonus reference code, which you must use when opening the account.

It takes $100 to open an account, but you don’t need to keep a minimum amount in the account to earn 1.00% APY. You can’t have more than $100,000 in an eSavings account.

Amboy Direct is a division of Amboy Bank based in Old Bridge, N.J. But to open an eSavings account, you must do so online and not at one of the bank’s 22 branches.

Amboy Direct’s special rate ties one offered by Barclays, part of the British financial services giant. Barclays’ account has no minimum balance requirement, and 1.00% APY is paid on all balances.

Salem Five Direct also pays 1.00% APY, and that rate is locked in through the August statement cycle. The eOneSavings Account requires a $100 minimum deposit to open, and the rate is good on balances to $500,000. Salem Five Direct is the online division of Salem Five Bank in Salem, Mass.

You can compare these rates to the best savings and money market account rates from our extensive database of banks.

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