bank rates

A Savings Account Sign-Up Bonus For All

$100 bills fanned outIt’s not unusual for banks to offer a cash bonus if you open a checking account. A bonus for opening a savings account is far less common.

But an online bank we’ve written about periodically for the last five years is offering just that.

You can score a $50 bonus for opening a savings account at Amboy Direct (www.amboydirect.com) and keeping at least $3,000 in your account for 90 days.

Amboy Direct is the online division of Amboy Bank, which has 22 branches in central New Jersey. The bonus offer is valid only for accounts opened online.

This nationally available account pays 0.65% APY, which doesn’t rank among the top offers we track.

And it’s a laughingly small yield when compared to what you would have received with the $50 bonus from Amboy Direct we wrote about in 2008. Back then, the account yielded 3.25%.

Times have changed.

Today, the best nationally available offer comes from The Palladian PrivateBank (www.palladianprivatebank.com), which pays 1.00% APY.

But if you combine Amboy Direct’s savings rate and bonus, that’s like earning a 1.15% yield on a $10,000 deposit for a year. And that kind of yield hasn’t been seen nationally since last winter.

You can either click a link on Amboy Direct’s site or call 1-877-22AMBOY to obtain the reference code that’s required to get the bonus.

The minimum deposit is $100 to open an account, but the bonus deal requires you to keep $3,000 in the account for 90 days. Once you do that, $50 will be credited to your account during your next statement cycle.

If you keep the account going past the 90-day mark, you just need to have $300 in your account to earn interest. The 0.65% APY rate applies to balances up to $100,000.

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