Amboy Direct Bank Review: High-Yield Savings for New Jersey Residents
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Nupur Gambhir
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With competitive rates and a strong local presence, Amboy Bank is a solid option for customers who value relationship-driven, community banking.
It's hard to go wrong with Amboy Direct Bank, especially if you're a New Jersey resident. Rates are competitive, fees nonexistent and it's easy to transfer money between Amboy Direct and your existing checking account.Â
Amboy Direct is a fee-free online bank backed by a long-standing New Jersey institution, offering competitive savings and money market rates without the overhead of physical branches. It’s a simple, low-cost option for customers who want easy transfers, strong local roots, and rates designed to stay competitive.
Amboy Direct Savings Accounts
Amboy Direct offers a single savings account that’s available exclusively online, keeping things simple and low-cost. Here’s what to know:
- Just $1 required to open an account
- Available only to New Jersey residents
- Earns up to 3.61% APY
- Deposits are FDIC-insured
Best For
Simple Savings
Low-Maintenance Accounts
Online Banking
High-Yield Savings
Low Deposits
Great for High-APY Savers in New Jersey
Amboy Direct offers a single savings account designed for New Jersey residents who want a low minimum deposit and a competitive high APY.
Fees
No monthly service fee
APY
Min Opening
$1
Pros
- High APYÂ
- Low minimum deposit for Amboy Direct
- FDIC-insured
Cons
- Only for New Jersey residentsÂ
- No physical branches
Quick Take
Amboy Direct keeps things simple with a single, fee-free savings account that offers a low minimum deposit and a competitive APY. It’s an easy choice for New Jersey residents who want to earn more on their savings without juggling multiple accounts or worrying about fees.
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Amboy Direct CD Accounts Â
Amboy Direct offers two certificate of deposit options: a Two-Year Treasury Index CD and an eSavings CD, both with a $100 minimum opening deposit.
- The Two-Year Treasury Index CD features rates that adjust quarterly and are tied to The Wall Street Journal 3-Month Treasury Rate, plus a 0.50% margin
- The eSavings CD offers a fixed rate, earning up to on a 12-month term
- With the eSavings CD, you can add funds during the first six months
- The Two-Year Treasury Index CD allows additional deposits during the first three months
- All CD deposits are FDIC-insured
Best For
Simple Savings
Low-Maintenance Accounts
Online Banking
High-Yield Savings
Low Deposits
Two CD Options Designed to Help You Save
Amboy Direct offers two CD options with a low $100 minimum deposit, giving savers flexibility to choose between a fixed-rate CD or a Treasury-indexed option. Both are built for customers who want to earn more and don’t need quick access to their cash.
Fees
No monthly service fee
APY
Up to
Min Opening
$100
Pros
- Interest compounds daily
- CD rates can earn up to APY
- Lower minimum deposit compared to other CDs
Cons
- Only for New Jersey residentsÂ
- No physical branches
Quick Take
Amboy Direct keeps CDs simple and accessible with low minimums and flexible options, making it easier to grow savings without locking into a one-size-fits-all term.
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Amboy Direct Money Market Account Â
Amboy Direct offers a money market account to New Jersey residents with the following features:Â
- Minimum deposit for money market is $100
- Money markets funds are FDIC-insured
- You can earn up to
- Only available for NJ residentsÂ
Best For
Simple Savings
Low-Maintenance Accounts
Online Banking
High-Yield Savings
Low Deposits
High APY and Easy Access for New Jersey Savers
Amboy Direct’s money market account offers a competitive APY with a low $100 minimum deposit. It’s available exclusively to New Jersey residents who want to earn more while still having access to their funds.
Fees
No monthly service fee
APY
Up to
Min Opening
$100
Pros
- No monthly maintenance fees
- High APY
- Only a $100 minimum depositÂ
Cons
- Only for New Jersey residentsÂ
- No physical branches
Quick Take
This account strikes a nice balance between earning a higher rate and keeping money accessible. It’s a solid option for New Jersey residents who want the flexibility of a money market account without paying fees or meeting high minimums.
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Banking Experience Â
Customers can get help with their accounts or assistance opening an account by phone, email or mail. You can call 1-877-222-6269 to contact a customer service agent. Here are the hours to contact agents by phone:Â
Monday – Thursday: 8:30 am to 7:00 pm
Friday: 8:30 am to 5:00 pm
Saturday: 9:00 am to 1:00 pm
The mobile app is available on Google Play and in the Apple App Store. The app lets you check your balances, transfer money and contact customer service securely. It has a 4.5 out of 5 stars rating on the Google Play Store and a 4.7 out of 5 stars rating on the Apple App Store.
How Does Amboy Direct Connect Compare?
Choosing a new bank is an important decision, so you’ll want to shop around. Here are some other online-only banks to consider.
Amboy Direct vs. Axos Bank
With generous interest rates, it’s hard to beat Axos Bank’s Rewards Checking, and it has free checking options as well. Perhaps this is a good account from which to fund an Amboy Direct eSavings Account, which offers better savings rates than Axos Bank’s savings account.
Amboy Direct vs. DiscoverÂ
Discover is known nationwide, and its basic savings rates are significantly higher than Amboy Direct’s. However, Amboy Direct takes pride in being a New Jersey bank that keeps money in the communities it serves.
Amboy Direct vs. Bank of AmericaÂ
Amboy Direct has a presence only in New Jersey, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit since it also has a checking account option.Â
Final Take Â
You won’t find a large selection of accounts at Amboy Direct. What you will find is a no-frills, no-fuss banking experience and rates that rival those of the better-known online banks. But because adding to or withdrawing from your account is a slow process, the bank is best for those who can schedule regular automatic deposits and allow their savings to grow.
