Amboy Direct Offers 2.10% APY On 1 Year CD

Amboy Direct another online banking site is offering a 2.10% APY 1 Year CD for balances over $10,000, called the eSavings CD. The minimum opening deposit is a mere $100 but the CD rate drops to 1%. Any deposit over $10,000 will lock your rate at the 2.10% level, plus the great thing about AmboyDirect is that you can add to the CD within the first 6 months! So if you start off with a deposit of $10,000 you can continue adding to it like a savings account with much higher interest. Most certificate of deposits do not allow you to continue adding to the balance, so if you came across more cash you would have to open another CD. With the eSavings CD it makes saving so much easier and the maximum deposit you can have is $100,000 for the CD. Visit Amboy Direct here.

How To Start With Amboy Direct

Amboy Direct makes it easy to get started by having an online application form and if you are already an Amboy Direct customer you will still have to fill out the application. As soon as you submit the application your cd rate is locked at the current offering which is 2.10%. As soon as the cd matures it is converted over to an eSavings account automatically unless if you ask for it to be renewed, making it that much easier to manage your savings.

It’s important to find out about any early withdrawal penalty on any CD that you get. With Amboy Direct their early withdrawal penalty is only 3 months’ interest (unlike Chases’ massive penalties that you can read about here). A great strategy for this type of CD is to start with $100, then watch to see how rates increase over the next few months and if the 2.10% is still a competitive rate, then bump up your balance over the $10,000 mark to get the 2.10% APY. If rates increase past 2.10% then start another CD at the higher rate and go from there. Just remember you have 6 months to add to your eSavings CD.

Watch out for possible issues with Amboy Direct as they currently have 1 out of 5 stars for soundness rating from bankrate, so be careful and do not go over the FDIC’s $250,000 limit to protect your money in case of a bank failure.

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