eSavings is a regular savings account that takes advantage of the convenience and economy of banking online using the Internet. Amboy Direct offers guaranteed high rates while providing easy access from your personal computer. Having a convenient link to move money between your current checking account into your eSavings account, you'll earn more without changing your current banking relationships.
What is eSavings?
- Pays monthly interest at a competitive variable interest rate on regular savings
- Minimum initial deposit is $100
- Maintains a link between your current checking account and an eSavings account
- Guarantees your balances with FDIC Insurance
- Allows 24-hour access to transfer money between your accounts
- Provides option to save by scheduling automatic transfers
Opening an eSavings Account Online
You can complete our fast online application at any time by clicking on the "Apply Now" button. You will be requested to provide personal information in a secure online form and begin earning interest on your money the next day. Here are a few items to consider when applying:
- To open an account, you must be at least 18 years old, a U. S. citizen and have a valid social security number.
- A minimum initial deposit of at least $100 is required. Once your account is established, your funds are always available online.
- Your account must be opened with an initial deposit from your personal account with check writing privileges - usually a personal checking account. This account will be linked to your eSavings account.
- Please have your checkbook and current driver's license information handy when completing the application. If you are opening a joint account, please have personal information available for the co-depositor.
- Your initial deposit will begin to accrue interest 1 business day after the deposit is made and will be available for withdrawal after 7 business days. After the initial 30 days, funds that have been on deposit for more than 5 business days may be withdrawn.
- After you submit your application, Amboy Direct will automatically send two small deposits to your personal checking account. You will need to verify these transactions by contacting your bank to identify their amounts. Your initial login to Amboy Direct will require you to enter the amounts before you can access your account. These deposits are free and are sent as a fraud protection measure.
- Your initial deposit to your new eSavings account will be transferred from your linked account within 1-3 business days of account opening. Transfer capabilities will be available after verification is complete.
Using your Amboy Direct Account
Amboy Direct makes banking easy while earning more on your savings balances. You have access to your funds 24/7 by logging into www.amboydirect.com or calling Amboy 24 at 1 877-24-AMBOY. Here are some features of eSavings:
- Accounts are automatically linked to the checking account used to open the account allowing you to make deposits or withdrawals by transferring Bank-to-Bank between these accounts.
- Deposits will begin to accrue interest 1 business day after the deposit is made and will be available for withdrawal after 5 business days. Every day is a business day, except Saturdays, Sundays and Federal Holidays.
- Electronic transfers to your non Amboy checking will generally be at your bank within 2-3 business days.
- Federal Regulation D, which banks must comply with, limits preauthorized transfers from the account to six per month.
- Amboy Direct Service Consultants are available by phone 8:30 - 7:00 Mon. - Thurs, 8:30 - 5:00 Fri., 9:00 - 1:00 Sat. EST You may also contact us via email.
- Recurring automated transfers can be scheduled into your eSavings account.
- Quarterly statements are sent electronically via email and are secured with your personal password.
- The account balance limit is $100,000 per client.
- Although Amboy Direct does not charge fees, fees may be charged by your existing bank. Generally, banks do not charge for electronic funds transfers.
- Rates are subject to change daily unless otherwise guaranteed by special offer.
- A zero balance in your account will result in immediate closure. As a result, any accrued interest in your account will be forfeited. Also, balances under one dollar will result in forfeiture of any accrued interest in the account
Your deposits are FDIC insured up to $250,000 per depositor. Individual and joint accounts are insured separately. If you have both types of accounts, your total deposits can be insured up to $500,000 - that is, up to $250,000 in all of your individual accounts and an additional $250,000 in all of your joint accounts.