Posted by William Charles on May 11, 2019
Bank Account Bonuses

Published on May 11th, 2019 | by William Charles

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[NJ only] Amboy Direct $250 Money Market Bonus

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: NJ
  • Direct deposit required: No
  • Additional requirements: Have $30,000 deposited
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Bonus forfeit if closed within 12 months
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • Amboy direct is offering a bonus of up to $250. You’ll earn  $62.50 per quarter where you maintain a minimum monthly average balance of $30,000.

The Fine Print

  • For $250 bonus you must maintain a minimum monthly average balance of $30,000. Account will be credited $62.50 per quarter.
  • If account is closed within first 12 Months, any bonus payment credited to the account will be debited from the account at closing.
  • Earn 1.76% Annual Percentage Yield (APY) on $30,000 – $250,000; 0.40% APY on $5,000 – $29,999.99; under $5,000 earns no interest. APYs may change daily. Fees may reduce earnings.
  • One offer per new NJ Amboy Direct household that has not received past bonus.
  • Offer valid as of May 1, 2019 and may be modified or discontinued at any time without notice. $100 to open; $250,000 maximum.
  • Not available at Amboy branches.
  • Offer code required.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about.

Early Account Termination Fee

Account needs to be kept open for 12 months otherwise any bonus payments will be forfeit

Our Verdict

This account earns 1.74% APY if you have $30,000 in the account. If you deposit $30,000 and leave it in there for 12 months you’ll earn $250 from the bonus and $522 from the interest ($772 total). That’s comparable to having it in 2.5% APY account ($750 total). I think most people with $30,000 would be much better off putting it into a high yield savings account earning 4% APY, then you’d have a total of $1,200. Because of that I won’t be adding this to our list of the best savings bonuses.

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