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
Contents
The 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.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times