Link to offer

If ED does not increase it rates or HSBC soon the blended rate over 1 year would be 4.25%. While not the hottest deal 5% for first 3 months is not bad. I guess you can close the account out after 3 months. Also This bank support ACH in and out so moving the money is not a big deal.

Also there no montly fee or balance requirement.

Seems nice, but I think the catch is that you only make 1% on all of your money up to $30,000 and the 4 or 5% applies only to the top half of your money. Since nobody in their right mind will keep any more than 100k in this account (FDIC limit) you are effectively making at MOST 3.8% only if you have the full 100k in there, and this is only for the 3 month promotional period.

The verdict: stick with Emigrant/HSBC and make greater than 4% return on ANY amount of money.

I might be wrong but I read the offer as "5% introductory bonus" instead of "5% interest rate".
Therefore I think the interest rate is 4%*105%=4.2%, corresponding to a 4.28% APY.

The details can be cleared up with a call to the bank. A 5% APY (not bonus) is for the entire balance if it is 30K or above. It is for 3 months after that, a 4% APY applies. The 4.28% APY is calculated based on a year ie. 5% for 3 months and 4% for 9 months combined equal 4.28%.

There is no early withdrawal fee so you could presumably keep the money there and then withdraw after 3 months even though 4% APY is still quite competitive relatively speaking.

In addition, the opening process is quite fast in fact faster than any banks I've dealt with so far. Filled out an on-line application on 12/19 which specified a linked account (Meadows CU 4% APY). On 12/21 received an e-mail with the account number to use with the password created at application time. 2 small deposits were made to Meadows CU to be verified for on-line access. The deposit was withdrawed from Meadows on 12/20 and started earning interest at Amboy on 12/20. All in all time lapses are 1 day to open the account with fund already deposited and earning interests and 2 days to have access on-line. Bank is rated 4* by Bauer Financial. Assuming 100K, it's $250 more for 3 months between a 4% and 5% account and hardly any hassles of giving up any interests by time in the mail or account opening and closing since the linked account is automatically established for for deposit and on-going transfers.

bafman said:In case the previous code goes dead.....

Additional reference code for bonus rate : 51211 (seen in Local NJ paper)
Their web site says:

Amboy Direct Money Market Maximizer is not available at Amboy branches. Only one Amboy Direct promotional account per household. Offer good until 01/15/05.

Offer good until what?

from Amboy website:

Electronic deposits made to your Money Market Maximizer account will begin to accrue interest 2 business days 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.

stfs said:The details can be cleared up with a call to the bank. A 5% APY (not bonus) is for the entire balance if it is 30K or above. It is for 3 months after that, a 4% APY applies. The 4.28% APY is calculated based on a year ie. 5% for 3 months and 4% for 9 months combined equal 4.28%.

There is no early withdrawal fee so you could presumably keep the money there and then withdraw after 3 months even though 4% APY is still quite competitive relatively speaking.

In addition, the opening process is quite fast in fact faster than any banks I've dealt with so far. Filled out an on-line application on 12/19 which specified a linked account (Meadows CU 4% APY). On 12/21 received an e-mail with the account number to use with the password created at application time. 2 small deposits were made to Meadows CU to be verified for on-line access. The deposit was withdrawed from Meadows on 12/20 and started earning interest at Amboy on 12/20. All in all time lapses are 1 day to open the account with fund already deposited and earning interests and 2 days to have access on-line. Bank is rated 4* by Bauer Financial. Assuming 100K, it's $250 more for 3 months between a 4% and 5% account and hardly any hassles of giving up any interests by time in the mail or account opening and closing since the linked account is automatically established for for deposit and on-going transfers.

You are not eligible for a bonus on this account if you already have a bonus eSavings account with them. The maximizer has a non-promotional rate of 3.93% yielding 4.00%.

Yes to all. Good service.

qwe123 said:from Amboy website:

Electronic deposits made to your Money Market Maximizer account will begin to accrue interest 2 business days 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.
stfs said: The deposit was withdrawed from Meadows on 12/20 and started earning interest at Amboy on 12/20. All in all time lapses are 1 day to open the account with fund already deposited and earning interests and 2 days to have access on-line.

Guess it's different with the initial deposit when initiated by Amboy. The deposit did start earning interest on 12/20 not 2 days later based on the info displayed in the account as of yesterday 12/29. It's for 9 days @ 5% APY for the entire balance not just what's over 30K contrary to some recent incorrect posts still floating around.

Another satisfied customer , I have oppened an account , very smooth process and I didn't loose a single days interest.
Also in HSBC you loose somewhere between 2 to 4 days of interest ( there is a thread which talks about how to optimized in HSBC) .

Interest is 5% for first three months .. so if you have 50K siting in HSBC you get $31 more interest per months , for Emigrant Direct you get $41 more interest per month , for INGdirect $50 more interest per months for three months .. and since ACH in-out is fast in Amboy and we can always tranfer the money to the highest interest earning account after 3 months .. Its a easy decision ..