Loading
Tap on the profile icon to edit
your financial details.

Amboy Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Amboy Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1888, Amboy Bank has $2 billion in assets and $2 billion in deposits, ranking the institution as a large bank. Amboy Bank, whose headquarters are in Old Bridge, New Jersey, lacks premium access to support representatives, with no options for live chat or all-day service. It is an online bank, boasting more effort put into web and mobile access to customer service and accounts, but without the perk of walk-in branches. With an average 3.5 out of 5 stars, Amboy Bank proves it is an average bank that leaves room for improvement. Amboy Bank offers the basic package of banking products, including checking accounts and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $10.00 monthly fee, which places it at the higher end of monthly fees. Institutions that offer no-fee checking as well as a high savings APY are the best bet for accruing the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.1
SmartAsset Average: 3.5

With a savings rate of 0.30%, Amboy Bank ranks poorly compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 2.05% and 2.25%, respectively, while its highest-yielding money market account earns at an APY of 0.75%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Amboy Bank's Savings Rates Compare

Amboy Bank Savings 0.30 National Average 0.26 Compare Offers
Back to Overview

Fees

2.0
SmartAsset Average: 4.4

Amboy Bank charges customers high fees in comparison to the national average. Amboy Bank's checking account has a monthly fee of $10.00, which makes it fair for anyone looking for a hassle-free account. Amboy Bank doesn't reimburse out-of-network ATM fees, which means you'll need to locate an Amboy Bank ATM or eat the fee.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Amboy Bank is an online-only bank. With mobile and web apps, Amboy Bank makes mobile banking straightforward, even on the go. Amboy Bank's online and mobile banking services get moderate feedback from users. Out of 21 customer reviews on iOS and Android platforms, the Amboy Bank mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). Amboy Bank's mobile app allows you to manage your funds by looking at account balances, transferring money and reaching support representatives. Amboy Bank gets an exceptional consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal Yes
Live Chat No
Back to Overview

Financial Health

4.3
SmartAsset Average: 4.8

Amboy Bank is currently a large bank owning assets totaling $2 billion and $2 billion in deposits. Its Texas Ratio is 15.34%, indicating a small opportunity of failure. Additionally, Amboy Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.34%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Back to Overview

Compare Amboy Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $300
Checking Account 0.15% APY $3001
Certificates of Deposit
  • 12 Month: 2.05% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.25% APY
$5000 for all terms
Money Market Accounts 0.5% APY 0.75% APY $10000 $15000

Amboy Bank has a basic array of deposit products like checking accounts. Amboy Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Amboy Bank's CD rates are fair as compared against the national average.

Back to Overview

Find a Amboy Bank Near Me

Amboy Bank is an online-only bank with no physical branches.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure