If you donâ€™t quite have your full deposit amount ready but want to get started earning interest today, this is one good option. You can get started with as little as $100 (although youâ€™ll need at least $300 to earn any interest), and you can make additional deposits into the account for up to six months after opening it.
One of the downsides of this CD is that itâ€™s only available in a 12 month term. In addition, you can only open this account with â€śnew moneyâ€ť from your linked external checking account. You canâ€™t use money thatâ€™s already held up in an Amboy Direct savings or money market account to open this CD.
Once this CD matures, it wonâ€™t be automatically renewed. Instead, the account will close and convert into an eSavings account, and youâ€™ll be free to withdraw the money â€” plus interest earned â€” at any time.
U.S. residents age 18 and over are eligible for this account. To sign up for an account, youâ€™ll need to provide your external checking account information and Social Security number.
To verify your checking account, Amboy Direct will make a couple of small test deposits that youâ€™ll have to verify. After that, you can make the initial deposit into your CD.