American Express Online Savings Account 0.90% APY
- Savings Account:
- American Express
American Express Personal Savings Account is a high-yield online savings account that offers high interest rate. It requires no minimum deposit to open an account and no monthly balance. In addition, the account doesn't charge monthly account maintenance fee and it's FDIC insured up to $250,000.
The new offer is the American Express Personal Savings Account. The credit card issuer received permission from the Fed to become a bank holding company in November 2008, making it eligible to receive financial aid from the Federal Reserve as well as take deposits from savers. The new savings account offer from AMEX is the result from such an effort. Right now the AMEX savings account has an yield of 0.90% APY. There’s no minimum deposit requirement to open an account (of course, you will have to have at least $1 in your account to earn interest). The account has no monthly fee either and it’s insured up to $250,000 by the FDIC. AMEX uses trial deposits to verify account ownership. Once the verification process is completed, you can link up to 5 external bank accounts to American Express High-Yield Savings account and make electronic fund transfer (ACH). For the savings account, interests are compounded daily and credited every month.
In addition to savings account, AMEX also has CD products with maturities ranging from 3 months to 5 years. The 1-year CD rate is currently at 0.55% APY and 2-year at 0.80% APY.
| Get the most of your money with these High-Yield Savings Accounts:|
Well, there isn’t much information on their website about the new savings account offer if you want to know more about it. When I look at savings products, the only thing that matters to me is the rate. Without a good rate, there’s just no basis for any other features. To be fair, 0.90% APY is quite appealing for a savings account in a weak rate environment. If you look around, you will see that most popular online bank savings accounts yields are currently the in 1.0% range, making American Express Personal Savings Account a decent choice, especially given that the account has no minimum balance requirement and no monthly service fee.
To open an American Express Personal Savings Account, you will need to complete the following steps:
- Have your personal information ready, including SSN, home address, e-mail address, DOB, and existing bank account and routing numbers for ACH fund transfer
- Open an account online
- Receive an confirmation email when the process is completed
- Fund your new account using ACH transfer from other bank accounts (up to three external bank accounts can be linked to AMEX Personal Savings) and start to earn interests
The whole process only takes a few minutes to complete, so it’s quite straightforward.
- 0.90% APY
- editor rating4
This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.