High yield savings accounts from American Express
If you’re like us, then you probably automatically associate American Express solely with green, gold, and platinum credit cards, however as of recently they have entered the savings arena.
Currently they offer CD (certificate of deposits) with maturities from 3 months to 60 months. Their most notable CD rate is with a 24 month CD yielding 2.25% APY. They also have an online savings account yielding a respectable 1.85% APY. Their online savings rate is a variable one and is subject to change without notice after opening the account. Like all bank CDs, their deposits come with a fixed rate that is predetermined and will remain constant for it’s duration.
Like Discover bank and Ally bank their products are available nationally. As far as rates go, they aren’t offering anything spectacular at the moment (then again who is?), but they are offer products with yields above the current national average.
Features of American Express’s online savings account:
- no minimum deposit
- 1.85% APY (national average sits at roughly 1.20% APY)
- FDIC insured up to $250,000
- fee-free online electronic transfers
- Interest compounded daily and credited monthly
Fee structure for this account:
- Duplicate statement: $5 per statement
- Return deposit item: $8
- Outgoing wire transfer: $15
- Non-sufficient funds: $25
- Account research: $25 per hour
- Paid item: overdrawn account: $25
If you have any experience with American Express’s new savings account products, please share by leaving a comment.
