American Express Introduces Online Banking Products
Tip It!If you’re in the market for a new bank, you might want to keep your eye on American Express. According to a company press release, they’re introducing a new online savings account as well as a variety of CDs. Here’s the scoop:
Personal Savings from American Express is a new line of FDIC-insured certificates of deposit and high-yield savings accounts, which offers consumers a convenient way to save with a company they know and trust… The Personal Savings deposit accounts feature competitive rates, no monthly fees, no minimum balances and 24/7 account access via web or phone, making it easy for consumers to manage their accounts whenever they want, wherever they are.
Looking more closely, their rates seem to be on par with the majority of other online banks. For example, their online savings acccount currently pays 1.85% APY, and a 24 month CD pays 2.35% APY.
Note that you do not have to have an Amex card in order to open an account. Here’s the link if you’re interested.
Published on September 15th, 2009 - 5 Comments
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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September 30th, 2009 at 11:50 pm
I’ve been with American Express Bank for over a year now and LOVE them. My high yield saving account is currently earning 2.75% and has stayed constant at that % for quite some time. Money is easy in and out.
October 1st, 2009 at 9:59 am
How is your account earning 2.75 when they state it is at 1.85?
October 2nd, 2009 at 9:34 pm
That is a great question. I will call to confirm and ask. Maybe its because of the amount I have in the account? I will find out and get back to you.
October 3rd, 2009 at 10:47 am
Thanks Rich!
October 6th, 2009 at 3:45 pm
Gerry, Sorry for the delay but I spoke with AMEX yesterday and the CS rep informed me the 2.75% is what I get because I have a high yield savings account though their AMEX ONE credit card… that is no longer available. AMEX ONE deposits 1% of what I spend into the saving account automatically for me each month. The 1.85% is their current APY for personal savings available to everyone online. Hope this helps.