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 high yield savings account currently pays TBD APY, and a 36 month CD pays TBD APY.
Note that you do not have to have an AmEx card in order to open an account.