American Express Bank Savings Rates and Account Review
American Express Bank, the banking division of the credit card company American Express continues to offer one of the best savings rates available right now. Amex Bank is current offering their High Yield Savings Account at 0.90% with an APY of 0.90%. Amex's savings rate is more than 5 times the current national average savings rate of 0.17% as reported by MonitorBankRates.com.
You can search and compare CD rates, savings account rates and mortgage rates by using our rates tables. Current savings account rates are listed here: Savings Account Rates.
A 0.90% rate might not sound like a high rate but these days most banks and credit unions are advertising savings rates at less than 1.00% and the national average is less than 0.17% American Express Bank’s savings rate is one of the best rates available.
Opening an American Express Bank High Yield Savings Account is quick and easy. Just gather the information you need to open the account ready, submit your savings account application and receive a conformation via email.
Unlike a certificate of deposit account, a savings account gives you flexibility to add money to the account at anytime. Federal regulation also limits the amount of withdrawals of 6 per month (billing cycle). This applies to all savings accounts. If you consistently make more than 6 withdrawals per month your savings account will be converted to a checking account or closed depending on the financial institution.
You can make deposits into the account by electronic funds transfer or by mailing a checking to Amex Bank in Salt Lake City, UT. Mailing a check is also an option but you're better off linking the account to an external account, like with a bank that has a local branch near you so you can physically deposit the check.
Interest earned on the Amex savings account is compounded daily and posted in the savings account monthly. The savings rate and yield hasn't declined much during the past year. That being said the savings account rate can go down but probably not by much.
If savings account rates in general go lower Amex might reduce the savings rate but they will make sure they are offering one of the highest savings account rates.
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