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American Express High Yield Savings

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American Express Bank, the banking division of the credit card company American Express, is offering their High Yield Savings Account that currently has a savings account rate of 1.29% with an annual percentage yield of 1.30%. American Express' current high yield savings account rate is about 5 times the current national average savings account rate of 0.26%.

For more information about American Express' High Yield Savings Account go to: American Express High Yield Savings.

Interest earned on the high yield savings account is compounded daily and credited to your account monthly. American Express is also advertising some of the highest CD rates available right now.

High Yield Savings account and certificate of deposit accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000. Since savings accounts are variable rate accounts, the 1.30 annual percentage yield can change at anytime. As with all savings accounts you are limited to six withdrawals per calendar month.

The Dodd-Frank Wall Street Reform and Consumer Protection Act permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. Until the recent change, the $250,000 limit was going to revert back to $100,000 after December 31, 2013.  The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

Open an American Express Bank High Yield Savings Account here: American Express High Yield Savings.
Author: Brian McKay
August 25th, 2010