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American Express Savings Account And American Express Bank Review
American Express, the credit card company that has been around for a very long time became a bank holding company during the financial crisis of 2008. The reason why American Express became a bank holding company was to be able to collect deposits to raise money.
During the financial turmoil the credit markets froze for everyone, including individuals and large corporations like American Express. American express wasn’t able to raise money in the debt markets to pay their short term debt obligations; as a result they applied to the Federal Reserve to become a bank holding company.
Once Amex was able to collect deposits from individuals and companies they wasted no time in raising money collecting deposits. The offered one of the best savings account rates available in 2009 and they continue to offer one of the best rates.
Looking back to August 2009 American Express Bank’s rate on their online savings account was 1.98 percent with a savings account yield of 2.00 percent. This rate and yield might not sound like much but the average savings account rate right now is around 0.50 percent. When you compare the two rates, 2.00 percent sounds a lot better now.
The current savings rate offered by American Express is 1.29 percent with an annual percentage yield of 1.30 percent. Again, that rate might sound low but it’s one of the highest savings account rates currently available. The national average savings account rate is only 0.25 percent.
As with any savings account rate or money market account rate, the interest rate on the Amex account is a variable rate which means the rate can change at any time, unlike a certificate of deposit account that has a fixed rate for the duration of the term.
Some of the benefits about the American Express High-Yield Savings Account is there is no minimum opening balance. There is also no minimum ongoing savings account balance to earn the savings rate and savings yield.
When you apply for and opening a savings account you can transfer money into your High-Yield Savings Account at American Express through an external checking account or savings account. When you open your account you link any external accounts you want to transfer money into or out of the Amex account.
There is a delay for funds available when depositing money into the account. When you deposit money into your Amex savings account by using electronic deposits that you have initiated through Amex will be available for withdrawal on the sixth business day after the deposit is initiated. Although there is a delay to have access to your money you start earning savings account interest on the day Amex receives your deposit.
If you want to lock into a CD rate an not worry about the rate changing certificates of deposit are always an option at American Express Bank.
American Express Bank offers certificate of deposit terms between 6 months and 60 months so if you’re looking for a fixed bank CD rate, Amex Bank is offering a 1 year CD rate and yield at 0.90 percent.
Shorter term CD rates at Amex include their 6 month bank CD rate at 0.60 percent. Longer term CD rates include their 5 year CD interest rate at 2.13 percent with a CD yield of 2.15 percent.
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West Side Story – America
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