- Editor Rating
- Rated 4.5 stars
- American Express® Personal Savings, Member FDIC
- Reviewed by:
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- PopularityEditor: 75%
- RatesEditor: 75%
The American Express® Personal Savings, Member FDIC, account offers a 1.00% APY (Annual Percentage Yield) rate – as of 6/25/2020.
Since the purpose of this account is to save money over time, American Express does not provide checks or an ATM/Debit card to personal savings accounts. It’s an online-only account available to everyone nationwide, so you’ll need to link another external Checking account in order to make easy online cash transfers.
American Express Promotions Review Below
American Express® Personal Savings, Member FDIC: 1.00% APY (Nationwide)
Earn 1.00% APY (Annual Percentage Yield) with the American Express Personal Savings account – as of 6/25/2020.
- Earn 1.00% APY
- Available online, nationwide
- No minimum deposit to open
- Minimum to earn the stated APY is just $1
- No fees with this account
- No account maximum
About The American Express Savings Account
American Express Company (NYSE: AXP) or AmEx, is an American financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average.
Fortune listed Amex as one of the top 20 Most Admired Companies in the World.
Like any other trusted online account, the American Express High Yield Savings Account is fully protected by the Federal Deposit Insurance Corporation (FDIC). The maximum insured amount is $250,000 per depositor.
Online Savings Account Features
- Simple and quick application process with no minimum balance requirement
- Earns interest daily
- Access to your account online or by phone 24/7
- No maintenance fees
- Can be linked to three bank accounts
- The account is FDIC insured
- Clients can set up automatic transfers to/from external accounts
- They can also set direct deposit schedules
There are no limits to how many deposits one can make per statement cycle. People who want to add money to their savings on a weekly or even daily basis have the option to do so. There is no minimum initial deposit required. Clients must make a deposit within 60 days of their savings application being approved to activate their accounts or else it will be closed.
As with all savings accounts, the more you put away to save, the more interest you stand to gain.
The American Express High Yield Savings Account is a good solution for individuals who’d like to save money consistently over a long period of time with the option to access their funds on a regular basis (six withdrawals/debits per statement cycle).
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