American Express Bank HYS Interest Rate Change

Thanks for the update. Sorry to see the rate cut. That 1.30% had held for about a year. Hopefully, that means they won't be cutting the rate again any time soon.

Rate History:

• 03/03/11: 1.15% APY
• 03/04/10: 1.30% APY
• 12/17/09: 1.50% APY
• 10/27/09: 1.70% APY
• 08/13/09: 1.85% APY
• 08/07/09: 1.75% APY
• 07/23/09: 1.85% APY
• 06/15/09: 2.00% APY

I just noticed an ad with the new rate.  It was cut almost a week ago?  Why wasn't this posted on the blog?

Seems awfully hard to believe that 1.30% was unsustainable.  Are the online banks all going through another cycle of rate cuts?  I got into Amex Bank at 1.85% and now it's down to 1.15%.  Hardly worth the bother now... I guess I'll continue transferring my savings into Ally 5-year CD's (which are just barely worth the bother).

I've been thinking of switching from Dollar Savings Direct to Amex but now that the difference is only 0.15%, it's not worth the effort involved.

Rate cut today!   Was: 0.90% Now: 0.85% APY

I spent some time yesterday to decide where to put a deposit.  I chose  Amex.  Happens a lot.

Very frustrating trying to make a few extra pennies. I switched over from Dollar Savings Direct after they dropped to 0.55%.