In the way of personal banking, American Express offers two account possibilities: high yield savings accounts and Certificates of Deposit (CDs). The high yield savings account is easy to open electronically. The savings account comes with no monthly fees, nor a minimum balance requirement and allows ACH transfers to and from the account at no additional cost. DepositAccounts.com has featured this savings account on multiple occasions for its competitive interest rate and flexibility. Certificates of Deposit (CDs) are available and in term lengths ranging from 6 to 60 months. CDs also have no fees and no minimums and can be easily opened electronically through an online application process. Automatic transfers can be set up to fund either the savings account or the CD, and depositing by check is also an option. DepositAccounts.com reported in 2009 on the bank’s transition from their Savings Accelerator account that was tied to eligible American Express Card products, to the high yield savings account, which is a “standalone” account.
American Express online savings accounts provide a convenient platform on which account holders can view their transaction history and set up electronic fund transfers. The web-based system makes the application process quick and simple, and the website makes it easy to switch between a Card account and a deposit account.
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8/18 - American Express Slashes Savings To 0.80%
6/25 - Savings Drops To 1.00%
6/5 - Savings Rate Is Now 1.15% APY
5/14 - Amex Bank Now 1.30%
4/24 - AMEX Bank APY Drops To 1.50%
4/17 - Review of American Express Personal Savings Account and CD Rates
4/9 - CD Rates Decrease
4/3 - American Express National Bank Rate Change
3/20 - American Express National Bank Adds 130 bps To 12-Month CD Rate
3/16 - American Express National Bank 5-Year CD Still Competitive
11/7 - High Yield Savings Interest Drops
8/21 - American Express National Bank - Savings Account 1.90% APY Effective 8/22/19
12/20 - American Express National Banks Raises Savings Rate To 2.10%
11/15 - American Express National Bank Ups Personal Savings Account
11/15 - Rate Increases At American Express National Bank
9/27 - American Express National Bank Boosts Personal Savings Account Rate
9/27 - American Express Raises Savings Rate To 1.90%
9/14 - American Express National Bank Hikes Rates on Four CDs
8/24 - Personal Savings Account & 18-Mo CD Rates Up at American Express National Bank
6/22 - Personal Savings Account and CD Rates Up Again at American Express National Bank
6/22 - Rate Increases At American Express National Bank
6/7 - American Express National Bank Ups Personal Savings APY
6/7 - American Express Rate Hike
5/24 - Personal Savings Account and CD Rate Hikes at American Express National Bank
5/24 - American Express Rate Hike
4/5 - American Express National Bank Raises Personal Savings Account Rate
4/5 - American Express Rate Hike
2/20 - Change To Deposit Account Agreement
1/25 - American Express Bank Ups Savings Account Rate
1/25 - Rate Increase At American Express
12/14/17 - American Express Rate Hike
9/28/17 - American Express Bank Ups Savings Account Rate
9/28/17 - Rate Hike At American Express
7/14/17 - Another Savings Account Rate Hike at American Express Bank
7/13/17 - Amex Again Raises Savings Rate
6/20/17 - Rate Hike and Review of the American Express Bank’s Savings Account
6/15/17 - Amex Rate Increase
5/18/17 - American Express Bank Increases Savings Account Rate To 0.95%
8/24/12 - Another Rate Increase at American Express Bank
5/31/12 - American Express Bank Increases Savings Account Rate
2/24/12 - Rate Drop On American Express High Yield Savings
6/16/11 - 15 Bp Rate Decreases At American Express Bank
3/3/11 - American Express Bank HYS Interest Rate Change
11/18/10 - Amex Savings: Now Can Link Only 3 External Accounts
7/14/10 - American Express Bank's Internet Savings Accounts and CDs - Updated Review
3/4/10 - American Express Bank Cuts Savings Account Yield to 1.30%
1/23/10 - Attention American Express Bank CD Holders And CD Holders In General
12/17/09 - New Online Savings Account and CDs at American Express Bank
12/7/09 - Where Is That 4
11/12/08 - AmEx to be a Bank Holding Company & AmEx's Little Known Savings Account
10/8/05 - American Express New Savings Accelerator
American Express Online Savings
Earlier this year I decided to look for a high yield savings account as my current bank offered a very low APY. After much searching I decided to go with American Express Online Savings. I am already a credit card customer with them so I felt comfortable, and their customer service is beyond amazing. American Express offers a 1.35% APY which, at the end of this year, will pay out nearly $2,000 compared to my old account which would be a pay out of roughly $250. The transfer was a simple online process that took two days approximately. Then afterward, deposits are available within one business day. Overall, it is the best banking experience I have ever had. If you are looking to get the most out of your savings account, I highly recommend American Express.
Consider Reviewing Savings APY
I initially compare HSBCDirect, Purepoint and AE Personal Savings. However, few months ago, I chose AE cause rate is better and little hiccup encountered. However, both Purepoint and HSBCDirect got their rates up (2.35 and 2.25%) but AE stays at 2.1%. Time for AE to consider matching others, else, money flows.
American Express Bank Savings Account
My grandparents opened a American Express personal savings account for me a couple of years ago in order to give me money to help with my children. They stated that it had a decent APR and would accumulate interest better than other banks. About 4 months ago I went to try and close the account because one of my children needed medical treatment and the bills were overwhelming. I figured now was as good a time as any to withdraw all of the money and close the savings account. That process was amazingly difficult. Every single person I spoke to in customer service was difficult and none would clarify exactly how the account closure process works because apparently you are not supposed to use money that has been saved. I would not use this institution ever again.
Online Application Fail
Recently applied (with outstanding credit score) for a savings account along with a substantial initial deposit (ACH Transfer). And after a lengthy on-line applicating the result? We'll get back to you in 7 to 10 business days. When inquiring by phone about the status of my application, I was informed that some documents will be snail mailed to my address. What? Are you kidding me? This to me is totally unacceptable. Therefore, cancelled the application. There are so many choices out there that would love to have a substantial influx of money that I can not justify being mickey moused. When something don't smell right, vote with your feet.
>>Thanks for the CIT suggestion however, there are too many negative reviews along with a B grade. It appears people are having a wide variety of weird problems with CIT. I have decided to leave my money with Citizens Access for the time being. Should interest rates continue to be slashed or if rates turn negative, I will move all funds to Fidelity Investments where funds are stabilized at $1.
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 313 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.11% |
| Return on Equity - YTD | 30.33% |
| Annual Interest Income | $7.23B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $134.5B$120.2B |
| Loans | Q3 2020vs Q3 2019 | $80.61B$93.74B |
| Deposits | Q3 2020vs Q3 2019 | $100.8B$77.85B |
| Equity Capital | Q3 2020vs Q3 2019 | $12.69B$12.39B |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $5.69B$2.40B |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $551.5MM$781.6MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $0$0 |