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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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.
HORRIBLE HORRIBLE HORRIBLE!!!!!
Before you start banking with this bank or so-called bank, just know that whenever you have an issue customer service representatives will not know how to fix!! Nor will they have any idea what you are talking about!!!!! Let me also add that when you call to speak to a PROFESSIONAL!!, You will NOT speak to a professional.... You will NOT get your issue resolved no matter how long your on the phone with them! And the worst thing is they put you on hold for 45 minutes before ever acknowledging you again!!!!! They reject your direct deposits causing unnecessary stress and unnecessary worry!!! This bank is a joke! I promise you I have banked with them since 2016 and just recently have they started causing me all this nonsense!! DO NOT bank with American Express. Or American Express serve!!! And don’t do your taxes with Jackson Hewitt!!!!!!!!!!!!! If you already bank with these banks then Just Beware! Best of luck!!!
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 283 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 4.9% |
| Return on Equity - YTD | 48.36% |
| Annual Interest Income | $11.22B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $121.9B$116.7B |
| Loans | Q4 2019vs Q4 2018 | $97.13B$91.69B |
| Deposits | Q4 2019vs Q4 2018 | $78.35B$73.88B |
| Equity Capital | Q4 2019vs Q4 2018 | $13.68B$11.66B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $2.54B$2.28B |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $834.8MM$726.1MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |