American Express Now Offers Savings Accounts

“Personal Savings from American Express” and “High Yield Savings from American Express” are the new slogans the credit card company American Express is using to promote their new high yeild savings account. 

The new savings account is being offered by the banking division, American Express Bank, which is a federal savings bank (FSB).

The high yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 until the end of 2013, the insured amount reverts back to $100,000 in 2014. The same holds true for all deposit accounts like savings accounts and certificate of deposit accounts insured by the FDIC.

The annual percentage yield (APY) on the saving account has a competitive rate of 1.85 percent. Its not the best savings account rate available but still a good deal for a high savings account. You can get rates of 2.00 percent or higher for other online savings accounts. Currently, SFGI direct is offering a interest savings account that has an APY of 2.25 percent.

In addition to a bank savings account American Express Bank is also offering some of the best CD rates available today, their current 12 month certificate of deposit has an APY of 1.75 percent. The bank is also offering other bank cd rates including a 24 month CD yield of 2.35 percent.

American Express Savings