Save With an American Express High Yield Savings Account

Save With an American Express High Yield Savings Account
With the many options for savings accounts online, it pays (literally) to shop around. With most banks offering historically low interest rates, you want to find the highest yield available for a savings account, with the security of FDIC insurance, and the confidence that only comes with a blue chip and historically stable financial institution. Let’s take a look at the high yield savings account offered by American Express, and see if it covers all the criteria a savvy saver seeks in a savings account:

Pros: A High Yield Account with FDIC Insurance, and Easy, No Hassle Setup

High Yield: The main positive of this account is the high, competitive interest rate. While big banks are offering their depositors annual yields as low as 0.10%, the American Express Savings Account offers rates as high as 0.90%. With an interest rates nearly 9 times the national average, you can say it is truly “high yield”!

Easy, Quick Signup: Another positive of the American Express’s savings accounts. In just a few minutes, you can sign up, deposit, and start earning that fat yield on your hard earned money.

Fees (as in None): Bank fees are the bane of the saver’s existence. With the American Express savings account, there are no fees! That 0.90% you earn you get to keep, with no pesky details like minimum deposit to avoid fees, because:

Minimum Balance=0

There are no minimum balance requirements! (unless you consider $1 to be a minimum deposit, I guess we all have to start somewhere). Not only that, if you need to dip into your account, there is no minimum to maintain your account. As long as you keep in that dollar, you still can keep the account.

FDIC Insured Institution: American Express Bank is fully FDIC insured, meaning your money is guaranteed for up to $250,000.

Easy, Automatic Electronic Transfers: If you want to put more money into account each pay period/month, you can do it automatically, letting you save more money without having to remember to save!

Customer Service: With 24/7 customer support, if you have any issues/concerns with your savings account, you can be confident the issue can be resolved anytime, anywhere.

Cons: Limits and Delays

While the account offers a plethora of positives, there are of course a few negatives. These include:

Limits on Withdraws/Transfers: Per billing cycle, you can only transfer/withdraw six times. In addition, if you want to withdraw, and you want them to cut you a check, you have to call (only option online is external account transfer)).

Hold Time for Funds: For most savings account, the hold time (time lag between making the deposit and the money entering the account) is one to two business days. With American Express, sadly, the delay can be as long as six business days. Of course, if you are looking to save money, this should not be a big deal breaker.

How to Set up an Account

If you have read the above pros and cons, and decided the good outweighs the bad, here’s how to open your account:

Enter your Personal Information: Name, Social Security Number, home address, email address, date of birth, as well as account information for the bank account you will use to fund the savings account.

Submit Application: American Express Offers You the Option of Opening the Account Online are at their toll free 24/7 number: 1-800-46-6307.

Confirmation: In order to confirm your identity, American Express will ask several personal questions (such as the year of the car you own, along with previous addresses). One answered, you will be approved, receiving a confirmation email.

Funding the Account: Now that you are confirmed/approved, you will be able to fund your savings account (remember, the minimum deposit is $1).

If you are looking for an easy to use, high yield savings account, with the safety and dependability of an FDIC insured, renowned financial institution, look no further than American Express.

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