An online savings account from American Express is a new entry in a growing category of savings solutions. American Express, known for top – tier credit cards and customer service takes a stab at drawing in new clients by paying a great yield on their savings account.
Unfortunately, the account doesn’t differ much from other online savings accounts available. That being said, I think this savings account would appeal to those looking for a high rate but aren’t comfortable with opening an account with some of the lesser know online banks such as WTDirect, Provident Direct, ShoreBank and CNB Bank Direct.
The American Express High Yield Savings account is backed with FDIC insurance and offers features that have become standard.
What this savings account doesn’t offer is an easy way to access your cash. As withdrawing cash can only be made through online transfers to one of your linked accounts. This might not be a bad thing though. I’ve mentioned before that easy access to your cash can hinder your ability to save money.
American Express has a helpful FAQ page that can answer a lot of your basic questions. What you need to know can be found below.
Online Access Only
Transfer Only Withdrawals – No ATM/Debit Access
Variable Interest Rate (As with all online savings accounts)
*Note – Like all other banks that are offering so called high – yield savings accounts, American Express has decreased their rate after a entry rate of 2.00% APY. Expected? Yes. This soon? No.
You can apply here.