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American Express Bank Savings and CD Accounts

Article Submitted by: BankMan
Savings - Checking - CDs


On June 1, 2009, American Express Bank launched its new online personal savings and CD products.

 

Submitted: Jun 17, 2009    Views: 1782    Comments: 4    Likes: 1   


American Express offers competitive online and CD rates.  Neither accounts have minimum balance requirements or monthly fees; both can be funded by ACH transfer or by check.  The bank does not perform a hard credit inquiry.

With CDs, the rate does not lock until funds are received.  Interest can be paid monthly, annually or at maturity for terms under one year.  The early termination penalty is 3 months for terms less than 1 year, and 6 months for terms over one year.  There is a grace period of 10 days at maturity before funds role over, and at maturity instructions can be taken over the phone.

 

 


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Comments Received:

Quizzer
(Unregistered)

Whats the best option to move from Ally?
-Discover
-AmEx
-Cap1

Thanks

Posted: Aug 17, 2009

StupidOne
(Unregistered)

Can anyone share their experience with this bank? Thanks!

Posted: Oct 7, 2009

Jennifer
(Unregistered)

I just signed up for the American Express High Yield Savings Account. So far everything is great. I signed up online and within a few days I received an email approval and I received a letter in the regular mail with the account number on it and other documentation. Once I had my account number, I was able to setup an account online. Then, I linked my checking account and they did 2 test credits/debits and I verified them online in my AMEX acct and was able to easily transfer my money from my linked checking account.

They have everything you need to know about this account online and then they also mail you information. It's nice to be able to look up all of the details online, some banks are vague. AMEX is straight forward.

Posted: Oct 16, 2009

William
(Unregistered)

I opened my savings account over the phone with a rep. By the end of the call, I had my account number and was able to log on to their website and see my account which was fully functional. I funded the account with a ACH from another bank. The welcome letter and signature card arrived a few days later. I have read on Fat Wallet that ACH transfers in or out take one day with Amex Bank. If so, that's really fast. One bad feature. Funds are held for six long days. That sucks! A rep told me if I ACH money to Amex Bank from another institution, there's no hold. I haven't been able to test this since my funds are still in hold.

Posted: Nov 13, 2009



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