The credit card products of American Express are well-known. Travel and insurance are some of the financial services provided by American Express.
Did you know that American Express offers a variety of high-yield savings accounts through its online banking division? Competitive interest rates and a secure platform for customers to manage their finances are offered by American Express.
Everything you need to know about American Express Personal Savings will be covered in this post. American Express Personal Savings is a safe and reliable way to store your money and watch it grow.
We will take a look at the American Express Certificates of Deposits. We can find the best option for our investment needs and make sure our funds are safe.
American Express Personal Savings
American Express Personal Savings is an online high yield savings account offered by American Express.
If you have an American Express credit card, you will have a separate online account for accessing your savings funds. Savings accounts can be used to set aside money for long-term goals, such as retirement or buying a home.
You can link these accounts together. You will be able to access all of your accounts from one login. Once that is done, you can use your savings funds to pay your credit card bills, and you can also navigate between the accounts without having to log into both. It’s easy to keep track of your finances if you have all your accounts linked.
A personal high yield savings account has a lot of features.
Amex Savings Balance Requirements and Monthly Fees
American Express Personal Savings does not charge monthly fees for parking your funds there. American Express Personal Savings is a safe and secure way to store your money.
There is no minimum balance requirement to open an account. You can start saving with a few dollars. If you have 20 bucks, you can open an account. Don’t be discouraged if it’s small at first, because you can grow your account over time.
I don’t recommend using any that charges a fee. If you want to maximize your savings, you should look for a HYSA that offers no-cost services.
American Express Savings Rates
American Express Personal Savings has a return that is typically among the highest in the industry.
Today’s American Express Bank Rates:
| Product | APY | Min Deposit |
|---|---|---|
| American Express High-Yield Savings | 3.50% APY | $0 |
An Amex personal savings account is a good place to put your emergency savings. With no monthly fees or minimum balance required, you can enjoy a competitive interest rate and access to your funds.
While maintaining easy access to your cash, you will earn more than an average savings account. It’s easy to know that your money is in a safe place.
If you put $10,000 in a personal savings account for an emergency fund and don’t do anything for six years, you’ll end up with nothing. You will earn a lot of money at 1.50% APY. The rate of return is higher than a traditional savings account, making it an attractive option for many.
FDIC Insured
Deposits of up to $250,000 are protected by FDIC insurance, since American Express Personal Savings is offered through the company’s banking division.
I don’t recommend investing emergency or safety funds into non-FDIC insured accounts. Emergency funds should be kept in a secure account that is easy to access.
American Express CDs
If you’re looking for an alternative way to earn interest without being exposed to market volatility, American Express also offers certificates of deposit (CDs).
The rate is determined by the term you choose, with the highest rate coming with the longest term. You need to open an account with the credit union to take advantage of the term rates.
The downside is that you can’t access your funds without paying a penalty. Before investing in a CD, you should consider the length of the term and the penalty rate. So, if you might need to withdraw money for an unexpected expense, you’d be better off keeping your funds in a HYSA.
Here’s a current look at today’s American Express CD rates:
| Product | APY | Min Deposit |
|---|---|---|
| American Express 1 Year CD | 4.50% APY | $0 |
| American Express 2 Year CD | 4.25% APY | $0 |
| American Express 5 Year CD | 3.25% APY | $0 |
| American Express 4 Year CD | 1.20% APY | $0 |
| American Express 3 Year CD | 1.15% APY | $0 |
| American Express 18 Month CD | 1.00% APY | $0 |
Signing Up For An AMEX Personal Savings Account
To sign up for an account, go here and click Open a New Account.
You will be asked if you want to add a joint account holder to the account. The necessary paperwork will be provided by the bank. It appears that this is the only time that you can add a joint account holder, so make sure to do this now if you want another person on the account. It’s important to remember that both you and the joint account holder will be responsible for the account, so make sure to discuss the details of the arrangement before you start. (You can, however, add beneficiaries whenever you want.)
You will be asked to agree to the terms. You can use the service once you’ve read and agreed to the terms.
You need to confirm that your Social Security number is accurate for tax purposes on the last step. Your registration will be completed once you confirm your Social Security number. You have to confirm that you are not subject to backup withholding from the IRS. You need to give your Social Security Number in order to confirm that you aren’t subject to backup withholding from the IRS.
The process took about five minutes to complete. I was amazed at how quickly I was able to complete the task.
Keep in mind that you’re going to need to provide your:
- Social Security Number
- Date of Birth
- Email Address
- Phone Number
- Home Address
- Employer Information
- You have to link your external bank in order to deposit funds. You will be able to make deposits and withdrawals quickly if you link your external bank.
Security
On the dedicated security section of their website, American Express offers a range of security features.
Here are some of the security measures that American Express takes to protect your account and data:
- Customers choose their own ID and passwords
- Secure, encrypted website for all customer transactions
- If you leave your online account unattended for a few minutes, it’s automatically signed out
- Password recovery attempts are confirmed via email, so you’re instantly made aware of any attempted changes
- If you’re looking for additional protection, you can create a Personal Security Key that customer support can use to confirm your identity when you contact them
Customer Service
Customer support is available over the phone for American Express Personal Savings Accounts.
To find out more about how to contact customer support, visit their contact us page. Any questions or issues you may have can be answered by the customer support team.
Pros and Cons
Pros
- Industry-leading APY on personal savings accounts and CDs
- No monthly fees or minimum balance requirements
- Customer support available 24/7
- A trusted company that has a reputation for providing high-touch service
Cons
- Online-only, so you can’t deposit cash
- No option to withdraw your funds at an ATM
- No mobile app, so you can’t deposit checks
Alternatives to American Express Savings
The most popular high yield savings account alternatives to American Express Personal Savings include:
- Ally Bank
- BMO Harris Bank
- Marcus by Goldman Sachs
- HSBC Direct
- Barclays Bank
- Citibank
- Synchrony Bank
FAQs
Is American Express savings safe?
Yes. American Express Personal Savings is backed by American Express National Bank and your funds are insured. American Express Personal Savings uses the latest technology to protect your data.
Is there an American Express savings app?
No. American Express does not have a mobile app for personal savings account holders. The American Express website is where personal savings account holders can access their accounts. This is a huge downside because you can’t access your account on-the-go. If you need to access your account while on the go, you are out of luck. You can deposit checks via mobile, but you can’t do it from your phone. You don’t have to visit the branch in person if you bank from your mobile device.
How often does Amex savings compound?
Amex personal savings deposits have an interest. You will earn more interest on your deposits if you have a higher account balance. Each month, your interest earnings are posted to your account. Through your account portal, you can view your interest earnings.
How do I make an American Express savings deposit?
To deposit funds to your American Express Personal Savings Account, you’ll have to transfer funds from your external bank (for example, from your Chase checking account) into your personal savings account. An external bank transfer is the only way to deposit money into your American Express Personal Savings account.
Is American Express Personal Savings the Right Choice for Me?
If you’re already a fan of Amex —let’s say you’re a happy American Express credit card customer— and you’re also in the market for a American Express Personal Savings might be the right choice for you. Your money will grow at a higher rate than a savings account. Investing in the stock market can help you achieve your financial goals. You will be investing with a company you know and trust. This will give you peace of mind that your investment is in good hands.
If you want to be able to make transactions within a mobile app, or if you need to deposit cash or checks into your HYSA, you might want to look for another provider. If you’re looking for an investment platform that offers a wide range of products and services, you may want to look elsewhere.
A The savvy investor has many tools in his financial belt. To determine which investment options are best for your financial goals, it is important to understand the different types of investment options. You’ll also want to have investment accounts and a solid overall strategy. For more information on how to get started investing, check out this post: Investing 101.
Each day, here’s to making smart investments and wise spending decisions. We need to look out for ourselves and our future.
