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American Express Bank Savings Review: High Yield Savings Account
Posted By Peter Anderson On December 6, 2011 @ 11:03 am In Banking,review | 2 Comments
Over the past couple of years I’ve reviewed quite a few banks on this site, talking about their reputations for customer service, the rates that they ave on their savings accounts, and experience with the banks in general.
In looking at the banks over that time, however, somehow I missed that one of my favorite credit card companies, American Express, also has a personal savings account that they’re offering. Not only that, but it currently has one of the higher interest rates available – although that’s not saying much with most banks coming in at anywhere from .25-1% interest on savings accounts.
American Express is not a newcomer to the financial services scene. Everyone knows who they are, and they’ve been around for over 150 years. From Wikipedia :
American Express Company (NYSE: AXP) or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best known for its credit card, charge card, and traveler’s cheque businesses. Amex cards account for approximately 24% of the total dollar volume of credit card transactions in the US, the highest of any card issuer.
BusinessWeek and Interbrand ranked American Express as the 22nd most valuable brand in the world, estimating the brand to be worth US$14.97 billion. Fortune listed Amex as one of the top 20 Most Admired Companies in the World.
For much of their history Amex has focused on the credit and charge card side of things, but only recently after the financial crisis of 2008 did they accelerate trying to bring on consumers with their deposit accounts. As such they’ve been offering competitive rates, 24/7 account access and more.
With American Express your money will be safe and sound because the bank is FDIC insured . If you deposit your money and the bank goes under, you’ll be fine – as long as you don’t have more deposited than the FDIC insurance will cover. Currently that amount is $250,000 per depositor.
I don’t think you have much to worry about on that end, however, with American Express being one of the biggest and most valuable brands in the world. Your money with Amex is likely going to be safe and sound.
A high yield savings account with American Express has a good number of features and benefits. Among them:
Opening an account with American Express savings is a simple 4 step process, pretty similar and streamlined like a lot of other current online banks.
That’s it! Piece of cake.
American Express has been around for 160+ years and is one of the most recognizable brands in the world. They’re best known for their credit products including charge and credit cards, but their savings accounts are quickly becoming a solid option for people looking to make the most of their money. While no banks have amazing rates right now – with hardly any of them being above 1% – American Express savings is currently one of the top bank rates  available. Add to that the fact that their FDIC insured, and are rated as a 5 star safe and sound bank by bankrate.com, and I think you’ve got a solid savings account option that I would recommend checking out. You can sign up for an account or get details through the links below.
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URLs in this post:
 Image: http://www.biblemoneymatters.com/recommends/amexsav
 Wikipedia: http://en.wikipedia.org/wiki/American_Express
 FDIC insured: http://www2.fdic.gov/idasp/frmBankAtGlance.asp?inCert1=35328&Status=Y&InstName=AMERICAN+EXPRESS+BANK%2C++FSB%2E&Act_Num=&UNQNUM=78234
 bank rates: http://www.biblemoneymatters.com/bank-rates/
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