For those who are already fans of American Express credit card or charge card products, the company now also offers a tempting online savings account with the following features:
- FDIC insurance
- relatively high yield of 1.30% APY (for comparison's sake, ING Direct currently offers a slightly lower 1.10% APY)
- No bogus fees or annoying monthly minimum balance requirements
- Trusted brand name (account is offered through American Express Bank FSB)
The personal savings account site also offers a 2.00% APY 24 month term certificate of deposit (CD). I don't find that offer as tempting, since there are higher CD rates out there at the moment -- but the online savings account's rate is definitely one of the most competitive I have come across lately.
Rates and terms subject to change. Check out the American Express Personal Savings web site to view updated interest rates. Information on Credit Card Outlaw for entertainment purposes only; presented with no warranties or guarantees whatsoever.
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