American Express Bank Rates and Review
CD rates right now. The bank's CD rates are not the best CD rates around they still are competitive none the less.
One interesting development recently with American Express Bank is they rasied their savings account rates on their online savings account but CD rates weren't increased. The savings rate was increased to 0.85 percent from 0.75 percent last month.
Today's 12 month bank CD rates are being offered at are at 0.55 percent with an APY of 0.55 percent. While that isn't one of the highest CD rates at banks around for a 1 year CD it is better than the FDIC's national average 1 year rate of 0.28 percent.
It is interesting that American Express Bank only increased the online savings account rate and not their CD rates. Choosing between the savings account or 1 year certificate of deposit I would have to choose the savings account because of the 30 basis point difference.
Yes, savings accounts are variable rate accounts which means the rates can change at anytime and certificates of deposit are fixed rate accounts but the savings rate is so low I doubt Amex will lower it down to 0.55 percent. considerable amount.
For more information about opening an American Express certificate of deposit or for a list of current CD rates go to: American Express Bank
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