American Express Review and Rates
American Express Bank is still offering CD rates and savings account rates higher than the averages but the bank's rates are not the best CD rates around. American Express bank became a bank holding company during the financial crisis in order to raise deposits when the short term credit markets froze. Amex also just recently increased the rate the bank pays on it's online savings account from 0.75 percent t0 0.85 percent.
Amex Bank's 1 year bank CD ratespay less than the savings account at 0.55 percent with an APY of 0.55 percent. It will be interesting to see if Amex increases CD rates like the savings account rate was increased. Though an increase is unlikely since the economy is slowing down and interest rates are falling.
Back in 2009 1 year CD interest rates at Amex Bank had a 1.75% APY. Current CD rates on 1 year certificate of deposits are at 0.90%. Amex's 1 year rate is still better than most rates and considerably higher than the current national average 12 month CD rate.
CD Rates - American Express
Some of the benefits of opening an Amex CD account is you never have to visit a bank branch. You can open an account online and fund the account by bank transfer. When you transfer money in the account you earn interest on the very business say the bank receives your deposit.
You can also deposit and withdrawal money by check if you perfer. Here is the mailing address:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, Utah 84130
There are no fees or minimums to maintain with Amex's CD accounts. Oh by the way Amex CD accounts are insured for up to $250,000 per account, per depositor.
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