American Express Bank Savings Account Rates Better Than Most Rates Around
Ever since the credit card company, American Express Financial, became a bank holding company during the financial crisis of 2008 the bank has been offering some of the highest savings account rates around. The company became a bank holding company to be able to raise deposits through savings accounts and certificates of deposit. Right now American Express Bank savings rates are not the best savings rates around but they are more than 11 times the Federal Deposit Insurance Corporation's national average savings rate.
Current American Express Bank savings rates are at 0.90 percent with an APY of 0.90 percent. The FDIC national average savings rate this week is t 0.08 percent. Jumbo savings rates are also as low at 0.08 percent which makes the American Express savings account rate an even better deal because the there is no minimum opening balance, unlike a jumbo savings account which requires at least a $100,000 deposit.
Opening a savings account at American Express Bank is quick and easy, the best and fastest way to open an account is online. You can also open an account by calling American Express Bank at 1-800-446-6307 anytime to open account. When you start the process to open the account make sure you have your existing bank account information to link your new Amex account. That way you can easy transfer money into the account. Here is what you exactly need to open an account:
Once you have applied online you will receive an email stating your account has been approved. You'll also receive a savings account welcome kit in the mail. As far as funding your account you have two ways, by electronic transfer or by check. Obviously the best way are electronic transfers which are the fastest and most convenient way to deposit and withdraw money from your savings account.
American Express Bank Savings Account Benefits
For more information about opening an American Express savings account go to the bank's website here: American Express Bank Savings Account Application.
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