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Started By
Message
American Express Personal Savings
Posted on 7/17/14 at 9:32 pm
Posted on 7/17/14 at 9:32 pm
The other day I received a letter from AMEX indicating that they now have a high yielding savings account available to card members.
No monthly maintenance fee
FDIC Insured $250K/depositor
Fine print indicates that APY can change at anytime for any reason. Hahah they all say this, right?
The AMEX savings is currently at 0.80% APY
My credit union savings account is at 0.05% APY
As you can see, the AMEX account has a much higher rate.
I have only one savings account and I like to keep 2 to 5k in it as an emergency fund. I seldom make deposits and withdrawals from this account. I have been pretty satisfied with the features and customer service of my AMEX CC and am considering moving my savings over to them.
Does anyone have any experience with the AMEX savings account?
Is the transfer a wise move?
No monthly maintenance fee
FDIC Insured $250K/depositor
Fine print indicates that APY can change at anytime for any reason. Hahah they all say this, right?
The AMEX savings is currently at 0.80% APY
My credit union savings account is at 0.05% APY
As you can see, the AMEX account has a much higher rate.
I have only one savings account and I like to keep 2 to 5k in it as an emergency fund. I seldom make deposits and withdrawals from this account. I have been pretty satisfied with the features and customer service of my AMEX CC and am considering moving my savings over to them.
Does anyone have any experience with the AMEX savings account?
Is the transfer a wise move?
This post was edited on 7/17/14 at 9:39 pm
6
Posted on 7/17/14 at 10:25 pm to fasdit
I have one...higher interest rate...good place to hold undeployed cash.
Posted on 7/17/14 at 10:38 pm to fasdit
Ally is currently offering .87%, but that's certainly better than what you are currently getting.
This post was edited on 7/17/14 at 10:38 pm
Posted on 7/18/14 at 6:12 am to fasdit
LINK
If your near this bank, a high yield checking can get you 3.25 up to 10k.
If your near this bank, a high yield checking can get you 3.25 up to 10k.
quote:
Jeff Davis Bank in Jennings, Louisiana, offers a solid 3.25 percent annual percentage yield, but it is available only in Louisiana and southeast Texas. Bankrate's 2014 High-Yield Checking Survey breaks down the returns you can get with each account and the hoops you'll have to jump through to get them.
This post was edited on 7/18/14 at 6:13 am
Posted on 7/20/14 at 5:14 pm to fasdit
On 5K you are talking about the difference between $2.00 and $40 bucks per year. After taxes--30 bucks . Unless you are going to have more in the account it is a matter of which one is most convenient for your access purposes/use
Posted on 7/20/14 at 10:11 pm to ItNeverRains
Only problem with that is those rates only last a little while and then pay you crumbs like any other institution. Been there, done that.
Posted on 7/21/14 at 9:02 am to TJG210
I use the Amex Personal Savings, and have been happy with it. Every 6 months, they drop the rate a little bit, so you can expect that.
Maybe possibly look into opening a Roth IRA for the money? I was thinking about doing that for cash that I don't need for backup savings.
Maybe possibly look into opening a Roth IRA for the money? I was thinking about doing that for cash that I don't need for backup savings.
Posted on 7/21/14 at 9:16 am to fasdit
I recently opened one up with AMEX. We are able to move money into it electronically like most savings account and set up automatic transfers.
I have no complaints. It works as advertised and it's a reputable company. They haven't dropped the rate yet but I'm sure that's going to happen eventually.
I have no complaints. It works as advertised and it's a reputable company. They haven't dropped the rate yet but I'm sure that's going to happen eventually.
This post was edited on 7/21/14 at 9:24 am
Posted on 7/21/14 at 9:25 am to fasdit
anyone remember a few years ago when you could get a high yield savings account for over 4%? Ahhh those were the days.
Posted on 7/29/14 at 9:24 am to Motorboat
Fabulous. Thanks for the info.
It doesn't seem like the AMEX savings account would have brick and mortar service centers. Does anyone know how you would withdraw cold hard cash from an account like this?
It doesn't seem like the AMEX savings account would have brick and mortar service centers. Does anyone know how you would withdraw cold hard cash from an account like this?
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