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Financial Rates:
5.0
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Customer Service:
4.5
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Variety of Terms:
5.0
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Opening Required Amount:
5.0
Pros:
- Most terms offer competitive rates
- Choices on how to receive interest
- No required amount to open CDs
- Good variety of CD terms offered
Cons:
- Shorter terms have lower rates
- Cannot make a partial withdrawal
- High early withdrawal fees
- Does not guarantee best interest rates
What You Need to Know
Most American Express Personal Savings CDs offer competitive interest rates. The terms 18-months or longer offer rates that are competitive with other online CDs. These rates are much higher than typical bank rates. The interest rates for American Express CDs are not tiered. Any amount in the account earns the most competitive interest rate.
American Express offers a variety of ways to receive the interest earned off their CDs. You can request a check mailed monthly, each quarter, or once a year. You can transfer the money into another American Express account or a linked account. You can also leave the money in the CD account. American Express gives options to withdraw interest, but it will reduce your earnings. Contact customer service to initiate these options.
There is no set amount required to open American Express CDs. You can open each of the different CD terms with any amount. There is no monthly fee or no required amount to keep in the account to earn interest.
American Express Personal Savings offers a good variety of CD terms. The terms range from 6-months to 60-months. There are seven total CD terms to choose from.
The shortest American Express CD terms have lower interest rates. These term rates are not competitive with other online CDs of the same length. The six-month and 12-month terms do not offer as competitive interest rates as the other American Express CDs.
American Express does not allow partial withdrawals from the CD before maturity. If you need to withdraw money before the maturity date, you must withdraw the entire CD balance. As with all CDs, if you withdraw money before maturity, there is a fee assessed.
The early withdrawal fees for American Express CDs are high. If your CD is less than 12 months, the fee is 90 days of interest. For terms from 12 months to less than 48 months, the fee is 270 days of interest. CD terms from 48 months to less than 60 months, the fee is 365 days of interest. The fee for 60-month terms or longer is 540 days of interest. If you have not earned enough interest to cover the fee, the rest is taken from the CD principal.
American Express Personal Savings does not guarantee to get customers the highest interest rate. The interest rate you receive for the CD term is the rate on the day you fund your account. The interest rate is fixed. It is locked in for the life of the term.
Cool Things
Savings Calculator
The American Express, Personal Savings website, offers financial calculators. These calculators are for their savings account and CDs. Input an investment amount and see how much interest you could earn. Compare CD terms and see what the different interest rates can do for your money.
History
American Express started in 1850. They were first an express mail business in New York. Their launch of traveler’s checks helped make them an international company. American Express was involved in the railroad, purchased Broadway buildings, and investment banking.
In the 1980s, American Express offered businesses a discounted rate to only accept their credit cards. Companies, including other credit card companies, got upset. “The Boston Fee Party” started as a result. After this, American Express allowed business to accept other credit cards.
American Express had over 109 million cards in operation in 2016. In the United States, more than 47 million cards averaged over $17,000 in annual spending. Their net income is $5.4 billion, with assets over $158 billion. American Express is one of the most trusted brands.
Awards and Recognition
- Voted “Highest in Customer Satisfaction” by J. D. Power in 2017
- Ranked 85th in Fortune 500 Rank
Giving Back
American Express supports Project Sunshine. This organization uses volunteers to provide opportunities for children with medical challenges. They provide educational, social, and recreational programs. American Express employees also volunteer to assemble kits for this organization. The kits are then taken to children in local hospitals. Project Sunshine operates in Arizona, Florida, New York, and Utah.
American Express works to help sustain the environment. Employee travel is carbon neutral. They have increased their energy efficiency to their buildings since 2011. Their BlueWork program allows employees to work more from home. This decreases travel and reduces their carbon footprint. In 2017, American Express employees planted over 18,000 trees for Earth Month.
Frequently Asked Questions
Yes. American Express Personal Savings is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
They offer seven CD terms. Those terms range from six-months to five-years.
There is no required amount to open a CD with American Express Personal Savings. Open a CD and earn interest with any amount.
You can fund your account through an electronic transfer or by mailing a check.
Through electronic transfers or requesting a mailed check. You can electronically transfer the money into another American Express account. You can also transfer money into an external linked account.
No. You can open a CD without opening another account.
Yes. The CD terms 18-months or longer offer the most competitive interest rates. Those rates are competitive with other online accounts.
Yes. You can have the interest mailed to you annually, quarterly, or monthly. You can have the interest electronically transferred into another American Express account. You can also transfer money electronically into a linked external account.
For CDs less than 12 months, the fee is 90 days of interest. For terms from 12 months to less than 48 months, the fee is 270 days of interest. Terms from 48 months to less than 60 months, the fee is 365 days of interest. For terms 60 months or longer, the fee is 540 days of interest.
By contacting a customer service representative.
American Express will notify you by mail and email ten days before your CD reaches maturity. The CD will automatically renew if you do not contact American Express Personal Banking customer service and make changes to the CD.
The grace period is ten days.
Yes. American Express Personal Savings accounts offer fixed rates. The rate offered the day you fund your American Express CD is the rate you receive for the life of the term.
The AMEX apps are for credit cards. You can access your accounts on a mobile device through their website. There is not a specific app for the American Express Personal Savings accounts.
The interest rates for CD terms longer than 12-months are competitive. There is no set amount required to open the accounts. The fees for withdrawing money before the maturity date are high. You cannot make partial withdrawals of the principal balance.
Their computers offer safeguards. They have secure files and facilities. Customers are logged out after ten minutes of inactivity. American Express encrypts personal information with Secure Sockets Layering technology. They monitor accounts for potential fraud.
The shortest term is six months.
The longest term is a 60-month term.
Yes. American Express Personal Savings offers a high yield savings account. American Express offers a variety of accounts, including credit cards.
American Express Personal Savings does not offer specific business accounts. The accounts available are a personal deposit high yield savings account and CDs. American Express does offer other accounts.
By email, mail, or phone. American Express Personal Savings offers a 24/7 phone number. You can also follow American Express on Facebook, Twitter, Instagram, LinkedIn, or YouTube.
Bank Contact Information
American Express National BankP.O. Box 30384
Salt Lake City, UT 84130-0384
1-800-446-6307
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