American Express is known for charge cards and credit cards. But the bank has two products that can help you build savings. The bank’s high-yield savings account currently has a 1.85% annual percentage rate (APY) and its 24-month CD rate is 2.35% APY. Other CD terms are also available.
You don’t need to have an American Express credit card to open a high-yield savings account or certificate of deposit. You can open accounts online or by phone. Other details of the high-yield savings account include:
- No minimum deposit required
- Interest is compounded daily and credit to account monthly
- Interest begins accruing on the business day the deposit is received
- No fees for electronic transfers
- Savings is FDIC insured up to $250,000 per depositor
Details of the certificate of deposit offer include:
- CD rates can change at any time without notice
- No minimum to open account
- No additional deposits are allowed before maturity date
- Penalty for early withdrawal of principal
- Interest can be withdrawn
Once the CD matures you have a 10-day grace period to withdraw the money, renew it at current CD rates, or transfer the money to a high-yield savings account. Statements are sent online or by mail each month.
You can open American Express certificates of deposit and high-yield savings accounts as individual or joint accounts, but not trust accounts.
- 6 Month CD 0.60 %
- 1-year CD 0.92 %
- 2-year CD 1.47 %
- Money Market Account 0.37 %
- Savings Account 0.60 %
- 30-year Fixed Mortgage 4.27 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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