American Express

American Express has a high yield savings account with a 1.3% annual percentage yield (APY). The savings account includes:

• No minimum balance requirement
• No monthly fees
• Up to six withdrawals each month

The high yield savings account has a variable savings rate.  The 1.3% savings rate is as of April 6, 2010.

You can link up to three external accounts to the American Express savings account and other personal accounts. The most you can deposit each day via an electronic transfer is $250,000. Electronic deposits are usually available for use after six business days if they are initiated through American Express. If you deposit a check, the funds are usually available in 11 business days.

Interest is compounded daily and begins to accrue on the day funds are deposited. Interest is credited to the savings each month.

Deposits in savings are insured by the Federal Deposit Insurance Corp. for up to $250,000 through Dec. 31, 2013.

American Express also offers certificate of deposit (CD) rates for terms ranging from six months to five years. CD rates include:

• 1% APY for six months
• 1.5% APY for a year
• 1.65% APY for 18 months
• 2% APY for two years
• 2.25% APY for three years
• 2.5% APY for four years
• 2.95% for five years

CDs are subject to a penalty fee for early withdrawals.

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