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American Express Personal Savings Review

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When many of us think of American Express, we think of credit cards and charge cards. However, American Express has also been getting into banking — at least the savings aspect of banking. American Express offers a personal savings account with a competitive annual percentage yield and they give it a clever name – American Express Personal Savings. :)

If you are interested in an account that can allow you to grow your money, especially if you have an emergency fund, the American Express Personal Savings account might not be such a bad thing.

Applying for the American Express Personal Savings Account

American Express offers a great interface for the sign up. It’s fairly easy to start the process, and AmEx is very good at ensuring that you understand the steps involved. As with all bank accounts, you will need your name, address, phone number, and other information to get started. What you need is listed, so you gather all the necessary documents quickly.

This savings account doesn’t have a minimum deposit requirement. You can fund it by writing a check, or by completing an ACH transfer from one of your existing bank accounts. Linking an account can take a few days, though. You will need to wait until test deposits are made, and you will also need to use an email verification process. Then, it can take a few more days for your funds to actually be transferred from your older bank account into your American Express Personal Savings account.

Basic Features

The American Express Personal Savings Account is a fairly basic offering. It is supported by Mint, and you can use it with Quicken as part of Web Connect. You can also use your account with QIF and SSV downloads. This makes it easy for you to use your AmEx savings account with personal finance software.

However, you won’t find any fancy features or options. The biggest draw is the competitive interest rate, which is among the higher rates offered by online banks. If you are looking for a complete banking solution, this isn’t the place to go. You won’t find any bells and whistles. American Express Bank doesn’t offer a checking account, and you can’t engage in bill pay with your account, either. You can set up direct deposit, and you can arrange regular deposits into your account, helping you build your savings.

American Express Bank, which is located in Utah, is FDIC-insured, so your money is protected, up to the current limit of $250,000. You can access your account information easily online, and the interface is simple to use.

Bottom Line

American Express Personal Savings account is probably ideal for those who are looking for a place to keep their cash while earning a competitive yield. All rates are low right now, but American Express Bank does offer one a competitive rate. If you are looking for a basic account with no minimum and no fees, this can be a good place to start. You can build up your emergency fund, with the help of a decent yield, and have a measure of peace of mind.

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9 Responses to “American Express Personal Savings Review”

  1. Matt says:

    So basically there is no reason to put your money there when you could put in in Ally or ING for much higher rates. Are there any benefits if you have an AMEX card?

  2. Mike says:

    Much higher rates? I doubt ING, ALLY, and AMEX’s rates would have much of a difference. My savings account gets 0.95% by the way.

  3. Matt says:

    Yeah by bad, its .9% at ALLY, .8% at ING, and .75% at AMEX. But even with the rates close AMEX is probably still a worse option unless the have some bonus with the AMEX card,or something like that, which they probably don’t because it wasn’t in the review.

  4. Dj Hams says:

    I love this website, but this article sounds like some type of paid advertisement, considering the AMEX rate is barely competitive.

    • Jim says:

      It’s not a paid advertisement, I had received a few emails asking me about it so I thought we should put a review up.

      None of the online savings accounts are good these days because rates are so low. :(

  5. Walter says:

    When I first set up my Amex savings in Nov 2010, the rate was 1.315 vs 1.25 for ING. Unfortunately, the rate has finally fallen below that of ING by about .05%. It’s hardly enough to make a difference, but it is still competitive with the other on-line accounts. I set up this account SPECIFICALLY as an emergency fund account, so that it is separate from my ING account, which I use for direct deposit and typical financial transactions, and my Ally, HSBC, Emigrant accounts which I use for specific other purposes. It serves quite well in this capacity and the no frills nature of it is what I liked about it.

  6. Ray says:

    Savers really are penalized right now from the low interest rates. Nothing the banks can really do about it. Its nice to have at least one online banking account at ING, Ally, or even Amex. It facilitates easy transfer of funds via ACH Pushes and Pulls that most B&M don’t offer without fees.

  7. KarenJ says:

    I set up this account to hold commissions from my husband’s real estate business so we could earn a little something on the money while it sits waiting to pay bills. When I signed up, the rate was .95% but within two weeks it dropped to .75%. I have to say it was disappointing, but I can’t keep opening up new accounts every month or so. I like the fact that is is easy to transfer money to and from my Bank of America checking account.

  8. payment processing says:

    I have seen several good reviews of American Express and their savings/CD accounts. I do have a American Express card and have been very pleased with their customer service in that area. American Express has always been known for very good customer service.

    I currenly bank at ING and have for awhile. My savings account there pays 1.1%. At present it is hard to consider moving for 2 tenths of 1 percent, when both pay under 1.5%!


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