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.
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.
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.