The American Express Saving Account

American Express not only dominates the credit card market, but offers other financial services too, which fall under the category of internet banking or online banking.

Most consumers don’t know that American Express not only offers credit cards, but a High-Yield Savings Account and Certificates of Deposit (CD). You can open an American Express savings account with Personal Savings from American Express.

So what are the details?

First, just as with everyone else the Federal Express saving accounts are FDIC-insured up to the applicable limit, Amex offers 24/7 service (unlike many other companies) and there are absolutely no fees or balance requirements.

Second, the American Express savings account can be managed online or over the phone. You may make up to six withdrawals per calendar month.

As to deposits, you don’t need to visit a branch location but can make deposits through electronic transfer or checks by mail. You can electronically transfer a maximum of $250,000 per day. If you use electronic transfer from another bank to deposit to your account, then it will generally be available for withdrawal on the day they receive the deposit. The routing number is 124085066. Funds from check deposits to your account will generally be available for withdrawal on the eleventh business day after the deposit is initiated.

American Express saving account high yield rate

Third, interest is paid on a monthly basis. You can access your Federal Express savings account online by setting up online access when you open your account. That way you can check your balances and initiate electronic transfers from your personal computer.

American Express Savings Account Application Requirements

Now you would be hard pressed to find a company as safe as American Express, and with FDIC coverage, your money is naturally insured. The application form is simple and requires the usual banking information:

a) Your correct Social Security number
b) Whether you are subject to backup withholding, and
c) Whether you are a U.S. citizen or a permanent resident

American Express does not charge fees on its “American Express Saving Account”.


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