Whenever you find yourself in a situation where saving money becomes a little difficult for you, a savings account is there to your rescue. It is the basic type of bank account which lets you deposit money, helps to keep your funds safe, and with-draw it according to your needs.
However, it is really important that you choose a trustworthy bank for your savings account that has a good reputation too. American Express is the best place to start your banking career due to multiple reasons. Due to their well-known line of credit cards, the American Express personal savings account might be the best option for you.
Most of all, there are no hidden charges, no monthly fees, and no minimums. American Express personal savings account has also many more features.
American Express Personal Savings at a Glance:
|Annual Percentage Yield||1.35%|
- Easy sign-up.
- FDIC insurance.
- 24/7 service.
- Links with outside banks accounts.
- The savings rate is not the highest.
- No ATM card.
- The whole system is Online. They don’t have any physical branches.
- No checks.
- Mobile access unavailable.
American Express High-Yield Personal Savings Review:
If you don’t get a reasonable interest rate, then there would be no point of having a savings account. The minimum national savings account interest rate is 0.06% according to the FDIC as of November 2017. This causes problems because the average inflation rate was 1.92% in October, according to the Bureau of Labor Statistics. This can cause your savings to fall behind the growth in consumer prices.
Also,the American Express personal savings account does not charge you any fees annually. Their whole system is online, so consequesntly there are no physical branches. You don’t have to take time out of your busy schedule to stand in queues to open your savings account or make transactions. Online service also means that there will be an operator to serve you all the time. In short, American Express high-yield savings account might be the best option for you if you want to store money long term. Moreover, it doesn’t restrict you with any bank deposit certificates.
Disadvantages of American Express High-Yield Savings Account:
The main disadvantage is not being able to actually meet your bankers. This increases the chances of scamming since you won’t have actual people to have any action taken against. Although you can have access to your account anytime, you can’t go to their office to have a direct meeting. Besides, if you’re often in places where you don’t have a mobile phone or internet connection, this might not be the best option for you.
Furthermore, this savings account doesn’t come with a credit card so you can’t have quick access to your funds. However, for people who have their emergency funds stored somewhere else, this is not a big deal.
However, keep in mind the following difficulties that come with having an American Express personal savings account:
- Not the highest APY.
- No physical branches.
- Mobile app access absent.
- No ATM card.
Comparison of American Express High-Yield Account With Others:
Online banks have an advantage over other banks due to no high overhead costs. Online savings accounts offer more competitive rates than the brick and mortar banks. See how the 1.35% APY of AmEx compares with other banks’ savings accounts:
Savings Accounts APYs of Different Banks:
The Procedure of Opening Your AmEx Personal Savings Account:
Firstly, get started with your American Express personal savings account by following the below-given prompts
- Firstly, go to their official website and click on ‘Apply Now’.
- Click on ‘Open a New Account’ and provide the required information such as your email, date of birth and Social Security number.
Finally, this savings account could be a good option for you if mobile access isn’t much important to you. Because considering their name and popularity, it is safe to say that you won’t regret it.