American Express, or Amex, is a financial corporation that has been providing consumers with a wide range of services and products since 1850. The company’s headquarters is in New York, and consumers best know it for its line of credit cards. Amex provides a wide range of banking products, and the American Express personal savings account is one of them. The account is perfect for families who trust the Amex name and want to save money for college, retirement, vacations, cars and more.
The following are some of the benefits and features of the American Express personal savings account:
FDIC Insured
The Federal Deposit Insurance Corporation insures the American Express personal savings account. Consumers who place their money inside of the Amex savings account can feel confident that their assets will be safe. The FDIC insures up to $250,000 of a banking customer’s funds. If the bank closes, for example, the FDIC will ensure that the consumer receives his or her money. Not all banks have FDIC insurance. Therefore, the Amex account is an excellent choice for peace of mind.
Easy Online Application
Consumers can apply for an American Express personal savings account from the comforts of their home or work computers. Alternatively, they have the option to call a dedicated phone number and apply with a live representative. Such conveniences save customers time and money.
No Minimum Balance
The majority of banking institutions requires its customers to keep a certain amount of money in an account to avoid monthly fees. The American Express personal savings account does place any such pressure on its customers. Account holders can maintain their accounts with any balance without worrying about additional fees and account closing.
No Monthly Fees
Monthly fees are inconveniences that can destroy the proceeds that consumers work so hard to save. The American Express personal savings account allows a consumer to hold onto every bit of his or her savings by waiving the monthly fees. Every penny counts when a person is saving money, and Amex shows its consumers that it understands this concept.
Competitive Interest Rates
The American Express personal savings account provides the consumer with a competitive interest rate. People who are interested in earning interest from their savings accounts can enjoy the high yield rate of .80 percent. Each year, the consumer can grow his or her bank account further by earning interest on the funds while they sit.
American Express also offers Certificates of Deposit with a fixed interest rate. Certificates of Deposit are good for consumers who want to avoid the temptation of digging into their funds early. The early withdrawal penalty can help assist a person who wants to avoid cashing the CD until its maturity date. Amex does not charge customers monthly fees, and the company does not require the consumer to have a minimum opening deposit amount.
Online Access
Personal savings account holders will have 24-hour access to online banking features. They can perform tasks such as transfers and balance inquiries from a computer within minutes. The online banking service allows account holders to set up special notifications, as well.
Easy Deposits and Withdrawals
Neither adding nor withdrawing funds should be complicated. Amex makes both tasks easy by allowing its customers to perform withdrawals and deposits online. They have the option to conduct those activities by phone, as well. Account linking is another convenient option for Amex banking customers. Consumers can link their external accounts to their Amex accounts for ease of transfer and quick transactions. Account linking is a simple process that an account holder can perform in as few as 10 minutes.
The American Express personal savings account has positive consumer reviews for fast ACH deposits, stellar customer service and competitive rates. Additionally, the company has an A- rating with the Better Business Bureau. Consumers can have faith in this company and its assortment of products.
