While American Express is an advertising partner of HustlerMoneyBlog, the opinions and beliefs in this article are those of the author alone, who makes every effort to ensure the accuracy of the information.
See latest review of American Express Personal Savings here.
For those of you that are looking for a new savings account, American Express National Bank is offering a 1.90% Annual Percentage Yield (APY) as of 08/22/19 for their personal savings account.
This account makes it easy to get the most out of your savings because it features no minimum deposits or monthly fees. American Express National Bank is also FDIC insured where the standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Your savings will be protected money so you have nothing to worry about when banking with AMEX. Open this account today with no minimum to discover how much you can save!
Other than the no monthly fees and no minimum balance requirements, their other two best features include no dollar limitations for ACH bank-to-bank transfers and free wire transfers. Many readers have reported about the bank’s fast ACH transfers and their top-notch user interface! Terms and limitations apply.
Table of Contents
- 1 About American Express
- 2 What Is A High Yield Savings Account?
- 3 American Express Personal Savings Account
- 4 American Express ACH Capabilities & Limits
- 5 How to Receive American Express Rates
- 6 American Express Personal Savings Benefits
- 7 Why You Should Sign Up for this Account
- 8 Steps To Apply
- 9 Bottom Line
About American Express
Did you know that American Express began as a freight forwarding company in 1850, earning a reputation as a company people could trust while transporting some of their most valuable possessions?
In the late 19th century and early 20th century, American Express introduced new financial products and travel services that helped support our customers’ everyday lives. In the 1950s, Amex introduced a charge card, offering customers a new and convenient way to pay. Ever since, American Express has innovated their card products, services and other offerings. Today, American Express is the largest global payments network and they continue to pride ourselves on being forward-looking and customer-focused.
With each new development, one thing has remained constant: their commitment to their customers and their special brand of service.
What Is A High Yield Savings Account?
A High Yield Savings Account is a savings account with a variable rate typically higher than retail brick-and-mortar banks. High Yield Savings Accounts are limited to a maximum of six (6) online and telephone withdrawals or debits per monthly statement cycle. Interest on your High Yield Savings Accounts will be compounded daily and posted to your account monthly.
American Express Personal Savings Account
- Direct Link to Offer
- Account Type: Personal Savings Account
- Rate: 1.90% APY
- Minimum Balance: $0
- Maximum Balance: $5 million per account
- Availability: Nationwide
- Expiration Date: None
- Chex Systems: Unknown, let us know.
- Direct Deposit Requirement: None
- Additional Requirements: None
- Monthly Fee: None
- Early Termination Fee: None
- Insured: FDIC
- Terms and limitations apply.
With the American Express® Personal Savings Account:
• Earn 1.90% APY on your deposits. Your Personal Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
American Express ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
|Push||1-2 days||No Limit||No Limit||3 linked accounts allowed|
|Pull||1-2 days||No Limi||No Limit||6 withdrawals per month|
Editor’s Note: Help us with the table above in the comment section if you have experience with ACH capabilities.
How to Receive American Express Rates
- Open an American Express® Personal Savings Account
- Then on the offer page click on “Apply Now” then fill in the required steps.
- Submit your application – You must be at least 18 years old, have a social security number, a legal US address, and a personal checking account in a US bank.
- Receive Confirmation – You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.
- Fund your account – You can fund your account online either by linking your current bank account or by mailing a check.
American Express Personal Savings Benefits
The American Express Personal Savings account interest compounds daily at a variable APY rate and is credited to your account based on your monthly cycle rate.
Account holders must fund the account within 60 days, which you can do by setting up a bank transfer or direct deposit to the savings account, as well as by sending a check.
- High, Competitive APY Interest Rate. The current APY is far above the national average – if you compare the rates your brick-and-mortar banks offer, you’ll will immediately see a major distinguishment between the rates offered.
- Automatic/Recurring Savings. With an online savings account, not only will you earn a far better interest rate on your funds, you can make it easier to save – it’s automatic. This account allows you to set up and make recurring deposit transfers from your other accounts (checking, savings, money market, business, etc). This makes saving and budgeting easier as you can have a specific portion or funds deposited into your savings account.
- Reduced/Discouraged Spending. American Express® Personal Savings accounts are not meant for everyday spending. ATM cards, debit cards, or checks are not provided. However, Federal Reserve Regulation D (Reg. D) does allow a maximum of six (6) withdrawals/debits per statement cycle from online high yield savings accounts. In shorter terms, this helps reduce spending and increased savings due to not having access to an ATM card. If you were to use your savings funds, you would have to transfer to an account with debit card access (i.e. money market or checking account. This helps reduce your spending and add onto your savings.
Why You Should Sign Up for this Account
- No minimum deposit– You can open your account with no minimum and still continue to earn the current APY rate.
- No monthly fees– You’ll be able to earn as much as possible and not have to worry about monthly fees cutting into your return.
- Multiple ways to access your money– Being able to access your account from the internet gives you the ability to transfer money very easily. You can also manage your account using your phone.
- FDIC insured– Your funds will be FDIC insured up to the maximum amount of $250,000 per depositor, per insured bank, for each account ownership category.
Steps To Apply
Step 1: Gather Your Information. You will need the following information to apply:
- Social Security Number
- Email Address
- Home Address
- Phone Number
- Date of Birth
- Account and Routing numbers (primary applicant only)**
**To fund an American Express Personal Saving Account electronically, the primary applicant will need the Routing and Account numbers of the external account from which the funds are being transferred.
Step 2: Submit Application. Apply Now
Step 4: Fund Your Account. You can fund your account online either by linking your current bank account or by mailing a check. Start earning interest on the business day‡ we receive your deposit.
Sign up with American Express Personal Savings and take advantage of their great APY rate. Your Personal Savings account earns interest daily and is posted to your account monthly.
Enjoy their competitive rate and other great features like maximum FDIC insurance, no minimum deposit fees, no transaction fees, and no monthly fees. Learn more from their FAQ.
Tell us about your experience and share below in the comments sections. Terms and limitations apply. IF you are not interested or looking for more options, browse the Best bank rates from our exclusive list nationwide!
American Express Personal Savings Account - You earn 1.90% interest rate along with no minimum deposits or monthly fees. Amex Personal Savings has been my favorite Hub account for the past 5 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the Personal Savings website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express Personal Savings include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos UFB High Yield Savings and CIT Bank Savings Builder accounts offer great rates available nationwide. The Discover Online Savings and Chase SavingsSM account have nice sign-up bonuses.
|Discover Bank Online Savings||1.90% APY + $200 Cash||Review|
|Simple||2.02% APY + $300 Cash||Review|
|Betterment Everyday Savings||2.21% APY||Review|
|UFB Direct High Yield Savings||2.25% APY||Review|
|CIT Bank Savings Builder||2.20% APY||Review|
|American Express High Yield Savings||1.90% APY||Review|