While savings account rates aren’t exactly much to get excited about these days, it doesn’t mean that you shouldn’t have a savings account! As a brief reminder, a savings account provides a nice shield or barrier between you and your savings for emergencies, vacations, Christmas and more. We all find reasons to spend our savings if left in our checking accounts!
So, if you’re looking around for a new savings account, I recommend adding the American Express Savings Account to your list of accounts to consider. Let’s take a look at some of the features of this account.
American Express offers two types of savings options: Their online savings account and certificates of deposits. We’ll discuss the savings account today. The savings account offers a competitive rate of return with other online savings accounts. There are no fees to open or maintain the account and no minimum deposit required each month! These features provide a great way to get started saving even when you can’t save much right now. The savings account is secure as your savings is FDIC insured up to $250,000.
You can link up to 3 personal checking accounts to the American Express Savings Account. This feature is nice because you don’t have to worry about switching checking accounts. You can continue to use your existing checking account and transfer money as needed. You can also set up automatic transfers (highly recommended) so you don’t have to think about contributing to your savings each month! Direct deposits are also available and you can conveniently mail in checks to make a deposit, or even call to receive a withdrawal if you don’t want to transfer money to your checking (AMEX will send you a check).
Opening an account is easy and only takes a few minutes. There are 4 steps to follow to open an account:
- Collect personal information such as the account you’re using for funding. There is a list of information on the AMEX website.
- You can choose the type of account that interests you. You can open a high yield savings account or a Certificate of Deposit and submit your application.
- You’ll receive a confirmation email letting you know your account is approved along with a savings welcome kit.
- Finally, you can fund your new account by mailing in a check or linking an external account. The website provides an overview of how to make deposits and withdrawals.
Overall, American Express is a trusted global financial services company and I think the American Express savings account is well worth considering if you’re looking for a place to securely save money with a competitive rate of return. No fees and no minimum deposit put this account on my best online savings account list.
Open an American Express Savings Account with no fees and no minimums today!