American Express recently announced that it would start offering a new line of FDIC-insured certificates of deposit and high-yield savings accounts in addition to its credit card and charge card business. The Personal Savings deposit accounts are offered by American Express Bank, FSB, which is a depository institution insured by the Federal Deposit Insurance Corporation (FDIC) and is part of the American Express family of companies. The Personal Savings deposit accounts feature competitive rates, no monthly fees, no minimum balances, and 24/7 account access via the internet or phone. All deposits are FDIC insured up to $250,000 per depositor. American Express had offered savings accounts to its customers in the past but not in recent years.
Choosing to save with Personal Savings from American Express also means that consumers will enjoy the exceptional customer service they have come to expect from American Express. I wrote a few weeks ago that American Express Company was ranked “Highest in Customer Satisfaction among Credit Card Companies,” for the third consecutive year, by the J.D. Power and Associates in the 2009 Credit Card Satisfaction Study.
Personal Savings from American Express deposit accounts are designed to help consumers meet their savings goals and include:
- High-yield savings accounts with an Annual Percentage Yield of 1.85%
- Certificates of deposit (CDs) available in a range of maturities from three months to five years
Personal Savings deposit accounts are available to both American Express Cardmembers and to consumers who do not currently have an American Express Card. Consumers can open an account online at www.americanexpress.com/personalsavings or by calling 1-866-641-5514.
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