|If you’re thinking about opening a new savings account, you might hit the pavement and visit every bank or credit union in your immediate vicinity. This is one way to compare options. But if you focus all your attention on brick-and-mortar banks, you could end up with a not-so-impressive interest rate.
Understandably, some people prefer the comfort of an actual physical branch. And for those in this category, opening an online savings account might be the furthest thing from their minds. But if you’re looking to maximize your earning potential, a Personal Savings account with American Express can take your savings to another level.
1. High-Yield Online Savings Accounts
Regular savings accounts at brick-and-mortar banks often product paltry yields; in fact, according to GOBankingRates interest rate information, the national average rate for savings accounts is 0.10% APY as of the beginning of this year.
With deposit rates at record lows nationwide, it has become increasingly difficult to build an emergency cash reserve or save for long-term goals, such as retirement, college education and a house. However, this doesn’t mean you have to shelve any and all plans to increase your savings. It’s all about acquiring the right kind of savings accounts; with a high-yield online savings account from American Express, you’ll get a competitive rate and a safe place to grow your funds.
Open an account today and enjoy an impressive 0.80% APY — that’s eight times the national average. And unlike many other types of savings accounts, there is no fee to open or maintain an account; plus, you can open an account with as little as $1.
2. Personal Savings CDs
An online high-yield savings account is worth consideration if you’re looking for an account that allows easy access to funds. But if your mindset is long-term, a certificate of deposit with American Express can help you with your savings goals.
Compare CDs offered by other banks and you’ll find that many financial institutions require a hefty minimum deposit. This isn’t the case with an American Express Personal Savings CD. There is no minimum deposit to open an account — you can get started with as little as $1. Additionally, there is no fee to maintain the account, although early withdrawal fees could apply.
Select a Personal Savings CD term between six and 60 months and receive a competitive interest rate between 0.40% APY and 1.35% APY, depending on the term.
Getting Started with American Express Personal Savings
Opening a Personal Savings account with American Express only takes a couple of minutes. Complete the online application and then link your existing bank account to your new Personal Savings account. You can also fund your new account with a personal check.
American Express Personal Savings accounts feature online account management, giving you 24/7 access to your savings. You can view statements, transfer money, make withdrawals and set up alerts.
Simple, free and convenient — there is no easier way to grow your money and manage your savings.