American Express High-Yield Savings  » Finance  »
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  • I have only held my account for one month now, but I feel like I know it pretty well

    • by mhoppal

      all reviews
      In an effort to try to catch up with inflation (my previous savings account offered only a 0.1% interest rate), I recently transferred my money to an American Express high-yield savings account with a 1.7% annual percentage yield. Interest is paid monthly and compounded daily.

      So far, I have not yet hit my $100 goal for the month, but I am currently at just over $50. Transfers have been made easy with this account, and linking my external checking account at Wells Fargo was quick and painless (I needed only

      a routing number and account number). The wait for confirmation codes was short (about three business days) and the verification process was also painless.

      Deposits are also simple, with a drop-down menu for which account from which to make the withdrawal. I only have one account linked, so I have not had to use this menu.

      There is no minimum balance or membership fee, so I feel that my money is safe in this FDIC-insured place. It is still not quite beating inflation, but it is much closer than my Wells ...

      • Fargo account, especially for having no minimum balance or any fees (other than insufficient funds should you try to withdraw too much, of course).

        I have only held my account for one month now, but I feel like I know it pretty well. The account itself is wonderful, although American Express has an online banking system I find somewhat inconvenient. It never seems to remember my computer, so I have to log in with my user name, password,two security answers (like my father’s middle name) and another pass phrase. This

        means inconvenience, and I also cannot check it from an outside service like Mint, which I use for the rest of my accounts. This is disappointing, though not a complete deal breaker. I just wish it were a little easier to log in. I suppose it is nice to feel secure, though.

        Overall, I give the account a pretty high score. It has served me well and I look forward to holding the account for years to come, as well as to opening a CD with American Express in the future.

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    The review was published as it's written by reviewer in December, 2009. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 422312928320631/k2311a1223/12.23.09
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