In today’s world, when the cost of every basic necessity is rising dramatically, saving money has almost become impossible.
Whether you are the father of two toddlers or an owner of a small startup, you will always need extra funds to meet your house’s expenses or purchase more inventory for your business.
However, people still find a way to save a few pennies from their everyday expenses to fulfill their future dreams or just to have a sufficient amount for hard times.
Therefore, when opening their savings account, people always prefer financial institutions offering higher profits on their savings.
Are you also looking for the same? Well, you will have gazillions of options to choose from. The majority of people are quite fond of familiarity.
Therefore, they will be more inclined to choose a famous financial institution over an online bank.
However, many are unaware that online banks offer better rates on their savings account.
After reviewing all the high-yield savings accounts offered by the largest banks or credit card unions, we have found American Express High Yield Savings Account to be the perfect choice in the big bank category. Read on to know more about American Express High Yield Savings Account!
What is an American Express Bank?
Many people might believe that American Express Bank is quite new in the banking industry. However, that is not true at all. American Express was founded in the 1850s and is quite a popular name in the credit card industry.
Besides credit cards, the online-only American Express Bank has become immensely popular because of its various personal banking options.
Whether it is a high-yield savings account, checking account, or certificates of deposits, American Express offers the best banking services to its users.
What is an American Express High Yield Savings Account?
After the COVID-19 pandemic, people have undoubtedly realized the importance of having a savings account.
It is never easy to manage your expenses in hard times, especially when you are living from paycheck to paycheck.
However, having an emergency fund in your savings account can help you immensely, especially when you are hit with unexpected expenses or events. The days when people used to stick cash in a jar, kitchen counter, or money box are long gone.
Now, people want to put their money away in an account that they can find difficult to access and earn a good profit by just storing money there.
Do you fall in a similar category? In that case, American Express’s High Yield Savings Account is worth considering.
Of all the savings accounts offered by banks or credit card unions, American Express offers the best profit as well as perks on their savings accounts.
While the current 1.90% APY on the American Express High Yield Savings Account cannot help you build your dream house, it is still quite a competitive rate.
Besides the high APY rate, the account provides minimal access to your savings which is both a blessing and curse for people.
With American Express High Yield Savings Account, you will get no option of a debit card or ATM withdrawal.
You will be able to transfer the funds from your saving account to any other account, but it will take a couple of days to show up on the other end.
Therefore, American Express High Yield Savings Account is only best for people who want to access their savings in emergencies.
However, if you want quick access to your money stored in your savings accounts for paying bills, American Express’s saving account is not the right choice for you.
Advantages of Opening an American Express High Yield Savings Account
Are you still confused about whether to open a savings account at American Express or not?
Here are a few advantages of opening an American Express High Yield Savings Account to help you make up your mind better:
Higher APY
When opening a savings account, APY is undoubtedly one of the most important factors. As mentioned above, American Express offers one of the highest APYS over a savings account.
Therefore, if you want to earn a great amount of profit on your savings, American Express High Yield Savings Account would be a perfect choice.
Ease of Usage
Unlike others, setting up an American Express High Yield Savings Account is not a challenging task at all. Instead, you can set up and start using your American Express savings account within a few minutes.
Also, the best thing is you can link multiple accounts and move money between them.
No Minimum Deposit Requirements
Like brick-and-mortar banks, American Express does not allow only people with sufficient finances to open savings accounts.
Instead, anyone with a minimum of $1 can open American Express High Yield Savings Account.
No Maintenance Fees
Many famous financial institutions may not offer a higher APY, but they definitely do charge users a high maintenance fee for their savings accounts.
However, that’s not the case with American Express at all. American Express offers its savings account for free.
Thus, if you open a savings account at American Express, you will not have to pay maintenance fees.
24/7 Customer Support Service
Besides its exceptional banking services, American Express is also known for its great customer support service.
If you have any queries or issues with your savings account, you can get help from American Express customer service anytime.
The American Express customer support agents are available 24/7 to answer all your queries and resolve all your problems.
How to Open American Express High Yield Savings Account?
To open American Express High Yield Savings Account, you can apply online at AmericanExpress.com. However, you must be at least 18 years old and a citizen or resident of the United States of America to be eligible for an American Express savings account.
While applying for a savings account at American Express, you will be asked to provide your personal details such as full name, address, date of birth, and social security number.
Once you have submitted all the details and agreed to the terms and conditions, you will have the option to fund your account as well as set up online access to your account.
How to Log in to Your American Express High Yield Savings Account?
Through Desktop
If you are trying to access your account through a desktop, you need to follow these steps to log in to your American Express savings account:
- Open the American Express homepage.
- Once you get to the homepage, you will see a place to sign in to your account.
- Simply enter your American Express login credentials.
- Later, you will have to select what you want to log in to based on your account type.
- If you don’t want to enter your login details again and again, you can click on the “Remember Me” checkbox.
However, you must make sure that the desktop you are using is your personal device. You must never click on that box when using a shared computer or public WiFi.
Through Phone or Tablet
Do you want to access your savings account through your mobile phone or tablet? Follow the steps mentioned below:
- Download the American Express mobile app on your Apple or Android device.
- Once you have downloaded the American Express app, you can log in to your savings account by entering your valid username and password.
Moreover, with an American Express mobile app, you will have access to the chat function, which means you can message customer service and receive an answer or solution to all your queries and problems wherever you are.
How Can You Access the American Express Customer Support Service?
American Express’s website or mobile app features a thorough FAQ section. However, if you need a more personal service or advice as well as payment, there are two options to get in contact with American Express customer support service. You can call at (1-800-446-6307) or write to them at:
American Express National Bank
P.O BOX 30384
Salt Lake City, Utah 84130
How Can You Cancel Your American Express Savings Account?
Have you ever wondered how to close your American Express savings account? The process is quite straightforward. To close your account, you will have to go to the “Transfers” tab and enter the dollar amount you wish to transfer.
After transferring all the amount from your savings account, you will be given the option to close the account. If you click on the red “Close Account” button, your account will be closed.
Conclusion:
American Express may not offer customer-friendly services like debit cards and mobile deposits with its savings accounts.
However, it is still one of the best options for people willing to open a savings account. Not only if offers a higher APY, but it also charges zero maintenance fees.
Therefore, if you are looking for a savings account in which you can keep your emergency fund secure and earn a higher profit on it, choose American Express High Yield Savings Account.
However, American Express is definitely not for you if you want a savings account that keeps your funds more accessible.
