MyBankTracker rated American Express Bank, FSB based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
Wow. I think I applied for our first American Express credit card in the 1970's. I thought AmEx was very reputable then and my opinion has never changed. I feel "safe" with American Express. Now in our 60's it is one of only 2 credit cards that my husband and I use.
We recently opened an on-line savings with AmEx to get some interest on our money. I am very pleased to have recently discovered that I can now view the date on which my interest is posted. I have only made two withdrawals and both were done within a couple of days- less time than I was told was needed.
I have had to contact customer service on many occasions over these 40 years and I have always been treated courteously and professionally. Every matter was handled to my complete satisfaction.
We continue to be very satisfied American Express customers and I'm sorry and puzzled to read that some people feel differently.
I have a bluebird account. No fees, charges or anything. I must say they are the best financial institution I have ever used. I would recommend them to anyone...
I signed up for a Personal Savings from American Express account because I needed a good savings account to save my surplus financial aid money from college and they offered the highest APY of the banks I checked on MyBankTracker and Mint. Since I just turned 18, they could not verify my identity with the credit bureaus while applying online. I thought they didn't open account for me, but about a week later I get a letter stating that I need to call them to complete my application. I called them and the CSR helped me open my account, he was very nice and got it done in less than 5 minutes. The account management website is pretty easy to use, though not the best looking. The two stage log in is kind of annoying (username and password are on separate pages). I did forget my password during my first week with the account, and I tried to log in too many times and was locked out of my account. I called them and the CSR was very helpful and nice. She reset my password in only about 3 minutes. Two times with outstanding customer service, am I lucky? I don't think so, they're just that good. Both times I called I did not have to wait on hold longer than a couple seconds. I highly recommend Personal Savings from American Express. BTW, The CSRs will ask you to take a quick survey to rate their performance, just do it to make sure their superiors know how great (or bad) of a job they're doing.
took me a while to qualify but honestly it was worth it! great rewards and great service as long as you don't carry a balance.
I opened a high-yield personal savings account with american express. It is easy to transfer funds between external accounts; however, the transfer does take about 6 days. This doesn't bother me though because i can just plan in advance when i need to schedule transfers.
Having a safe place to store liquid funds *and* yield interest is not an easy find these days. Being that amex fsb has managed to maintain 1. 00% savings yield combined with the amex cash card reputation of above-average customer service is a magnet drawing customers to choose this online savings as the destination for their cash. I’ve also recommended this online savings option to my family, friends and colleagues.
I have used Citi, PNC, JP Morgan Chase, Barclay, etc. No one compares to American Express. I have been telling friends and family about them non stop. The Web Site is nicely designed, Mobile Apps for iPhone etc.
The Charge Card is only $25 fee Excellent, (AMEX - Zync). The rewards are very attractive and the extended warranty is well worth the membership fee. The Customer Service is the friendly I have seen!
CreditSecure is another program I use from them, Excellent design. Impressive information.
Blue Cash - Credit Card - Is my first business with them. No Annual Fee, if you use Credit Card a lot, GREAT way to bring home extra cash at the end of the year. (Decent rates on cash back).
I really would recommend you try out an American Express card.
I love american express bank and all of their products. Customer service is second to none!
I love this account so far. Easy to add transfer account, easy to direct deposit into (once you find their routing number), and direct deposits are available right away. Being able to categorize the transactions and generate custom reports is also a plus.
How they could improve:
1) Allow users to manage their bank accounts and their American Express credit cards via the same online login. Currently, you have one login account for your bank accounts and another login account for your credit cards.
2) Try to decrease the amount of time it takes for bank transfers to clear. Currently waiting 10 business days for bank to bank transfers. On the positive side my direct deposits were immediatley available.
3) Improve the &amp;quot;FAQ&amp;quot; and &amp;quot;How do I&amp;quot; sections by making them searchable. Currently you have to do a lot of link clicking in your attempts to find the information you're looking for.
4) Increase the APY. Sure, they offer a very competitive rate right now (which you can take with a grain of salt as most APY offers are much lower than they were a few years ago) but sometimes I'm torn as to whether to place my funds in this account or in my investment account to try for a higher return.
5) Offer a checking account. I'd love to have a checking account with a company I trust. From my past experience as an American Express credit card holder and now savings account holder, I trust them with my money. It'd be great if I could migrate my current checking account to American Express.
Well it is just a basic savings account so there really is no glitz and glamour. I use to to stash away money to save up for gifts and such since the interest is the best that I have found. My only problem with the account is that it takes forever for the money to be available (at least 6-8 days). I would definitely not use this as an emergency fund account since the funds are not as liquid as they could be.
So this is the second online HY savings account that I have opened in the past two days... the other was a Sallie Mae (SM) account. I found the opening of the account process was very easy and seemed more secure than Sallie Mae. I know some people won't like the fact that you have to call AMEX to verify information as that takes away from the "completely online" expreience, but I thought it seemed more secure that way. Overall, I thought the two account opening processes (SM and AMEX) were comparable and there were no major differences... quick and easy! Also, I wanted to mention that when I called AMEX to verify my information I was only on hold for > 1 minute, which I was not expecting!
As for the web interface, I found it to be almost too simplistic, but I anticipate that it will evolve as they are a fairly new bank. Again, SM's and AMEX's web interfaces are also very comparable. Similar to what I mentioned in my SM review, I mainly went with AMEX for the reputation in the credit card industry and not necessarily for their higher than average interest rates (as my puny $0 initial deposit and $400 a month savings does not earn much interest).
I have yet to make any transfers as I have JUST opened the account, but from what I have read AMEX is one of the fastest at transfering funds. I sure hope that never changes.
I've been reading in several blogs about one of the simplest ways to lower your credit card's APR is simply to ask. I've had my Amex card since 2006 with my most recent APR at 17.24%. After putting it off for several weeks I finally called. The first person I talked to (didn't even have to be transfered to a supervisor or manager) was able to knock off 2% just like that. It's not a lot but every little bit counts. Very pleased with this experience.
CD Rates are great and are backed up by a bank with a great reputation. My high-yield savings account links to a checking account at another institution, transfers are free and quick. I can't live with out my bank because it helps me save money by making it simple and easy.
I have banked with American Express Bank now for several years. They have among the best (not always the best, but close) rates & very good customer service. If I would have one gripe with them it would be their website. Several things you can't do there that you should be able to but I have received messages that they are upgraded their website so hopefully they address these shortcomings & then I can't imagine a better place for your savings.
Amex, you guys are excellent. Your transactions reconcile faster then any other banks I deal with, your gold card knows no limits (pardon the pun), & your customer service is top notch. Never an issue disputing a charge on the off chance I have one and each time I have to use customer service, the staff is empowered to take a corrective step if necessary rather then asking a manager ever 30 seconds.
Why not a perfect score? The fees. To be honest, their fees are a little up there and I think some of the higher fees on the market. I'm sure they use that money to pay for their excellent customer service reps. Right? Right?
Until today I've been happy with the savings account interest rate, (Last month it was 1.32%!), Then I noticed that today it dropped to 1.14%?. The monthly savings account interest rate is not fixed despite what it implies on the home page. For example, it dropped slightly for my Jan statement to 1.28%. A minor thing, but worth noting as it will also occasionally be higher.
It takes forever for funds to transfer into the AMEX savings account. They say 4-5 business days, it's more like 7-8. Much slower than say HSBC (4 Business days) or ALLY (2 Business days).
When transferring funds out of the AMEX account it's usually done the next business day.
When funds are being transfered in, AMEX will post it as 'Current Balance' while the actual funds are posted as 'Available Balance'. AMEX Savings always credits the amount listed as 'Current' when they apply interest on the monthly savings account, which is nice as most (ALLY - HSBC etc.) banks use average monthly balance to determine the amount of interest.
No debit card is issued for AMEX saving accounts so funds are not always readily available. Cheers!
I have a high-interest savings account with them, and my experience has been good so far. The interest rate is high, and there haven't been any hidden fees yet. The web interface isn't the most intuitive, but it does the job.
I do a lot of online banking and after recently setting up and using an AEB account, I have found the bank to be one of the better options. Processes are carried out efficiently, website is easy to use, limits are high on external account use, and customer service, if needed, also is efficient and friendly. The only significant negatives to me so far are that the bank imposes a six business-day waiting period on external transfers, which is longer than at least some other banks, and they don't offer online (email or chats) customer service. Overall, I would place the bank as one of the best handful of online alternatives.
I had really great customer service! While I love the product, I think the website and features are very outdated. I would be nice if it had a better user interface on the website. It looks very old-school and I wish there was a way to see the routing & account number without having to search for it (similar to ING, my credit union and other banks).
Also, I would like to see some sort of mobile deposit feature.
What I don't like is the hold time for ACH/EFT credits once they hit the account. I have direct deposit set up which is available right away but all other incoming transfers are so lengthy in time. I've never seen anything like this. That's probably the biggest downside for me.
American Express is a good bank that needs some improvement
but overall good management and good customer service but
not quite as good as Ally Bank which I do rank number one and
would rank American Express the number two bank in America.
I have had credit cards with American Express for several years
and auto insurance also with them and never had any real problem
with this bank at all keep up the good work American Express.
The experience for opening accounts is very subpar. First you can't even access your account until you have confirmed the initial transfer, wait several days for that to complete, then finish activating your account.
If you're like me and prefer to set things up with Mint.com, get your account numbers in order, setup transfers from additional sources (you need an account number to do so), etc. you have to wait for your welcome letter to arrive via snail mail to receive your account number. So, again, I'm waiting another several days to get moving with setting up additional source banks because, even though you've confirmed and created your account, they will not show you your account number from within the OURSOURCED ONLINE INTERFACE. Other banks I've used hide the number but give you the option to manually show it in it's entirety.
I'm only using the Amex account because they currently connect to Mint.com whereas TIAA Direct does not. I wouldn't be banking with anyone but Ally but unfortunately I need to separate my savings from my main accounts with Ally. Apparently I've become spoiled, expecting things to be streamlined and effortless.
High-yield savings account's overall web interface is not that good, it's very basic compare to Ally. Can add only 3 external transfer bank accounts. New account sign up was a hassle. The customer service when you call is as good as Ally. As with other high-yield savings accounts, do not use their external transfer service to deposit into since holding period is like a week.
Tried to open a savings account. Completed the application and said to call Cutomer Service. I don't like waiting so I gave up. For some reason my account must be open because I still recieve statements regarding this account. I went to Ally Bank which make my life easier. Opened 3 savings without ever having to call CS.
I AM TO OPEN ACCOUNT BECAUSE I LIKE BANK
The credit card service is separate from the online "bank. " reviewing only the bank, i always seek the best value so i combined the savings/cd rates with the amex brand, thinking it would be a great experience. The first thing that happened was the interest rate dropped noticeably within two months. Coinciding with that i found the website totally inadequate. It was so basic that it was like chicken soup without the chicken. There was no way to communicate with the bank except by calling. No live chat. No e-mail/correspondence link. When i called the customer service reps seemed to reading from a script and that seemed the priority over giving good customer service. When their interest rates dropped below many others, it was easy to leave.
The confirmation papers say one thing, but then the card is denied. My credit is excellent, I rarely use credit, and now I remember why. I chose this card carefully and opened the account for the sole purpose of making a single large purchase, and then on the morning of the purchase, the card was denied. I tried to contact customer service but the wait times are so absurdly long that I had to make a decision and just paid using other funds. I tried later to contact AmEx again and after being passed around from chat to phone to phone to phone and waiting on hold for 30 minutes the call was somehow disconnected. I regret opening the account and I'm left with frustration and ill will towards this colossal credit institution that cannot do what they say or find time to help me when I seek help. Finally, online AmEx does not offer a platform for complaints or expressing dissatisfaction, and I can't even send them an email. I guess they thing they're perfect or untouchable or something or just don't care.
I open a money market account with bank earlier this week. After the account was opened i found their customer service is by far the worst i have run into in fifty years of doing business at least twenty bank i have had account with. As soon as i can find another bank, i will be moving my account.
First be aware of the extended times you must wait until you can withdraw funds. We had the experience that several weeks after our deposit, they would not honor a withdrawal until a lot of investigation into the validity of the deposit. After closing the account, there was interest left. They sent us a check for this amount. However they refused to honor the check because the account was closed. Never have been able to resolve this in spite of hours on the phone. We of course had bounced check charges from our bank also.
If they ask you to fax them a document when you call back they never can find it.
I asked once on this issue, "How long until you get back to me?" Answer, "10 business days." Of course that was a long time ago.
I have both an american express credit card and the FSB personal high yield savings account. Problem is, the two are not linked! That's correct, you cannot go on the FSB webpage to your savings account and pay directly to your Amex credit card balance. I provided that feedback to the bank and they said they would pass that suggestion to their leadership team, as it makes very good sense! That is insane, and this transfer function needs to be added immediately or I will close my FSB savings account.