American Express National Bank Personal Savings Account Review
In terms of finding the best savings account, it is hard to go wrong with an established institution such as the American Express National Bank.
This bank is one of the most recognizable brands in the world and has existed for more than 160 years.
If you are looking to invest money but you are struggling with the idea of committing to a long-term investment vehicle such as a Roth IRA or 401(k) plan, a high-yield savings account could meet your needs.
In this American Express Personal Savings Account Review we will compare rates, fees and services.
This savings account offers a conservative investment that will not tie up your money for an extended period of time.
Whether you currently have an existing American Express National Bank account or you are seeking a savings account that does not require a minimum deposit, this may be the account for you.
Here are several key features to consider:
- No monthly fees
- No minimums
- Easy electronic transfers between accounts
- High yield APY
- 24/7 account access
Unlike other financial products offered by big-name institutions, you do not need an American Express credit card in order to qualify for the Personal Savings Account.
The application process takes just a few moments, provided you have your personal information available, and you can have your statements sent electronically or via standard post mail.
Savings Account Interest Rates Review
American Express Personal Savings Account Pros & Cons
When considering a new account to store your money, a competitive interest rate is likely the first feature you compare.
When you sign up for a high-yield account such as the American Express National Bank Personal Savings Account, you will earn a higher interest rate compared to other traditional accounts, but you are still entitled to access your money without incurring a penalty.
This savings account comes with a competitive APY.
Keep in mind that although this account comes with competitive interest rates, there may be better options with higher rates such as:
Fees to Consider
Aside from the initial $1 minimum opening deposit, this savings account offers no monthly fees or minimum balance requirements, and your money is federally insured with the FDIC for at least $250,000.
You can schedule a direct deposit to your savings account or set up an automatic transfer from your external checking account at no cost to you, and your savings account is supported by most personal finance software, including Quicken and Mint.
American Express National Bank Savings Account Fees
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With an American Express National Bank Personal Savings Account, you can access your account anywhere or anytime by phone or online.
You are also able to transfer money out and into your savings account at any time.
However, as is the case with all accounts per federal law, you are only entitled to transfer or withdraw money out of your account up to six times during any given monthly statement cycle.
Keep in mind that you can initiate a transfer 24/7 via phone or the website, but any transfers you request after 7:00 PM EST or on non-business days will start to process on the following business days.
Easily Links to Your Current Bank Accounts
When you are approved for a savings account, you will be required to link your account to your external checking or savings account in order to electronically transfer funds.
The external account you link must be in your name and have the same ownership as your American Express National Bank personal savings account.
Once you enter your routing and account number, you will receive test deposits in order to verify your external account. Alternatively, you can link your external bank account by mail.
Quick Transfer Times
If you are looking to transfer your funds and have them available as soon as possible, the best way to do this with the American Express National Bank savings account is to request the transfer on your external account or where you are currently holding your money.
This method takes approximately one to three business days, excluding the time necessary to link accounts.
Conversely, if you wish to move your money out of your savings account and into an external checking account, you can use the American Express National Bank Personal Savings site to initiate the transfer.
What Are the Disadvantages
Although the American Express National Bank savings account can be beneficial if you are still on the fence regarding long-term investment vehicles, there are several factors to consider before applying for this account, including:
To withdraw your money from the account, you first need to transfer it to an external account.
Although you may receive a withdrawal by check, you are still required to call in to request a withdrawal, and American Express National Bank will mail a check to you.
Extended hold times for funds
You can expect your electronic deposits to take as long as six business days from the time you request the deposit until the time it posts, and it may take as long as 11 business days for a check deposit to clear.
No checks, debit cards, or ATM cards
Depending on how you look at it, this could also be a benefit, especially if you are often tempted to spend money when you would ideally like to save it instead.
However, since these savings accounts are not intended to be used for everyday spending, you will not receive any physical ways to access your account, which may be a disadvantage if you are seeking access to emergency funds.
If you have limited funds but you still want to start saving for the future, the American Express Personal Savings Account may be right for you.
The no minimum deposit and no fee features are great for first-time savers.
Since this account requires no monthly fee, no transfer fees and comes with FDIC insurance and a competitive interest rate, storing your money in an American Express National Bank High-Yield Personal Savings Account is a solid option.