American Express Savings Accounts

Today there is an email: "You will now have one login for your American Express® Savings and Card accounts." Really? This is a huge issue. First, safety and security. A credit card compromised now could affect all life savings!! Really, AMEX? I'm taking my business elsewhere.

I've been satisfied using this savings account for more than 7 years. But recently, their customer service has been abysmal. I was trying to remove a joint owner due to death. Simple enough at every other bank I worked with, but here, every time I called to check on the status I was given a different story about what was required. Multiple calls and a month later, the issue is still not resolved and all withdrawals are on hold until it is. (I would cancel the account if it weren't for their good interest rates.)

Misinformation at every step, very long hold times (1 hour plus), deceptive business practices. Choose another bank. Spoke to 3 different people who told me 3 different stories. I also had to wait a week for someone from "corporate" to come into work to make a decision. Insanity.

Not a place to deposit your money, they are untrustworthy and maybe even criminal. I started a ACH withdrawal on funds that had been sitting in this bank for almost a year and because of the large dollar amount American Express bank refused to honor my request for the withdrawal. They gave no reason because there was no reason other than it was a withdrawal they did not want to happen. I was treated unprofessionally and even hung up on by three different employees,
spent four hours on the phone, finally a supervisor agreed that what was going on was wrong and completed the ACH. The funds were completely available and clear for any withdrawal but someone at this less than honest bank did not like the idea of the very large exit of money. I recommend any depositor look elsewhere and in fact, lots of higher paying interest accounts are out there now, much higher that American Express bank rates.

I have been with Amex CD for about two years plus and watched my money grew exponentially. I receive quarterly information from Amex and has access to my account. I will continue to have business with them.

I could tell the customer service agent had been sleeping and just woke up when I first called to open this account. They didn't know the difference between a hard and soft inquiry. I called back the next day and was told that a hard inquiry would not be made to open the account. (still unconfirmed) I put $250k in my account and let it sit for a month, but they never updated my balance to reflect any interest earned. I tried to withdraw the money to my wife's bank account, which is allowed per their Deposit Account Agreement, but they refused. Even though I offered to provide proof that I have the authority to deposit, withdraw and exercise control over the funds in the account, American Express violated their own terms and conditions and insisted it must be my own personal account in my name that funds were being transferred to. They had absolutely no legal or ethical ground to stand on. I cannot stress enough that nobody should do business with any bank, such as American Express, that doesn't adhere to their own terms of service.

I've had this account for about 3 years and I love the fact that it's very easy for me to transfer money in and out of it by linking my checking account to it that I have with a different bank. I also love that there are no fees for this account and that the interest is pretty high compared to regular savings accounts. I’ve seen other high yield savings accounts at other banks that have a slightly higher interest rate but I prefer to stick with this one due to a sense of security of American Express as well as ease of use.

This is a great deal for a high return savings account. I switched to this account after the 2009 bank bailout crisis as my local bank was merged into a mega chain that I did not like. The main thing that was difficult in transitioning to amex was getting used to _NOT_ having _ANY_ brick and mortar branch to walk into. Making deposits was initially cumbersome, but their new mobile app makes it much easier (ability to photograph checks) and faster than when I first started with them. The _NO MINIMUM BALANCE_ was the major selling factor for me, rarely will you find this in a high yield savings account anywhere else. Love it for non brick and mortar savings.

As an Amex cardmember to begin with (I carry an Everyday Blue), they were my first choice when I was looking at high-yield online savings to supplement my 529 account for college savings. Actually, even in these times when savings accounts are paying pittances for interest, their rate isn’t that much less than my guaranteed 529 return! Add to that the protection and customer service you get from Amex, and it’s really a no-brainer. I haven’t had to have any problems resolved or dispute anything (for either the savings account or the cashback card, for that matter); been a perfect CS experience to date.

I opened my American Express Savings account about one year ago. I have had an American Express Credit Card for several years but always kept my savings at a commercial bank where I earned virtually nothing in interest. The American Express savings account pays approximately 0.80% interest; that is roughly 8 times what I earned at my previous bank! I have never had any issues with making withdrawals or deposits online, and I can easily view my account activity from their user-friendly website. I would highly recommend American Express savings as a strong alternative to a normal commercial savings account.