American Express Personal Savings Review – High Yield Bank Account 7 Comments
Hey everyone, Josh here again and it’s time for the financial product review of the week. This week, I want to talk a bit about savings accounts. After all, we all know the importance of saving! Anyway, I wanted to take a look at an option that was a bit unconventional, American Express personal savings accounts. I say that this is unconventional because American Express isn’t known as a bank to have your savings account with, they’re known as credit card lenders. So, today we’re going to see if they’ve got what it takes to be a true contender in the savings account industry.
American Express Personal Savings Short Review
American Express Personal Savings Pros – My favorite thing about American Express personal savings is that they don’t hit you with crazy monthly account maintenance fees. As a matter of fact, there’s no monthly maintenance fees at all. Also, the savings options that American Express offers are high yielding. So, you won’t have to worry about earning pennies while paying those monthly maintenance fees.
American Express Personal Savings Cons – The only real downside I’ve found about American Express personal savings accounts is that they can be fairly picky about the types of checks that the accept for a deposit. Although, most people won’t have a problem here, it will definitely get to some.
American Express Personal Savings Overall – Overall, American Express personal savings options are some of the best you’ll find. Because most of their business is done online, they take away overhead cost and put that into things like not charging consumers a monthly account maintenance fee. Their rates are some of the highest in the business, so you’ll earn more than pennies. The only real drawback is the limited types of checks they accept for deposits, but most people won’t have an issue here.
American Express Personal Savings Long Review
Rates & Fees
When you think of American Express, you definitely don’t think checking accounts, but don’t count them out of the game just yet. As always, I’d like to start with the fees, which just so happen to be one of my favorite parts of the personal savings options offered by American Express. That’s because the personal savings account is free. You’re not going to have to worry about paying a pesky monthly maintenance fee anymore.
OK, so we’re done with the fees. Now, let’s get into the profits that you can make. Have you opened a savings account with a traditional bank recently? If so, you probably weren’t just slapped in the face with an account maintenance fee, you most likely also got hit with incredibly low rates. Well, no worries on the rates side with American Express personal savings. They not only say their accounts are high yield, they prove it! In a market filled with .1% and .05% APYs, American Express jumps out with an impressive APY on their personal savings accounts.
What About The Customer Service?
When it comes to any form of financial account, you’re going to want to make sure that the customer service is up to par. After all, you’re not talking about a bicycle, you’re talking about your savings, something that could be your financial livelihood one day. You don’t want to trust your savings account to just anyone. You want to make sure that when you call with a question, there’s a polite voice on the other side of the line to answer it. Well, when it comes to customer service, American Express is no stranger. They’ve been providing stellar customer service for years. It’s why they’ve become one of the world’s largest credit card brands. No matter if you’re talking credit cards, or checking accounts, American Express customer service is top notch.
So, Where’s The Kicker?
As mentioned above, the only real drawback to American Express personal checking accounts is that they are limited on the types of checks they are willing to accept for deposits. The types of checks that are excluded are as follows.
- Personal checks from an account you don’t own or are not authorized to use.
- Counter checks.
- Money orders.
- Starter checks.
- Traveler’s checks.
- Checks with multiple endorsements.
So, if grandma sends you a check, you’re going to have to cash it in your bank account and send a check from your bank account to American Express to put it in savings. It’s definitely not the most ideal, but is really only a minor setback in lieu of all the great things that their personal checking accounts have to offer.
My Final Thoughts On American Express Personal Savings Accounts
Overall, this is a great option. The only setback is the types of checks you can use for deposits. But lets face it, how often do we send money orders to our savings account. The money almost always comes out of checking. Aside from that, American Express is perfect. They don’t charge ridiculous monthly maintenance fees, they pay out high APYs, it’s just a great option!
American Express Personal Savings Reviewed by Clarkgym on .