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Although the bank recently lowered the interest rate offered on these accounts, the rates are still comparatively high. The deposits at American Express Bank are fully insured by FDIC, which means there is no risk in depositing your money up to the FDIC maximum, currently $250,000 for an individual savings account.Why choose American Express savings account?
Put your savings on solid ground and have greater peace of mind with an FDIC insured Savings account from American Express. We're here for you. Earn more interest than your average savings account – and watch your money grow. Choose your terms for an optimal fixed rate – lock your money in for 6 months to 5 years.Is American Express a good online bank?
As an online bank, American Express doesn't have the overhead costs of brick-and-mortar stores. As such, it can offer its High Yield Savings Account for free.What are the pros and cons of opening an American Express account?
Here are the pros and cons of opening an American Express® High Yield Savings Account: 0.40% APY. When investing money in a high-yield savings account, APY is one of the most important factors. The American Express® High Yield Savings Account offers one of the higher APYs on the market.