American Express Bank invites consumers to take advantage of their stand alone high interest savings account that gives 2.00% APY. The current interest rate is competitive when you look at the going on rates in the market today.

The interest rate for this money in the bank deal is still accurate as of 14 July but may change any time. It will be best if you check out their website or call their customer service line before you sign up for anything. The bank has been known for very good customer service.

This savings account can be opened if you apply online or over the phone. The account does not have a minimum balance condition. When you use their online form, you can send the initial funding via ACH or check. Applications done over the phone limits your funding through ACH only.

According to the CSR that we spoke to, the bank performs trial deposits to verify the account. American Express also does not do any hard credit pulls. Monthly service fees is also no where to be found under its list of features which may affect your earnings.

The savings account can be linked to 5 external accounts. The disclosure also states that transfers done electronically have daily ceiling of $250K. Like other ACH systems, withdrawals are limited to 6 per month.

Your deposit will start earning as soon as the initial funds are received by the bank. All earnings are compounded on a daily basis and credited to the account every month.

American Express Bank is insured with the FDIC with certificate # 35328. The bank is performing fairly with BauerFinancial issuing 3.5 stars using their March 2009 data while bankrate.com gave 3 stars looking at their December 2008 figures.