American Express Bank is still pushing for their high yield savings account which has a current interest rate of 1.70% APY. The interest rates have fallen but they remain to be very competitive against the savings account of other banks.

Interested consumers can apply for a high interest savings account by phone or by completing the online application. If you submit your savings account application online, you can fund it via ACH or by check. When you do it over the phone, you can only fund it by sending it a check. The bank will do trial deposits to verify the linking of the accounts.

This savings account does not require any minimum balance. It also does not collect any monthly fees. According to the bank, they only do a soft inquiry on your credit report during application.

The interest rate that we have here is accurate as of November 25 but they may change any time. It will be wise to check the figures on their website. The earnings of this money in the bank deal is compounded on a daily basis and credited to your account monthly. You’ll start earning as soon as the bank receives the initial funds.

According to their customer service representative, account holders can link up to 5 external accounts with their American Express savings account. Like other savings account, withdrawals are limited to six per month.

You deposits is covered by the FDIC. American Express Bank has FDIC certificate number 35328. Bankrate.com issued 3 stars while BauerFinancial stamped their performance report with 3 ½ stars.