American Express Bank 2% APY Online Savings Account
Earlier this month American Express launched stand-alone savings products and their savings account is now offering a competitive 2% APY. Their also offering competitive rates on their long-term CDs including a 2.5% APY 2 year CD, a 3% APY 3 year certificate of deposit and a 3.40% APY 5 year CD.
These accounts are available nationwide and there’s no minimum balance on the savings account or the CDs. It looks like the no-minimum CDs Ally Bank has been offering are catching on. You can also fund all accounts by ACH transfer. Another bonus is that they don’t do a hard credit pulls when you open an account.
The early withdrawal penalty on the CDs is 90 days’ interest for terms 1 year and under, and 180 day’s interest for terms over a year.
American Express Bank has a 3 out of 5 star soundness rating from bankrate and is FDIC insured. They also have small business checking options for those interested.
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