Easy application process that will blow you away. Middle of the road interest rates but they are better than most large banks. Sometimes the smaller banks with their limited banking privileges scare me to death.

It is easy to open an account on line and the rates are competitive. American Express sends an email to you about a week before the CD maturity date. It states the following. “If your CD is set to Automatic Renewal, you have a grace period of 10 calendar days after the renewal date stated above to add funds to your CD, withdraw a portion of your principal, or close your account without penalty. If you would like to change your maturity option, please call 1-800-446-6307 before the end of the 10-day grace period.” I have two CD at American Express that matured on 12/20/2023. I called on 12/20/2023, the first day of the 10-day grace period and requested changing the maturity option from 12 months to 24 months. The APY of the 24 month CD was offerred at 4.5% on 12/20/2023. The representative at American Express informed me that because of a back log of work in their back office, it could possibly take as many as 10 days or more before my CDs would be closed out and reopened for a new 24 month term. I asked if I would get the 4.5% APY that is effective as of 12/20/2023. I was informed that the APY would be set at the prevailing rate offered on the date the CDs are opened. Because the representative could not tell me how many days it would take to process the maturity option changes and couldn’t lock in the 4.5% APY offered as of 12/20/2023, I requested to have the funds put into my existing savings accounts instead of the 24 month CDs. At this point in time, I am not satisfied with American Express Bank. The online banking websites for Ally Bank and Discover Bank allow CD maturity option changes to be made online during the grace period. The APYs are locked In automatically at the prevailing rate. There isn’t uncertainty as to when the maturity option changes will happen or what the APY of the CD will be.

Worst savings experience I have ever encountered. Multiple occasions where I was given conflicting information for deposits and wire transfers, funds held for extended periods of time (for no reasons given), and had multiple times where deposits were “declined”, only to have to resubmit and have them go through perfectly fine. I would place my money somewhere else, especially if you want ease of access to it.

I had made the huge mistake of opening a high yield account with UFB Direct, which pays 4%+ currently. Unfortunately, I didn't read the reviews about them before I opened my account. UFB Direct takes 5 business days to credit your account once the ACH has been initiated, basically "stealing" your interest for that time. Once I realized this, I went over to AMEX where I already have several other accounts, opened the account and funded it -- all in a couple of minutes! I would highly recommend AMEX to anyone!

What immediately does make a positive impression on me with opening a new AmEx savings account was the fact that once you have set up a link to your external bank to fund this new account, the PULL transfer that you initiate to be taken out of your external bank will show up as a balance in AmEx which starts earning you interest instantly from the moment you click on the box. That I recall over the years with the various other online savings accounts that I hold, this is the only bank that does not have me waiting 2 to 4 days just for the transfer balance to show. While it will take some time to fully clear, it still serves as a visual confirmation and a reassurance to see those funds there immediately in the account balance and know that they are collecting interest.

Broker cds Make it 5 percent for 5 years and call it a day

Used to be a fan of Amex bank. Today I received a letter in the mail that the CD I recently took out would auto renew after 1 year if I did not move the funds inside of a 10 DAY GRACE PERIOD. There was no mention of this when I took out the CD. So I called them to turn off this 'feature'. Waited on hold for 20 minutes instead of the usual 1 minute. Lady says, you have to verify by taking a call on the other line and receive the code. I switched over and switched back and there was nothing but gaslighting white noise. I know for a fact my call waiting works. So after another call and ANOTHER 20 minutes on hold I was able to turn this 'feature' off; but I'm on the hunt for another bank. Never thought I'd say this since I've banked with them for a long time. I have 10 times the CD amount in their money market account, but that won't be for long. Amex bank has now resorted to 3rd world gas lighting of its customers? Shameful.

I just spoke to AMEX and they offer joint savings, but only individual checking, and to deposit into the checking you have to be the sole owner of the other account, even their own savings account. Seems very silly and backwards.

I have had about 6 online banks, AMEX is easiest for moving $. I've had 1.00 keeping account open for more than a year and then came back with more $ later. Not sure why I see reviews saying it is difficult to close account. You don't have to close, just move $ elsewhere ACH Comment 19 votes | Report Post

Amex offers decent interest rates but service was abysmal in setting up a wire transfer to escrow for purchase of home, causing delay in our closing. The customer service representatives have no power to move operations along after setting up a wire transfer and the Amex Monetary Operations department which is responsible for confirming wire details with the title company does not answer the phone to help resolve issues. Amex customer service and the title company both provided feedback that the Amex Monetary Operations group is notoriously poor at their job; our experience is not an isolated incident. I've moved all of my money out of Amex and will be cancelling my credit cards with them as well. Who needs a bank that can't help you when you actually need your money.

19 days ago January 20th. AMX received my written request to close my account. They would not accept a verbal request on January 8th. Still no information on the status! Customer service only response is that it is in process. I have certainly learned my lesson!