Comments on: American Express Bank Review: Pros, Cons, & Alternatives

By: Cbud

Cbud — Mon, 08 Jan 2024 17:32:58 +0000

Would not recommend investing in their CD’s last December 2022 signed up for a rate of 4.25% interest just before Christmas , due to me being cautious didn’t deposit money until Jan.5th 2023, Rate dropped to 3.99% without notice.! year later after continuous notifying them was not renewing. Acct. closed on Jan.5th money deposit back into my Bank Jan.8th

By: Robert Farrington

Robert Farrington — Mon, 07 Aug 2023 04:45:05 +0000

In reply to Artah. If you're looking for an online savings account, you just need to look at the top rates. Discover is great, but it's a bit off for rates. The best rates are 5.25% or higher at this point - so you're 1% off here. That could be costing you $1000s per year depending on how much you have saved. See our list of the best rates for savings accounts.

By: Artah

Artah — Mon, 07 Aug 2023 00:30:10 +0000

I am actually in the process of moving money out of an online savings account (Goldman Sachs Bank that is tied to the Apple Card). With the talks lately of Goldman Sachs possibly ditching the Apple partnership – I’m concerned this will leave us stranded with our money tied up in some random online savings account (with our Apple Card app as the ONLY interface to access our funds – no website/online login).

I was looking hard at Discover Bank and AMEX Bank (seem to be at 4.30% and 4.15% APY respectively). I’ve been really disappointed in AMEX credit card customer support lately. But I have no idea how their banking customer support is. Discover is nice that they are 24/7 US based. But that doesn’t speak for their quality in resolution. Part of the risk of dealing with online-only banks I guess.

By: Jack

Jack — Fri, 26 May 2023 18:22:20 +0000

Their customer service is TERRIBLE. Sure, the interest rates are great, but don’t expect good assistance with your account. Their wire transfers take 3 business days. The only option to get your money same day is to do an “Express” transfer before 11:30am to your bank account. The second agent I spoke with via phone was an idiot and transferred the money without asking me or confirming with me, leaving me in a pickle with a house closing that I may not have the money for now. DO NOT USE if you expect to need your money asap.

By: Robert Farrington

Robert Farrington — Fri, 19 May 2023 15:40:02 +0000

In reply to Que. We're assuming you mean a savings account at American Express. With that said, you simply transfer the money back to your checking account that you linked up when you setup the account. You can also connect other accounts and transfer there as well. Federal law limits savings account withdrawals to 6 per month. There is never a penalty to withdraw funds from a savings account (this is the difference between a savings account and a CD - a CD has a penalty to withdrawal early).