Amex is offering select existing cardmembers nationwide 25,000 Membership Rewards points when you deposit $25,000 or more into an American Express Personal Savings account by July 18th and maintain that balance for at least 90 days. This is the first time that American Express has offered a sign up bonus on this account. The offer is sent via email with a subject line that reads ‘Starting to look ahead? We are here to help with an exclusive offer.’
High yield savings accounts are limited to a maximum of six online and telephone withdrawals or debits per monthly statement cycle. Interest on your high yield savings account will be compounded daily and posted to your account monthly. The Amex high yield savings account offers a 1.15% APY (Annual Percentage Yield). With a $25,000 initial deposit and a $500 recurring monthly deposit you will earn $2,330 in interest over a five year period. The Credit Shifu personally uses this account for his savings to pay taxes at the end of the year. Although we still recognize there may be accounts with better interest rates out there, it is a good product from Amex and transfers in and out of the account are convenient and timely.
How to Apply for an Amex High Yield Savings Account
1. Gather your information:
- Social Security Number
- Email Address
- Home Address
- Phone Number
- Date of Birth
- Account and Routing numbers
2. Choose the type of account you want to open and submit your application.
You can apply online or by phone at 1-800-446-6307 anytime.
3. Receive an online and/or email confirmation when your application is approved.
Upon approval, you will receive an American Express® Personal Savings Welcome Kit in the mail.
4. Fund your account by linking your bank account (online) or by mailing a check.
5. Start earning interest on the business day American Express receives your deposit.
Amex High Yield Savings Account: Fine Print
- Offer is not available to non-American Express customers or to American Express customers who did not receive this email from American Express directly.
- 25,000 Membership Rewards points will be credited to your account within 8-12 weeks after you, as the primary account holder, deposit a total of $25,000 (the “Threshold Amount”) or more of new money (not transferred from an existing Personal Savings account) into your American Express Personal Savings account by July 18, 2020 and hold those funds in your account through October 16, 2020.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them