Credit/Savings Relationship w/AMEX

[youngandcreditwrthy]

+1@bluedog
Amex Personal Savings offers one of the highest rates Ive seen on savings w no min balance!

Ironically, my balance on my BCE is lower than my balance in my Amex Personal Savings acct haha!
I hope they can see that and take note ;-)

[Anonymous]

I have had an AMEX personal savings for 2 years that I make monthly contributions to. I recently got a BCE card with a CL 5x my oldest and previous high CL card (15k BCE compared to 3k card US Bank Flexperks Cash Rewards, four years old). My income hasnt changed much since the US Bank card was issued. Do I think my savings account helped? Yes.

[Anonymous]

When I activated my B.C.E. I asked the csr if I would be able to use a routing number to direct deposit the cashback in to the savings account and he didn't even know Amex offered them. . . The computer might take it in to consideration if you go through one of the automated systems but I don't think the csr can.

[Anonymous]

To add an extra data point to this now, I called an opened an account with AMEX Personal Savings Bank last night. I spoke with Terry who was very nice and answered all my questions, a little disappointed by some of the answers but here they are.

Me: "As I am an AMEX Cardholder, would opening an AMEX Savings Account be looked upon favorably when being considered for Credit Line Increases on my AMEX BCE?"

Terry: "While we are the AMEX Bank division, I cannot speak as to whether or not AMEX Card division looks at open accounts with us when considering CLIs. We are both apart of the AMEX family, but we are seperate entities."

Based off that I dont know if AMEX Cards would even be aware of my account. I dont see my Chase/USAA Savings accounts on my credit report.

Also a little dissapointed that I cant log into both my Credit and Savings account from the same website. I was able to get the same username but it seems to drive the nail into the coffin for the question of do the two departments work together...

Overall still pretty happy with the experience, I can create as many individual savings accounts as I want to easily divide up my longterm savings into Emergency Fund, Big Purchase Fund, Vacation fund etc, and I am getting .85% interest instead of .05%.

[ACsteel]

Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage.  Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%.  Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

[Anonymous]

---

@angelnyc wrote:

Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage.  Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%.  Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

---

Angelnyc, thanks for looking out for me! I do invest in other options. I dont consider a Savings Account at .85% an investment to be honest. An investment should beat inflation in my mind, otherwise its just a loss. The purpose of these accounts are just to stow money away for emergencies and to get some interest. Holding a 10k emergency account and an account to put a little money aside each month to save up for large purchases (the girlfriend keeps bugging me about a ring )

I am investing 17% of my paycheck each week into a fund, last year managed a return of about 14%. Thanks for making sure im not wasting my money though.

[cashnocredit]

---

@Open123 wrote:

It doesn't help with approvals, but it's part of the "assets known to us" used to consider CLs and approving charges.  So, the answer is it won't help to get approved with the card, but certainly will for future CL and spending ability.

---

This is completely consistent with my experience.

I apped for a preapproved Amex gold 2 years ago with 2 years CC history but a couple baddies and was instantly declined.  At the time I had 6 figures in their online savings for a year. However, after my credit report baddies had dropped off and I had 3 years of solid CC history I was instantly approved for the Plat.  I have also made very high charges on it quite possibly because of the savings acct.

So Amex savings may be good for CLs but not useful for initial approvals.

[Open123]

---

@angelnyc wrote:

Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage.  Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%.  Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

---

Great advice!

One of the tenets for building a nest egg is to have as little money a bank account as possible, and to make sure you *never* get a refund on your taxes. 

[Burned2manybridgesB4]

I'm going to take this to the bottom of the barrel for Amex banking....

Serve, and Bluebird....

Influences toward card acivity as well?

[Open123]

---

@Burned2manybridgesB4 wrote:

I'm going to take this to the bottom of the barrel for Amex banking....

Serve, and Bluebird....

Influences toward card acivity as well?

---

LOL...Sorry, the way you put it cracked me up. 

I use Serve and the prepaid Amex (the original), and haven't noticed any influence, one way or the other.  The one time I used an Amex to load serve, it triggered a fraud alert requiring a telephone call to sort it out.