@JayRizzo wrote:Hmmmm, andyaycw, unless your first sentence was a typo -- we would never encourage any member to apply for credit when they don't need it. We "do" encourage gardening what you currently have for growth and maturity. I think the OP was just asking if having a savings account would increase an applicants chances of approval -- kinda like Chase bank does with its existing customers, for example.
He was saying the old adage that you have to apply for credit when you don't need it, because nobody will approve you when you do. It's true.
Apply for credit (as an emergency) when you don't need it, because once you max out that first card and decide it would be a good idea to get a couple more, your profile is looking risky and nobody is going to approve you for additional credit.
Starting Score: EQ: 665 - TU: 687
Hey Katherine- Thanks for posting the info about the savings account. I'm pretty sure I'm on their blacklist and I have been stalking AMEX trying to get back into their CC graces. Based on your post, I went ahead and applied for their personal savings. My savings account is now all set up (after a phone call).
It may or may not help my case down the road for a CC app. Most likely, as others mentioned, the credit and banking departments are under completely different umbrellas and that is why I am not perma-BANNED from opening a banking account with them.. 
I will have an AMEX CC again before I die. Yes I will. I really want that backdated account since my closed, 11 year old Mortgage just fell off my report. Gotta preemie AAOA now.
Have you tried the Amex pre-select card link to see if there are any offers for you, as for starters charge cards, this is how I started, I obtained a charge card, built a relationship with Amex waited and then app'd for a regular card with them. Good Luck P.S. I never opened a Amex Savings
@jefftca925 wrote:American Express, Discover, and Capital One actually have some decent rates, by comparison, for savings accounts. Chase is horrid so I wouldn't even bother. I've had an ING account for 6 years or so and it has drifted from 5% down to 1%. They used to be great but not anymore. I'm thinking of moving my savings to Amex or Discover. I would leave some money in a brick and mortar bank though in case of emergencies. The online accounts can take up to 3 days to transfer funds.
I have an Amex Savings, but I couldn't tell you one way or the other how it affects their view of my credit applications. It probably doesn't affect it at all, but it can't hurt. And they offer a pretty decent rate, so you wouldn't be losing anything by opening one.
As for the transfer time, if I were to initiate a transfer today, it would probably take 3 days. But if I schedule one to occur on a specific date, I usually have the money that day. In other words, if I go online today and schedule a transfer for next Thursday, in my experience, the money will hit the transferee account on Thursday. Now, I haven't tried to schedule a transfer one day in advance. For example, I don't know whether I could have the money tomorrow if I scheduled a transfer today to take place tomorrow.