How does banking with AMEX will help AMEX ccs?

Anonymous · ‎11-02-2010

Did anyone received a folded post card from Amex regarding their saving acct?

I know that Discover has banking service, but I never hard about Amex banking service.

Is it good to have banking service with them if you do have any cc with them?

It says:

1.30 % APY / NO FEES / NO MINIMUM BALANCE

A HIGH-YIELD SAVING ACCOUNT FROM AMERICAN EXPRESS
24/7 access to your accont via phone or online
No fee or minimum balance requirements
Deposit accounts are FDIC insured up to the applicable limit

Anonymous · ‎11-03-2010

I get them regularly. I don't know if it helps anything, kinda doubt it.

Anonymous · ‎11-03-2010

@Anonymous wrote:
Did anyone received a folded post card from Amex regarding their saving acct?
I know that Discover has banking service, but I never hard about Amex banking service.
Is it good to have banking service with them if you do have any cc with them?

It says:
1.30 % APY / NO FEES / NO MINIMUM BALANCE
A HIGH-YIELD SAVING ACCOUNT FROM AMERICAN EXPRESS
24/7 access to your accont via phone or online
No fee or minimum balance requirements
Deposit accounts are FDIC insured up to the applicable limit

What are your scores? How recent are your baddies? Are you looking for a Charge Card or Credit Card from them? Give some more info and we can give you an idea if you might qualify or when to apply.

Anonymous · ‎11-06-2010

@Anonymous wrote:

What are your scores? How recent are your baddies? Are you looking for a Charge Card or Credit Card from them? Give some more info and we can give you an idea if you might qualify or when to apply.

My score ... I just joined 800 dream club, and of cause no baddies. I am not going to app for any of Amex ccs right now. I just curious about how does banking with them will benefit my current Amex Blue and do they consider me as more valued customer or not.

Additional: I decided to call them and asked questions.

They said it is separate than any of Amex ccs, it is just a simple saving acct to deposit and withdraw. You can deposit by sending them a check or ACH transaction because they do not have any blanch for banking. Amex will pay for the all ACH transaction fees ... so there is no fee to the customers. But make sure to check with your current bank about fee with them for ACH transaction. The 1.30%APY is great deal with no Fees and no minimum balance. I may open one.

Anonymous · ‎11-06-2010

I have a AMEX Personal Savings account. So far so good. It has only been a month. I don't think the CC and savings account have anything to do with each other even though I do have an AMEX card. You could get an AMEX PS account without an AMEX credit card.

Anonymous · ‎11-06-2010

I have both, Amex Blue Cash and a savings account. I doubt they have anything to do with each other.

Anonymous · ‎11-07-2010

tbtdragon and wollepoplle, Any fees get charged to your out going acct? How you making the deposits and withdraws?

Anonymous · ‎11-07-2010

I have an account...for the last few weeks... But here are the FAQs as they present them

What is the relationship of Personal Savings from American Express to the American Express® Card business?

Personal Savings from American Express is a new product offering from American Express Bank, FSB. American Express Bank, FSB is an FDIC-insured bank that is a member of the American Express family. Our goal is to provide you with the same quality of service you have come to expect from American Express. In fact, customers don’t need to be existing Cardmembers to open a Personal Savings account – if you don’t know us already, get to know us by opening an account today.

Is Personal Savings from American Express related to the One from American Express® Card?

As you may know, One Cardmembers have a savings account attached to their One from American Express Card account. Personal Savings from American Express is a new deposit offering from American Express Bank, FSB. A customer can hold both types of accounts at the same time.

Why should I choose an American Express CD or High-Yield Savings Account over that of a competitor?

Personal Savings from American Express offers competitive rates, simple products and FDIC-insurance all under a trusted name. We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. And it’s easy and quick to open an account.

Why is American Express offering Personal Savings?

We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. And it's quick and easy to open an account.

92235 · ‎11-07-2010

I don't know if this matters, but I had an HSBC Advanced savings account with about $1550 in it for a couple of years. I got a letter from them in April saying they want to give me a CC because I am a valued customer. I figured I would do the online approval just to try it. They came back with an instant $1500 CL. I was surprised because this was my first unsecured CC limit and it was higher than my secured limits. Not sure if they made my limit near what I had in the savings account or if it was just coincidence. I would have to say my FICO score at the time was about 650 EQ and 670 TU.

Anonymous · ‎11-07-2010

@Anonymous wrote:
@Anonymous and wollepoplle, Any fees get charged to your out going acct? How you making the deposits and withdraws?

You mean towards outgoing payments (i.e. withdrawals) from my Amex Savings? I don't know. I've only been putting money into it so far. The account boasts "no fees" so I hope there are none.I have set up a connection between my checking account and my savings, using ach deposit/withdrawal. . It's free and takes about four days.

As previous posters have said, Amex Bank is separate from the credit card division. I doubt there are ANY links. I also doubt that the customer service representatives for my CC can see my savings account when I call. But then you never know...

I wouldn't expect any benefits from saving with Amex other than the currently good 1.3% interest rate.