Just thought I'd share...opened an Amex high yield personal savings account today. Gonna start depositing the cash back from all of my credit cards and let it sit on the 0.9% APY - its been as high as 2% in the past. Maybe one day those small checks will turn into a nice chunk of change 
@Anonymous wrote:Just thought I'd share...opened an Amex high yield personal savings account today. Gonna start depositing the cash back from all of my credit cards and let it sit on the 0.9% APY - its been as high as 2% in the past. Maybe one day those small checks will turn into a nice chunk of change
+1
Good idea!!!
@LS2982 wrote:
@Anonymous wrote:Just thought I'd share...opened an Amex high yield personal savings account today. Gonna start depositing the cash back from all of my credit cards and let it sit on the 0.9% APY - its been as high as 2% in the past. Maybe one day those small checks will turn into a nice chunk of change
+1
Good idea!!!
Agreed! Great idea!
Ray
Right now theres actually no minimum deposit! I know, strange for Amex 
How do you open an AMEX savings account???
Apparently there is a credit check associated with setting up a savings account - I'm not sure if it is a HP or SP. But in the check application status online (like you do with credit card apps) it is registered as an app and says "approved you will receive account materials in 7-10 days"
I'm gardening right now so definitely hope it was not a HP 
I've had an AmEx savings account since May 2010, when the APY was 1.3%. Discover Bank was about the same but required a $500 initial deposit which I didn't have.
On a side note, how are you going to fund the account? Which CC rewards are you going to deposit? I know my Discover More has the option of statement credit or direct deposit into an account. So does BofA but you get a better deal putting it in a BofA account. (Which I suppose you could immediately transfer to AmEx savings) My USAA gives me a statement credit every January. AmEx BCP doesn't let you direct deposit, only lets you do a statement credit. I suppose you could take the money from checking you were going to use to pay the statement credit and put it in AmEx savings.
However you wind up doing it I think it's a great idea, earning interest on free money.