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American Express Bank – A New Option In High Interest Savings Accounts

Regular readers know of my love of FDIC-insured high interest online savings accounts. In this time of tiny returns, why not use the internet to maximize the ROI investment on your cash? This month there is a new high interest winner – and it is a familiar name.  The American Express Bank –  http://personalsavings.americanexpress.com/faq.html#/savings/what-is-savings – currently offers a 1.75% return on their online savings account.  I found the website and sign-up process to be easy and quick. Here are the stats on a few other favorites (and keep in mind they are changing – and usually going down – on an almost daily basis):

  1. Ally Bank (the old GMAC – but much nicer to look at – and nobody wants to do business with anyone that sounds remotely like General Motors) – 1.7%
  2. Capital One (and use the Costco version for the bonus) – 1.6%
  3. Zion Bank (easy to use, but if you are moving money quickly take notice of their daily transaction limits) – 1.46%
  4. Emigrant Savings (the most primative of these websites, but you gotta love their Irish immigrant heritage) – 1.4%
  5. Charles Schwab Bank (still not Quicken-compatible – what’s the holdup Chuck?) – 1.35%
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