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American Express CD rates may not be the highest on the market, but these CDs are worth considering because they have no deposit requirements and no fees. American Express is best known for its popular credit cards, but if you want to build your savings, its CDs are worth a look. Read this review to learn more about American Express CD rates, how they stack up against the competition, and who should get an American Express CD.
American Express CD rates are decent, but not the top rates on the market. You may find better rates at other online banks, especially for shorter term lengths. Compare CD rates below to find the right CD account for your needs.
American Express CDs are among the best CDs on the market, although they are not at the top of the list. That doesn't mean you should avoid American Express CDs -- they have a wide range of terms, no monthly fees, and no minimum deposit requirements. That means American Express CDs are great if you don't have a lot of money to set aside long term or you're just starting to explore the world of CDs.
Like most CDs, you'll end up paying a penalty for withdrawing your CD balance early, which can be up to 540 days' interest depending on the length of your CD. CDs renew automatically at maturity, but customers can opt out. Interest compounds daily and is paid out monthly via transfers to an American Express Personal Savings account or external bank account. Another option is to receive interest by check on a monthly, quarterly, or annual basis.
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American Express CDs are an excellent fit for people who want an online CD that earns relatively high-yield interest and offers multiple term lengths without a minimum deposit requirement. They are also perfect for people who wish to maintain flexibility by building a CD ladder.
You should get an American Express CD if you're looking for decent CD rates without the deposit requirements found with some banks.
An American Express CD is worth it if it's more important to you to avoid a minimum deposit requirement than earn the best rates. To maximize savings, you may want to search for better rates from other online banks.
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