American Express CD Rates August 2011

American Express remains persistent in offering CD rates that are well above the national average rates.  American Express bank products are offered through their online banking services, via phone or good old fashion standard mail.  Since the majority of their business is conducted online it is more reasonable to compare American Express CD rates to other online banks.  Within the category of online only banks, American Express CD rates outperform the averages as well. 

American Express Bank offers a very limited array of bank products; however the wide reach of American Express Bank and the competitive rates offered has allowed the bank to grow to be quite substantial.  American Express Bank is currently ranked as the 40th largest bank in the U.S.  The bank CDs and savings accounts are FDIC insured bank products.  The bank is chartered as a savings association and has a primary regulator of the Office of the Comptroller of the Currency.

American Express CD rates through the first half of 2011 have been very stable.  The bank changes their interest rates when sustained market movements warrant rate changes but the bank rarely moves rates based on quick market changes.  Along with the extremely competitive CD rates, American Express offering one of the highest savings account rates available nationally.  The American Express high yield savings account has a current yield of 1.00 percent.

CD rates offered by American Express in mid August include the following terns and rates:

6 month CD rate is 0.50%
12 month CD rate is 0.90%
18 month CD rate 1.00%
24 month CD rate 1.25%
36 month CD rate 1.45%
48 month CD rate 1.60%
60 month CD rate 2.15%

As a testament to the solid performance of the bank CD rates, these current CD interest rates are unchanged over the past 60 days.  The average national CD rate for a 6 month CD is now at 0.28 percent, American Express 6 month CD rate is almost double that figure.  The national average CD rate on a 1 year term is 0.43 percent and the American Express 1 year CD rate is once again almost double that figure.  The remaining maturities are also well above the national average rates but by not quite the same magnitude.

The CD interest rates listed are current as of this publication date.  There is no minimum opening deposit to open and maintain an American Express CD.  The CD accounts also have no fees to open or maintain the accounts.  There may be early withdrawal penalties if principal is withdrawn from the accounts prior to maturity.

This entry was posted on Monday, August 15th, 2011 at 12:54 pm and is filed under American Express CD. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.