American Express Bank continues to offer competitive interest rates on their FDIC insured bank CDs and high yield savings accounts.  The American Express CDs have several different maturities to choose from and as of this week, the one year CD and two year CD from American Express are among the top ten highest CD rates available nationally.

These accounts can be obtained online, with bank representative over the phone or through the mail.  American Express Bank does not offer these products through traditional bank branches.  The bank CD accounts or savings account can be opened, funded, and managed 24 hours a day via Internet access or phone.

Interest earned on the CDs can be withdrawn from the account before the maturity date.  Account holders can receive the credited interest earned from the bank CDs on a monthly, quarterly or annual basis.  The interest that has accrued can be held in the CD account, paid out by check or sent by electronic transfer to a linked account or the American Express savings account.

Current American Express CD rates and terms include:

6 month CD rate from American Express is 1.00%
1 year CD rate is 1.50%
18 month American Express CD rate is 1.65%
2 year CD interest rate 2.00%
3 year term bank CD rate is 2.25%
4 year bank rate is 2.50%
5 year CD rate 2.95%

The American Express Bank CDs require no minimum deposit and there are no monthly fees on the American Express certificates of deposit.

The CD interest rates or annual percentage yields (APY) listed are effective as of May 10, 2010 but are not guaranteed.  For current American Express Bank CD rates and additional account information, a bank representative can be reached at 1-800-446-6307.

Customers looking to earn a competitive rate of return without the limitation of bank CDs can open an online savings account with the bank.  The high yield savings account is a variable rate savings account. 

The online savings account is currently among the top ten highest yielding accounts in the nation.  This bank account with American Express also has no minimum balance requirement.

The American Express savings account allows access to the money anytime.  The savings account allows the account holder the option of making up to 6 withdrawals per month from the account.

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