American Express Savings Account is Down to 0.90%

American Express Online Savings Account has lowered it rate from 1.00% to 0.90%.

You can still get the 1.00% rate from a Discover Online Savings account or a 1.30% rate from UFB Direct.




The rates are pretty measly for all of them, but they are the best out there I could find.

Online Savings Accounts

1) UFB direct - 1.3% on up to $25,000.  $100 minimum

2)  Discover Bank (1.00%) - $500 minimum

3) American Express (0.90%)


Disadvantages to Online Savings accounts:
1) It can take a while to get your money.  There is no way to get your money except by an online transfer which can take a few days.  You don't get an ATM card or checks.


My suggestion:

Have two accounts:

Put any money you will need within the next couple of months into your regular low yielding savings/checking account that gives you immediate access to your money.


Put any money that you don't need in the next couple of months into the higher yielding UFB Direct, American Express or Discover savings account