Amex Bank’s CD Rates Move Into Rankings
I don’t know whether you’ve noticed, but American Express Bank now holds a spot in three of our six rankings of the best nationally available CD rates.
The online bank owned by the upscale credit card company has claimed the fourth spot for 24-, 36- and 60-month certificates of deposit.
American Express has often offered above-average returns.
Back in July, for example, it began paying 1.75% APY on 24-month CDs.
That was much better than the average return of about 1% during the middle of the summer, but not quite competitive with the 2% returns the leading banks were offering.
Over the past couple of months though, American Express has stuck with that 1.75% APY while all of the top-paying banks lowered their returns.
Now the best 24-month CD rates top out at 1.79% APY and American Express has joined the leaders.
It’s offering 2.15% on 3-year CDs, compared with the top return of 2.50% APY from Danversbank.
And it’s paying 2.75% APY on 5-year CDs, compared with the top return of 3.03% APY from Melrose Credit Union.
So as you can see, American Express Bank’s rates are becoming more attractive, and its online application process and no-minimum-deposit policy help to make it an increasingly good option for many savers.
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