Easy application process that will blow you away. Middle of the road interest rates but they are better than most large banks. Sometimes the smaller banks with their limited banking privileges scare me to death.

It is easy to open an account on line and the rates are competitive. American Express sends an email to you about a week before the CD maturity date. It states the following. “If your CD is set to Automatic Renewal, you have a grace period of 10 calendar days after the renewal date stated above to add funds to your CD, withdraw a portion of your principal, or close your account without penalty. If you would like to change your maturity option, please call 1-800-446-6307 before the end of the 10-day grace period.” I have two CD at American Express that matured on 12/20/2023. I called on 12/20/2023, the first day of the 10-day grace period and requested changing the maturity option from 12 months to 24 months. The APY of the 24 month CD was offerred at 4.5% on 12/20/2023. The representative at American Express informed me that because of a back log of work in their back office, it could possibly take as many as 10 days or more before my CDs would be closed out and reopened for a new 24 month term. I asked if I would get the 4.5% APY that is effective as of 12/20/2023. I was informed that the APY would be set at the prevailing rate offered on the date the CDs are opened. Because the representative could not tell me how many days it would take to process the maturity option changes and couldn’t lock in the 4.5% APY offered as of 12/20/2023, I requested to have the funds put into my existing savings accounts instead of the 24 month CDs. At this point in time, I am not satisfied with American Express Bank. The online banking websites for Ally Bank and Discover Bank allow CD maturity option changes to be made online during the grace period. The APYs are locked In automatically at the prevailing rate. There isn’t uncertainty as to when the maturity option changes will happen or what the APY of the CD will be.

I have had about 6 online banks, AMEX is easiest for moving $. I've had 1.00 keeping account open for more than a year and then came back with more $ later. Not sure why I see reviews saying it is difficult to close account. You don't have to close, just move $ elsewhere ACH Comment 19 votes | Report Post