American Express Savings

Recently American Express has been sending me flyers and emails regarding opening a 1.30% interest rate High Yield savings account with them. Ok, so first I thought...right, I don't want that. But, after looking at my last bank statement received and seeing that I am only getting .25% on my savings of almost $6,000 I figured it would be worth it.

I took the bait and just opened the account a few minutes ago which is managed online similar to ING accounts.

After using a savings calculator online to see what the difference would be on one year of having $5,000 in an account, I see it isn't much, but every little bit helps right?

Looks like this for one year:

$5,000.00 @ .25% = $9 interest

$5,000.00 @ 1.3% = $46 interest

Therefore, I would be getting an extra $35 in "free" money. Worth it in my book, and actually it will be a bit more because I will make regular deposits into this account.

Crazy as it sounds, I feel sad to have to tell my Branch Manager that I will be pulling the funds out of my account and why, the next time I go to put money in there to transfer it to Amex. No, I don't HAVE to tell her, I WANT to.

Really hoping savings interest rates get better, in the meantime this will help a bit.