Simple Savings, Simple CD from American Express Bank

You have decided you are ready for a certificate of deposit and you would like the convenience of an online bank but you are not sure where to go. American Express Bank is one of the best online banks and they happen to have a great high rate cd.

One of the Best 6-month Cd Rates

As you compare certificate of deposit interest rates, American Express Bank has one of the highest yielding six month cds available. As of October 29, 2010 the current six month rate is .50% APY (unchanged in May 2011). It is also the shortest term certificate of deposit the bank offers. As the term increases so does the interest rate on the account. Terms are available from six to 60 months. In fact all of American Express Bank’s certificate deposits meet or exceed the high interest rates offered by all other banks. For example, the 36-month certificate of deposit is 1.85% APY (1.45%APY in May 2011) and the 60-month is 2.40% APY (2.15%APY in May 2011). So as you can see not only do the rates increase the longer you are willing to let the account mature the better the return on your initial investment. Since certificates of deposit are fixed term, fixed rate investments the 60-month cd from American Express Bank really is one of the top savings accounts.

The Details of Certificates of Deposits

Any American Express Bank certificate of deposit can be funded up to $250,000 by electronic deposit. As with all cds there are penalties for early withdrawal, however. There is no fee to open a certificate of deposit and no fees are charged as long as the account meets the maturity date for which it was funded. At maturity the account may be liquidated or it may extend for another term. The interest on these high rate cds can be paid monthly, quarterly or at maturity in one of three ways—by check, deposited into the cd or transferred to the funding account.

American Express At a Glance

American Express Bank offers some of the best cd interest rates available. Their no-fee account also keeps more of your money growing for you to give you the highest yield on your certificate of deposit. The current rates are tiered between .50% APY and 2.15% APY on terms of six to 60 months. Especially if you are new to online banking a certificate of deposit with American Express Bank will give you piece of mind your money is with one of the international financial service leaders.