American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express National Bank review.

Flagstar Bank offers a variety of personal deposit and business accounts. There are three checking accounts to choose from and three savings accounts. They offer a money market account and many CD terms. Lending options are available for personal accounts as well as business. Flagstar offers business checking, savings, money market accounts, and credit cards.

The amounts required to open Flagstar accounts is low. The checking accounts all require $50 to open. The savings accounts and money market account all only require $1 to open. All CD terms only require $500 to open.

Flagstar offers three CDs with competitive interest rates. Those CD terms are a 13-month, 19-month, and 25-month. Each term requires $500 to open. These CDs must be opened in a branch location. They are only available for Michigan residents.

Flagstar offers promotional savings accounts. The interest rates for these three accounts are competitive. They offer a SimplySavings, MaxSavings, and High Yield Promo account. They guarantee the competitive rate for the first 12 months. There is no minimum balance or checking account required during the promo period. After the promotional period, you can choose which account fits you best. Monthly fees apply after the 12 months. These accounts are only for Michigan residents.

The interest rates for Flagstar Bank accounts are low. They are competitive with other brick and mortar bank rates. Most account rates do not compare with interest rates for online accounts. Only a few interest rates are competitive.

Along with being low, the interest rates for Flagstar accounts are tiered. To earn the most competitive rates for the high yield savings account requires $1 million. To earn a good rate requires $50,000. The SimplyMax savings and checking account earns the best rate for balances over $25,000. The money market and SimplyPlus checking account requires $10,000 to earn the best rate.

Flagstar Bank accounts have monthly fees. Checking account fees range from $10 to $25 a month. Waive those fees by keeping a balance of $1,000 to $5,000 in the checking. Alternatively, waive fees by having $5,000 to $25,000 between multiple accounts. Savings and money market account fees range from $3 to $35 a month. To waive those fees requires a $300 to $50,000 balance, depending on the account. Having a checking account will also waive the savings account fees.

At this time Flagstar Bank personal deposit accounts cannot be opened online. You must visit a branch location to open a checking, savings, or money market accounts, and CDs. You can apply for a mortgage online. The option to apply online may be available in the future.

Read the full Flagstar Bank review.