-
Financial Rates:
5.0
-
Customer Service:
3.5
-
Website Experience:
4.0
-
Bank Fees:
5.0
Pros:
- Options on how to receive interest
- No opening required amount
- Pay credit card bill from savings account
- Competitive interest rates on accounts
Cons:
- Only offer savings and CD accounts
- Must link account to a different bank
- Funds not transferred immediately
- No checks, debit cards, or ATM cards
-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- Low opening required amounts
- Checking accounts offer ATM rebates
- Variety of CD term lengths
- Business accounts available
Cons:
- Accounts are not offered everywhere
- MMA needs a large initial deposit
- Low interest rates
- Must have a checking to open savings
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.
The amount required to open a checking or savings account is low. People's United checking accounts only require $25 to open. The savings accounts require $50.
Two of the People's United checking accounts offer free ATM use or reimburse ATM fees. The Advantage checking account has unlimited rebates for out of state ATM fees. The Premier Advantage checking account has free ATMs, including international ATMs. These accounts require high investment balances to waive the monthly fee. The Advantage is $7,500, and the Premier is $75,000 across all investment accounts.
People's United offers a variety of CD term lengths. Their terms range from 91 days to five years. The interest rates vary depending on the term. The best interest rate on a People's United CD is the One Year Plus CD. Those interest rates are competitive with other online accounts; the other rates are not.
There are a variety of different business accounts offered through People's United. Checking, savings, and money market accounts are available. CDs, credit cards, loans, and investment opportunities are available.
People's United accounts are not offered everywhere. The branches are currently in the North Eastern states. Those include Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont. If you do not live in one of these states, you cannot open an account with People's United Bank.
The amount required to open a money market account is $2,500. There is not a monthly maintenance fee on the money market account. You will earn interest on the money deposited into the account. The money market account offers tiered interest rates. This means the interest you earn depends on the amount you have in the account.
The interest rates of the different accounts are not competitive. They are much lower than other online-only accounts. The interest rates are similar to your typical bank rates. The Plus CDs offer slightly more competitive rates.
You have to have a checking account with People's United to open a savings or money market account. The checking account determines what savings and money market account you can open. You must open a checking account before a savings account can be opened.
Sponsored Offers
| Savings (Rate as of 4/20/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/20/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/20/2024) | |
| APY | 5.05% |
|---|---|
| Rate | 4.93% |
| For APY | $5,000 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience. | |
| Savings (Rate as of 4/20/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
For details on our best products and how we chose them click here.
Rates proudly provided by 
For Bankrate's privacy policy, click here.
1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.