Originally Posted by
Gasolin
I understand this is an old thread, but I was wondering if anyone uses their saving deposits?
I am thinking of putting some amount there, given the rate of 1.60%, which is better than a traditional bank.
But again, they don't seem to have any mobile app... which is crazy. Is there really no way to access the saving account from your phone?
I have an account. Keep in mind they change the rate fairly frequently (it was 2.2% less than a year ago IIRC, then 1.9, then 1.7, now 1.6 as of a day or two ago). So the way things are going it could be still lower before long. But it's better than keeping it in checking or a 0.40% Schwab account, etc.
No there's no app, but the website works just fine on any mobile browser. It's a little dated, and you can't link to other bank accounts just by logging into them like you can on some sites. You have to wait the 2 business days for Amex to send small trial deposits (<$1) for you to verify the amounts, etc., before the linked account is linked. And you can only have up to 3 external accounts linked. And there are no in-person branches to deposit checks, and no mobile deposit (unlike Schwab, etc).
But transfers among linked accounts are fast and painless on the website. A handful of "internet banks" may offer slightly more than Amex but I feel comfortable parking cash with Amex at their rate.