American Express High Yield Savings Review: Pros Cons 😨 Best High Yield Savings Accounts 2024 | AMEX
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- Опубликовано: 30 июн 2024
- HONEST REVIEW about the American Express High Yield Savings Account (HYSA). BEST high yield savings account? Features, pros, cons, and thoughts.
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A few notes: Today, we dive deep into the features, benefits, and considerations of the American Express High Yield Savings Account in this comprehensive review. Learn why this high-yield savings account may be the perfect place for your money, from its impressive interest rates to its user-friendly platform. With insights on my experience and features, this video provides valuable information for anyone looking to boost their savings. Don't miss out on our American Express review for the inside scoop on high-yield savings accounts, which can help you improve your personal finance.
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Thank you for watching, and I hope you have a wonderful rest of your day!
- Alex
Times:
0:00 Preview
0:18 My experience
0:58 Background and my personal HYSA requirements
1:49 Best features
10:58 Pros and Cons
12:28 Would I recommend it to my mom? Well...
14:15 Is AMEX for you?
Additional links:
Linkedin: / alexisidro
Website: alexisidro.com
New to the channel? Welcome!
My name is Alex and in 2018, my wife and I found ourselves DEEP in 215,000 USD of BAD debt including car loans, personal loans, student loans, credit cards and more.
We felt like we were falling behind, scared, stuck, frustrated, and could not move on with our lives to start our family.
Most importantly we did not live in peace, as the debt was holding us back and keeping us up at night.
We decided that enough was enough; we got on a plan and we hustled hard.
It took us three years of focus, discipline, and HUSTLE to make it happen.
I know how painful it is to feel stuck, burdened by debt, and also what it does to us psychologically, affecting our confidence and self esteem.
That's why I am now sharing the mindset (most important), strategies, and lessons we learned to help professionals CRUSH DEBT, become confident, take control of their money, and build the life they deserve.
A 0.00 balance never looked so good!
Thank you for being here and if you have questions, feel free to contact me, and leave a comment. Thanks for watching and subscribe to the channel! :)
DISCLAIMER:
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
thanks dude! well thought out vid -super helpful!!
Glad to hear that! Thanks for watching. Any questions let me know
This was really helpful! Thanks!
Very welcome. Is AMEX for you?
I want the warm and fuzzy feelings you have towards Amex too! Lehman Brothers was founded in 1850 too and look at what happened to them.
I hear you!
Thanks for the video. Good stuff. Have you looked at the history of their rate? What are your thought on that?
Actually, I did notice that. Many banks are lowering their rates, and not sure why. The fed might be lowering interest rates in the future, so they might be being proactive. Other than that, not sure. There are still other options out there, though. What are your thoughts on it?
So I have Wells Fargo as my banking right now would I be able to transfer the Amex savings funds to my Wells Fargo checking pretty easily or nah? I’m thinking about opening my first HYAS account but I just want to make sure I’d be able to move money from acc to acc easily in case of a emergency
Yes, transfers are usually easy. Bank to bank transfers are how I personally swap money as well! I understand it can be a bit anxious the first time, so if this is the case for you, transfer little money. Start with 100 bucks and then once you feel more comfortable with the process, then transfer the rest. Start small :)
Wells Fargo and any bank that CHARGES the customer WHO'S MONEY THE ARE USING while its in their account, for the simple fact that they are "providing a service" are scum.
Credit Unions all the way! I don't have to worry about not depositing money every month into the account and getting random charges because some money grabbing scum decided they want a piece...
I'm with Alex. Transfers are super easy once you link the two bank accounts. However, I'm Wells Fargo as well. My payments to my Amex cards happen almost the same day. The HYSA transfers take a couple of days.
What are the other cards you mentioned at the end that have similar features but have higher APYs?
SOFI, Capital one
@@Yagirlnyesha thank you
Would you recommend it to your mom. Should be the standard for alot of things 😂
haha AGREE! Do you have any questions I can help answer? How are you liking AMEX?
@@alexisidro I just opened one today and transferred money. But didn’t know you have to pay tax on interest earned in a savings acc. Disgusting.
It is crazy!!! I feel you.
Does their HYSA show up in their app? I have one with Apple. I like the all in one view but Im thinking of switching since Apple and Goldman Sachs maybe breaking up soon. I have an Amex CC so it will be nice to see everything in one place.
I believe so. I don't see why it wouldn't.
Yes they do
Thank you
Glad to help! What did you like best about AMEX?
When you say e check, is the just the same as mobile deposit using the app?
Yes!
@@alexisidro thanks for the quick response. I’ve only seen it listed as mobile deposit and not e-check before
Is there an annual fee? I read no monthly fees but I have Amex business cards that have annual fees
The high yield savings account does not have any fees :)
What’s the cost of moving money FROM the high yield savings account TO an external bank?
Zero. Just a regular transfer
@@alexisidro nice. Thank you
I’m an engineer, so I subscribed 🤝🏾🤣
LFGOOO. What field are you in? Nice connecting with you!
Went to school for biomedical engineering, working in quality at a med device company!
That’s wonderful! How you liking your career so far?
An engineer can’t resist the urge to let people know they’re an engineer. Lol
So I have $60k in SOFI who’s my primary account now since transferring over from Wells Fargo. I also have $25k with Amex. Now I’m thinking I should also move this emergency fund to SOFI too. I don’t have credit cards with them but they were my 1st HYSA. So undecided now. I also found Milli HYSA today at 5.50% but am unfamiliar with the company. Seems shady perhaps?
Not too sure about Milli, I'd have to look into it more! There goes the confidence factors I talk about in the video! For me, no warm and fuzzy, I consider other options.
But with sofi you need direct deposit on top of the 5k minimum balance you have to have in the account to earn interest. Is it the same with amex also?
@@lefty.don’t think so. I opened AMEX and put $100 in to test and see. I get the interest monthly on it with just a $100 in.
@@Meowskatools thank you for actually replying to me. Yeah I put money in and I’m waiting for the month to hit. Appreciate the help
What’s the best with no chance of foreclosure? Goldman Sachs is 4.40% ?
I personally consider only established, FDIC/NCUA insured organizations. AMEX, Capital One, Marcus, SoFi, Ally, CIT are all good examples. There are others of course. Just depends on what you're looking for.
just moved 50k to a Amex hysa this month. took one day to process the transaction from my BofA.
I have another 17k I'm thinking of moving to a CIT bank offering 5.05% but on the fence about the reliability of the bank. May just move it to Cap One 360
That’s great! Lmk how you like CIT.
@alexisidro could you do one on BMO Alto?
Can i get a card for this account?
If you get the checking account, yes.
No card for HYS savings
If you get Amex Checking that's 1 APY on top of 4.35 Savings equal 5.35 APY good for regular customers
That’s great! Is that a current offer? I didn’t see it on their website.
@@alexisidro I got Amex Checking I don't have direct deposit. They emailed me to remind me to make a deposit each month or they close the account. It had 1 APY logo next to the reminder.
I think you have the math wrong. The checking account is 1%, the savings account is 4.35%. They don’t add together.
Thank you for the clarification!
Correct@@mikecumbo7531