American Express Bank, the banking division of the credit card company American Express, has one of the best savings account rates currently available. The current annual percentage yield is 1.50 percent for their High Yield Savings Account.

The bank’s savings account rate is near the top of our list of best savings account rates. The minimum opening balance is $1.00. Interest earned on the savings account is compounded daily and credited to your account monthly.

There are no savings account fees or minimum balance requirements to receive the savings account interest rate. Account balances are insured by the Federal Deposit Insurance Corporation for up to $250,000. As with all savings accounts, the interest rate is a variable rate, which means it can change at anytime.

American Express Bank is also offering one of the best CD rates and yeilds for a 24 month certificate of deposit. The bank’s current  annual percentage yield for a 24 month CD is 2.00 percent. The average 24 month CD rate is only 1.48 percent.

American Express Savings Account Application: Here