AMEX Canada Savings Accounts

American Express Canada offers three types of savings accounts, business investment savings accounts, guaranteed investment certificate, and personal savings accounts. Business investment savings accounts are one variety, offered with no monthly fees, high interest rates, and no fees for withdrawals and deposits. The Amex business investment savings account is a good option for business owners in Canada because the account is easy to manage online, saving valuable time and efforts. There is no minimum balance requirement.

Personal savings accounts are high-yield accounts with a number of convenient features. These include 24-hour access by phone or online, which makes it easy to transfer money and check balances. Withdrawals and deposits can be made to the account electronically. This is possible by linking one’s existing account at another financial institution.

Generally, this account is a great choice for persons who want to open a savings account as it pays high interest and again, there is no minimum balance requirement. Having no minimum deposit requirement is a major benefit because account holders may start with a sum as small as one dollar. Then, it is easy to make deposits and withdrawals in two main ways, by check
or by electronic transfer. Those who want to use electronic transfer should link their savings or checking account at another financial institution to their personal savings account. The external account, which is linked to the personal savings account, should belong to the same person. Two test deposits are to be verified for security purposes. Another way to make withdrawals and deposits is by check, with checks deposited by mail. Checks that are sent for deposit have to be drawn on an account that is in the account holder’s name.

There are many benefits to opening a personal savings account, one being that these accounts pay high interest. Second, account holders can manage their savings accounts online by using the online banking service of American Express. Amex online banking is offered to clients who want to make money management secure and easy. It allows clients to transfer funds and access their account details at a time of their convenience. In addition, clients of Amex can check balances, check transactions, and transfer money in and out of the account. At the same time, they enjoy superior customer service, no fees, and competitive interest rates. Customers who want to open a joint savings account can do so by having the information of both applicants ready. To open an account, clients have to present their email address and address, date of birth, and if funding electronically – their routing numbers and bank account.

Note that if funds are available in the account, there may be a discrepancy between one’s account balance and available balance. The reason is that the balances reflect completed transfers while those that are pending will only show on the next working day.

A third option is guaranteed investment certificate offered by American Express. This is a good way to maximize your savings given that there are no charges or service fees, and the terms range from one to five years. Another benefit is that the guaranteed investment certificate pays high interest rate, which is fixed. Persons who want to open a savings account or opt for certificate of deposit may apply by phone or over the Internet. Once the account holder funds the account and the deposit is received by American Express, the account starts to earn interest.