American Express is best known as a charge card company, one that has a reputation as being a bit more exclusive. American Express Bank, FSB (for federal savings bank), is an extension of the company’s high-end brand, but it is also an FDIC-insured financial institution and a separate entity. In other words, you don’t have to be an American Express card holder to join American Express Bank.

This is something that savers might want to consider. Currently (that’s as of April 16, 2010), American Express Bank is advertising a Personal Savings Plan; the program is comprised of two accounts, one a high-yield savings and the other a 24-month certificate of deposit. The savings account is at an annual percentage yield of 1.30%–relatively high when compared with the current national average, especially for an account that has no minimum balance and no monthly maintenance fees. The CD also has no minimum balance, and is paying an APY of 2.00% for the 2-year term. Maximum deposit is $250,000, per the American Express Bank Website.

From a marketing standpoint, American Express is clearly trying to capitalize on the strength and reach of its brand name, although I do find it interesting that the bank is offering no minimum balance on the Personal Savings promotion, since American Express is usually associated with a higher-end market and might be able to command minimum deposits that are higher than average.

BankShout followers who want to get a savings and a CD together, with minimum hassle and fees (not to mention without a banker harping on you to also open a checking account you don’t need), American Express Personal Savings isn’t a bad route to take.