Ask anyone who has a traditional savings account with a big bank, or even a credit union, and they will all agree with one point: the average interest rate offered to savers is minimal or almost non-existent. However, American Express, generally better known for its charge cards and credit cards as well as its former travel service, is now getting into the business of banking. The company is offering a savings account paying a far greater interest rate of 0.85 percent, which is far better than the 0.01 percent being offered by big banks currently.

Better yet, the American Express Savings Account is open to anyone who wants to have a savings account. Often, many higher-yielding savings accounts require a larger balance for a minimum deposit, frequently anywhere from $5,000 to $25,000. With the American Express account there is no minimum balance requirement, and existing accounts can still be kept to transfer money in through electronic bank linking.

Further, unlike traditional banks, American Express offers 24/7 access to staffing and services via both phone contact as well as Internet assistance. Additionally, all balances up to $250,000 are fully insured under federal deposit insurance regulations, so unlike market investments a person’s savings balance is fully protected from loss. Finally, the cost is free; American Express charges no fees for establishment or maintenance of a savings account with them. Given all of the above, this package does make American Express a savings account deal of the week.