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I got a letter through the mail from American Express offering me a sweet 1.3% interest rate with an FDIC-insured savings account. I currently have a business savings account with a princely 0.35% rate which is apparently the best Wells Fargo offers, and a personal account that seems to pay even less than that.

Is there anything wrong with the Amex account? Or is it an actual good deal? Details here:

http://personalsavings.americanexpress.com/savings-product.html?inav=ps_HYS

I want to have access to the funds ASAP, so CDs or anything more complex (or anything not FDIC-insured) is out.

Thanks!

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    Haha. I can't believe we live in days were we think 1.3% is a "sweet" deal on a savings account. I still remember getting paid over 4% by ING a few years ago. Thanks Mr. Bernanke for reducing options for people that actually save their money; thanks a lot! Jan 20, 2011 at 23:20

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All interest rates are in the toilet so 1.3% isn't bad considering.

There don't appear to be any show-stopper restrictions from my cursory look at the FAQ.

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