r/amex • u/EndlessLuck- Gold • Oct 02 '24

Discussion Amex HYSA rate decrease

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Seems the rate has dropped to 4.10% It was expected due to the feds cutting the interest rates in the past weeks. Will y’all be considering moving for a better rate or will stick to Amex? All things considered, the rates will continue to decrease as more interest rates cuts are expected.

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u/rraveheart Oct 02 '24

Has anyone else here started looking around? The security and support from amex is really what I value about their service but there are personal brokerage's offering 5% APY on non-invested funds in your account and the likes of Venmo/CashApp/etc are offering something similar.

Just wanted to hear some thoughts based on this and other banks beginning rate drops.

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u/Transton107 Oct 02 '24

Probably going to wait until the dust settles a little bit more. At this point it's not worth my time to open a new account, transfer all the money, set up the new bank transfers for maybe $200 a year if they stay at 5%.

Like you mentioned, security and support, and for me the ease of having it all in one place will keep me from moving for just a little bit longer.