American Express (NYSE: AXP) said Monday it is introducing a new line of personal savings deposit accounts in an effort to expand its offerings, according to Associated Press.
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The deposit accounts are offered by American Express Bank FSB, a depository institution insured by the Federal Deposit Insurance Corp. (FDIC).
The accounts include savings accounts with an annual percentage yield of 1.85 percent and certificates of deposit available in a range of maturities from three months to five year.
All deposits are FDIC insured up to $250,000 per depositor.
Consumers don't need an American Express card to open an account.
Shares in American Express fell 25 cents to $33.92.
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