This giving pledge builds on the company’s $5 million Small Business Hurricane Recovery grant commitment, in collaboration with the U.S. Chamber of Commerce Foundation. Applications for thround of 1,000 grants will close on November 17th 11:59 pm ET; eligible small businesses can apply here. Additional funds raised through the giving pledge will support even more grants through the U.S. Chamber of Commerce Foundation for eligible small businesses in affected areas following Small Business Saturday.

“American Express founded Small Business Saturday in 2010, coming out of the US financial crisis, to help drive consumer spending at small businesses when they needed it most. Since then, the day has sparked a movement and truly made an impact, with consumers reporting spending over $200 billion at small businesses,” said Elizabeth Rutledge,
Chief Marketing Officer, American Express. “We are celebrating 15 years of Small Business Saturday in a big way, all while continuing to meet the needs of small businesses.”



NEW YORK, NY – November 13, 2024 – American Express today announced it will be ringing in the 15th annual Small Business Saturday on November 30, 2024, with activations in Charleston, South Carolina. It will also aid in the recovery of small businesses in the Southeast impacted by Hurricanes Helene and Milton through a giving pledge.  

In Charleston, SC on November 30th, American Express will be hosting:

A special performance by critically acclaimed and multi-platinum singer-songwriter, Noah Kahan, at the historic Riviera Theater: “American Express Presents: Celebrating Small Business Saturday with Noah Kahan.”2 Learn about tickets here.
A “Shop & Stroll” on Market Street (between Meeting and King Street) from 3-7pm ET to kick off holiday shopping season; the festive pop-up market will be open to the public and feature local small businesses, food trucks, and interactive stations.
To support the Southeast region following recent Hurricanes Helene and Milton, Amex Card Members nationwide will also be able to give back when they Shop Small on November 30th. For every Card Member purchase made using an eligible Amex Card at a qualifying U.S. small business on Small Business Saturday, American Express will donate $1 to the U.S. Chamber of Commerce Foundation to go toward hurricane recovery efforts for impacted small businesses.1 You can learn more by visiting americanexpress.com/SBS15.


AMERICAN EXPRESS® PERSONAL LOANS TERMS AND CONDITIONS

 

Last Modified: June 25, 2024

General

American Express Personal Loans are personal loans issued by American Express National Bank. Personal Loans are not Card products. Unlike American Express Cards, they are not eligible for any Card benefits, rewards programs, or insurance. For example, you do not get Membership Rewards® points or Reward Dollars from American Express with your Personal Loan.

 

Any information American Express collects from you shall be governed by our Privacy Statement (americanexpress.com/privacy).

 

Eligibility, Use and Verification

You can only apply if you receive an offer to apply and continue to meet the eligibility requirements. You must be 18 years or older, a U.S. citizen or resident of the U.S. or its territories, and have an active American Express Card. You must also have an American Express online account to view your Loan Documents. If you do not, you can create one at americanexpress.com/register. When you apply for a Personal Loan, you are representing that all information in your application is true, correct, and accurate. If you have previously accepted an American Express Personal Loan, you are not eligible to apply for another Personal Loan until at least 60 days after you signed your most recent loan agreement, and only if you receive a pre-approved offer. If you applied for a Personal Loan, and we declined you, or we approved you but you did not sign your loan agreement within three days, you may apply for another Personal Loan if you receive a pre-approved offer. You may not have more than two active Personal Loans and/or American Express Business Loans at any given time.

 

Personal Loans may not be used for post-secondary education expenses, real estate, business, securities, vehicle purchases (other than as down payment for a vehicle), or any purpose prohibited by law or not otherwise permitted by these terms and conditions or your Loan Agreement.

 

We reserve the right to verify any information you provide to us or that we have on file for you, including your identity and any bank account information. However, we may also rely on the accuracy, authenticity, and completeness of any information that you provide to us. We reserve the right to refuse to make any payment to any of your designated accounts if your request does not meet these terms and conditions or the terms of your Loan Agreement, or violates applicable law.

 

USA PATRIOT Act Notice

Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or applies for a loan, including your name, address, date of birth, and other information that will allow us to verify your identity. We may also ask you to provide identifying documents.

 

Your Pre-Approved Loan Amount and APR

Your pre-approved loan amount and annual percentage rate (APR) are based on your creditworthiness and other factors at the time of pre-approval. Your actual APR may vary based on the amount you borrow and the repayment period you select, but it will not exceed your pre-approved maximum APR.

  

After you receive your pre-approved offer, you must submit an application to find out if you are approved for a Personal Loan. We may not approve your application if there has been any material change to your financial condition or creditworthiness, as a result of our fraud review or for other reasons under applicable law.

 

Fund Disbursement

Funds will be deposited directly into your bank account on file. If you do not have an existing bank account on file, you will be prompted to add the routing and account numbers of your bank account. Your bank account must be in your name and may be verified upon submission. Your requested loan amount must be at least $3,500. If you are required to add a bank account, you will have three (3) days from the date you sign your loan agreement to add a bank account; otherwise, you will not receive your loan funds. In some cases, we may need to verify your account by asking you for personal information. If you are unable or unwilling to satisfy these conditions or we are otherwise unable to verify your bank account, we will not be able to send any loan funds to you, and your loan agreement will be void and unenforceable.

 

After you’ve signed your loan agreement and completed all necessary verification steps, we typically send your loan funds in one day to the bank account you designated in your application. If you are required to add a bank account to receive your loan funds, we typically send your loan funds to that bank account in one day after we verify your account.

 

Please note that your bank may take additional time to post your loan funds to your account. If any loan funds do not post to your bank account within two weeks, please contact us or your bank. We are not liable for any loss or injury resulting from any failure or delay in issuing your loan funds.

 

Your Loan Agreement

If we approve your loan application, we will present you with your actual loan terms. These terms will include your APR, total interest charges, amount financed, total payments, and repayment schedule (including your monthly payment amount). We will also present you with your Loan Agreement and other required disclosures.

 

You will have three (3) days from when you are approved to review your loan terms and electronically sign your Loan Agreement. If you do not electronically sign your Loan Agreement within these three days, we will withdraw our approval and you will not be able to obtain your loan.

 

Credit Reports

By applying, you agree that we may obtain credit reports and other information about you from other sources, including consumer reporting agencies and our affiliates. You agree that we will use such information for any purposes, subject to applicable law. Upon request, we will tell you if we have received a consumer report and the name and address of the agency that provided it. You authorize us and our affiliates and subsidiaries to share information we have about you at any time for marketing and administrative purposes, subject to applicable law.

 

Consent to Electronic Communications

To apply for a Personal Loan, you must agree to receive communications and other documents in electronic form pursuant to the Consent Statement. If you do not agree to the Consent Statement, you will not be able to apply for your loan.

 

Notice to California Residents: An applicant, if married, may apply for a separate account.

 

Notice to Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

 

Notice to Married Wisconsin Residents: No provision of any marital property agreement, unilateral agreement, or court decree under Wisconsin’s Marital Property Act will adversely affect a creditor’s interest unless, prior to the time credit is granted, the creditor is furnished a copy of that agreement or decree or is given complete information about the agreement or decree.

 

AMERICAN EXPRESS® PERSONAL LOANS REPAYMENT EXAMPLE

An American Express Personal Loan of $10,000 repaid over 36 months at 7.98% APR will have a monthly payment of $313.32 and the total cost will be $11,279. Actual rates, interest, and costs may vary.

 


High-yield savings accounts are a flexible and easy way to earn interest while saving money. They are perfect for short-term savings projects like creating a rainy-day fund but work just as well for folks who simply want to put their saved cash in a safe and trusted interest-bearing account with the knowledge that they can pretty much access it whenever they need it. Further, savings accounts from online banks can offer higher interest rates than many traditional checking and savings accounts. 

 

However, not all high-yield savings accounts are created equal. Here’s an explanation of these savings tools, with questions to ask before you pick one to match your needs. 

 

What Is A High-Yield Savings Account?

A high-yield savings account is a type of savings account that offers a variable interest rate that’s generally higher than rates available from a traditional savings account. Like traditional savings accounts, high-yield savings accounts give you the ability to make deposits and withdrawals. 

 

How Do Online Savings Accounts Work?

To use an online high-yield savings account, you first must apply to open an account with the bank of your choice—ideally one that meets your personal needs. To open an account, you’ll need to fill out an online application and provide required personal information, such as your name, address, and Social Security number. Once approved and the account is opened, you can begin to fund it.   

 

One way to put funds in or transfer funds out of your online savings account is to link the account to another of your checking or savings accounts and transfer funds electronically. Banks use different methods to link accounts, including a test process to confirm that the link between your other account and the new savings account is working by transferring a small deposit back and forth. Some online banks also accept personal checks that are sent by mail.   

 

In addition, you can set up an automatic transfer to regularly deposit a set portion of your paycheck—or transfer a specific amount from your checking account—electronically into the savings account.   

 

Once you have funds in your account, interest will be compounded according to your bank’s compounding schedule. Earned interest will then be deposited into your account, typically on a monthly basis. You can continue to deposit funds into your account, or withdraw funds, if and when you’d like—but note that some banks could limit the number of withdrawals you can make in a month. Since savings accounts are not meant for everyday spending, you likely won’t receive a debit card or checkbook for your account, but specifics depend on the bank. 

 

Interest-Rate Hikes Mean Better Rates—And Vice Versa

Interest rate increases mean it costs more to borrow, but the rate increases also act as incentive for banks to increase the interest they pay out on savings accounts and CDs.   

 

Conversely, interest rates may also decrease quickly as well. While low rates make it more affordable to borrow money, the APYs on interest-bearing accounts, like HYSAs, may drop also. 

 

Watch Out for Hidden Fees

One thing to watch for from both online and traditional banks is unexpected fees and restrictions. Before opening an account, make sure to check to see if any fees or restrictions may apply such as, for example, no-minimum-balance requirements, fees to open accounts, maintenance fees, wire fees to get money in and out of the account, or fees for paper statements. 

 

FDIC-Insured Savings Accounts

A key point about high-yield savings accounts from banks (along with checking accounts, CDs, and money market accounts) is that they are insured by the Federal Deposit Insurance Corp. (FDIC), which covers up to $250,000 per depositor, per account category, per insured bank. Stocks, bonds, mutual funds, annuities, and securities are not protected by FDIC insurance. 

 

Savings Account Security Checklist

A lot of the appeal of savings accounts is that they are a safe and flexible way to save. But safety also involves security, especially with ever-increasing online attacks on financial institutions. That’s why you want to make sure your savings account provider has protections surrounding your money. Here’s a security check list to use when comparing savings account offerings from different banks and financial institutions:

  • Does the provider use multi-factor authentication, through one-time codes when you access your account from an unrecognized device, to prevent unauthorized access? 
  • Does the provider block unauthorized access by using numerous secure firewalls? 
  • Does the provider use Secure Socket Layer (SSL) encryption to create a secure connection with your browser when you log in or fill out an application online? This helps protect your personal information. 
  • Does the provider automatically log you out of your account after a period of inactivity to prevent others from seeing or accessing your online accounts? 
  • Does the provider guarantee it will not share your user names and passwords with anyone at any time?  

The Bottom Line

 

High-yield savings accounts are a proven, safe, and flexible way to help you save for short-term needs, or to just set aside your cash in an account that gets good earnings and where you know you can pretty much have access to it whenever you want. These accounts from online banks tend to offer higher interest rates than brick and mortar banks. But high-yield savings accounts are not all created equal, so asking key questions about minimum fees, charges, and security can help you get the best deal.