American Express is known for charge cards and credit cards. But the bank has two products that can help you build up your savings. The bank’s high-yield savings account currently has a 1.85% annual percentage rate (APY) and its 24-month CD rate is 2.35% APY. Other CD terms are also available.

You don’t need to have an American Express credit card to open a high-yield savings account or certificate of deposit. Accounts can be opened online or by phone. Other details of the high-yield savings account include:

• No minimum deposit required
• Interest is compounded daily and credit to account monthly
• Interest begin accruing on the business day the deposit is received
• No fees for electronic transfers
• Savings is FDIC insured up to $250,000 per depositor

Details of the certificate of deposit offer include:

• CD rates can change at any time without notice
• No minimum to open account
• No additional deposits before maturity date
• Penalty for early withdrawal of principal
• Interest can be withdrawn

Once the CD matures you’ll have a 10-day grace period to withdraw the money, renew it at current CD rates, or transfer the money to a high-yield savings account. Statements will be sent online or by mail each month.

American Express certificates of deposit and high-yield savings accounts can be opened as individual or joint accounts, but not trust accounts.