Anyone use AMEX personal savings account? Trying to move out of HSBC since they've lowered the interest rate.

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Yes. But don't move your money to chase interest rates. They all have lowered time after time this year. And think about it. Even if you found one that was consistently 0.1% higher for the entire next year, how much money are you getting extra? $50 bucks on $50k. Wait $30 something after taxes. And I promise you're not going to find one that is always higher interest. Are you really chasing the faint possiblity of $30? And that's assuming you have $50k. If $30 means that much to you, just go do a bank bonus. Should be able to find one for up to $750 if you've got $50k drop. The discover one is super easy to qualify and they deposit fund right away and I believe their interest rate is same as AMEX right now.

M1, like credit cards, banks have bonuses to entice you to open savings and/or checking accounts. The Discover bonus is easy to qualify if you've got something like $25k that you can part with for a couple weeks. Other banks make you jump through so many hoops, it's not worth it for the small bonus. Other banks have a lot of criteria, but it's worth it as long as you follow the fine print. I'm currently on track for a $750 bonus from Citi. More than I would earn in interest on $50k in the 6 month ish requirement. Just like credit card churn, some people will also chase down these offers and make a couple grand on bank bonuses a year.

Yeah, I have an Amex HYSA. It’s fine, it’s a savings account. The interest rate has dropped from 1.5% to 0.8% since January but that’s because of the Fed.

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