American Express Launches the ONE High-Yield Savings Account.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 23, 2003

Attractive cash rates, FDIC insurance and easy access

add to the convenience and prudence of the ONE Financial Account

American Express Company (NYSE:AXP) recently added a high-yield savings account to the offerings of the American Express ONE(SM) Financial Account, which combines investing, banking and the American Express(R) Card. The ONE High-Yield Savings account offers higher interest rates than similar savings accounts at many other brokerage firms.(a) Tiered annual percentage yields (APY) are currently at 1.30% APY for account balances of $25,000 or greater and 1.05% APY for accounts between $5,000 and $24,999.99.(b)

In addition to providing a competitive yield, the ONE High-Yield Savings account offers ONE clients an FDIC-insured (for balances up to $100,000 per client) savings vehicle appropriate for medium-range financial needs, such as home down payments, college tuition or emergency cash reserves. The account also features convenient money movement to and from the ONE account, which offers check-writing, ATM access and online bill payment.

"With the ONE High Yield Savings account, clients are able to take advantage of the integration benefits of the ONE Financial Account while making sure that their cash reserves are working as hard as the rest of their finances," said Francois Odouard, vice president, American Express Brokerage. "By consolidating cash management and investment opportunities, the ONE Financial Account with high-yield savings simplifies and strengthens clients' financial management decisions."

Clients working with an American Express financial advisor have the choice of a ONE account with a transaction-based pricing structure or an asset-based pricing structure.(c)

For information about ONE, including the ONE High-Yield Savings account, contact your local American Express financial advisor, go online to www.americanexpress.com/onefinancial/ or call (800) AXP-8800.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.

Brokerage and financial advisory services are made available through American Express Financial Advisors Inc. Member NASD and SIPC. Brokerage and financial advisory services are priced separately and according to your needs. Banking products are made available through American Express Centurion Bank. Member FDIC. Investments are not insured by the FDIC, are not deposits or obligations of or guaranteed by a financial institution and involve investment risk including possible loss of principal. All deposit products and services are offered by American Express Centurion Bank, a federally insured financial institution. Only American Express Financial Advisors Inc. is a broker-dealer.

Insurance products are offered by IDS Life Insurance Company, Minneapolis, Minnesota, except in New York. Travel services and charge cards are made available through American Express Travel Related Services Company, Inc. International banking services are made available through American Express Bank, Ltd.

(a) Compared to yields of other brokerage accounts with similar features (as of January 20, 2003), including Merrill Lynch Banking Advantage, Smith Barney FMA Bank Deposit Program and Citibank High Yield Premium Money Market.

(b) Effective January 20, 2003, the ONE High Yield Savings account offers 1.30% APY for accounts with balances of $25,000 or greater, 1.05% APY for account balances between $5,000 and $24,999.99, 0.50% APY for account balances up to $4,999.99.

(c) Transaction-based pricing structure available through American Express ONE(SM) Financial Account. Asset-based pricing structure available through Strategic Portfolio Services Advantage Account with ONE features.