American Express Co., continuing to shift its funding strategy, has launched a line of branchless consumer deposit offerings.

The $117 billion-asset banking company said Monday that it is offering savings accounts that currently pay an annual percentage yield of 1.85% and certificates of deposits with maturities of three months to five years.

The accounts carry no monthly fees, require no minimum balances and are accessible online or by phone.

At a meeting with investors and analysts last month, Daniel Henry, Amex's chief financial officer, said the company "did a soft launch" of the direct deposit program with employees last quarter.

It is "something that we will grow gradually over the future," Henry said.

Amex has increasingly relied on deposit funding since the disruption in credit markets last year. In the first half of this year its holdings of certificates of deposits placed primarily by third parties almost doubled, to $11.8 billion.

Its sweep account balances were about flat over the same period, at $7.1 billion.

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