Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
-
American Express® High Yield Savings Account -
American Express® Rewards Checking Account
-
American Express® CD
Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4 |
| CD | 3.5 |
| Trustworthiness | 5 |
| Total score | 4 |
Pros and cons
| Pros | Cons |
|
|
American Express Savings Rates
The American Express savings rate is 4.25% APY as of 8/18/23, which is much higher than the average savings account. There's no required opening deposit or minimum account balance, but you must make a deposit within the first 60 days or the bank will close your account.
Read our guides on the best high-yield savings accounts »
American Express Checking Rates
If you're eligible to open an American Express® Rewards Checking Account, it's a good online option worth considering. The account doesn't charge monthly service fees or overdraft fees.
You also may earn rewards on eligible debit card purchases, which may be used to book travel, obtain gift cards, or donate.
American Express CD Rates
Many banks require hundreds or thousands of dollars to open a CD, but American Express CDs do not require an opening deposit. You'll earn a pretty competitive interest rate, regardless of the term.
-
American Express® 6 Month CD
-
American Express® 1 Year CD
-
American Express® 18 Month CD
-
American Express® 2 Year CD
-
American Express® 3 Year CD
-
American Express® 4 Year CD
-
American Express® 5 Year CD
How American Express National Bank Works
American Express is an online-only bank that doesn't require an opening deposit or minimum account balance for any of its accounts. American Express also doesn't charge monthly bank maintenance fees.
The American Express website is easy to use, but the bank doesn't have a mobile app. The American Express app is just for credit card customers. If you have an American Express High Yield Savings Account or CD but you don't have an American Express Card, you won't be able to access your account through the Amex mobile app.
American Express offers 24/7 customer support by phone, but unlike many competing banks, it doesn't have live chat online with representatives.
Your American Express accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
American Express Trustworthiness and BBB Rating
The Better Business Bureau gives American Express an A+ rating. The BBB grades businesses based on factors like how they respond to customer complaints, honesty in advertising, and transparency about business practices. BBB ratings do not ensure a great relationship with a particular company, though. Talk to current customers or read online customer reviews to see if American Express could be a good option.
American Express has been involved in one recent public controversy.
In 2022, American Express National Bank paid $430,500 in a settlement with the United States Department of the Treasury's Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.
How American Express National Bank Compares
We've compared American Express with two other online banks with no minimum opening deposits: Ally and Capital One 360.
Capital One pays the most competitive rates on savings accounts and CDs. Keep in mind rates can fluctuate, so this may change in the future.
Although Capital One 360 is an online bank, it does have branches in several states. You may find this useful if you ever want to speak with a banker in person. With Ally or American Express Bank, you'll have to be comfortable with an online-only banking experience.
If you'd like a bank with a mobile app, you'll prefer Capital One or Ally over American Express. American Express only has a mobile app for credit card customers. If you have opened only a savings account or CD, you won't be able to access your account through the app.
American Express Bank Frequently Asked Questions (FAQ)
Yes. American Express National Bank now has the American Express® Rewards Checking Account. The checking account is currently available to Consumer Card Members who have had a card account for at least three months.
American Express National Bank is an online-only bank. It doesn't have any physical branch locations.
You'll earn 4.25% APY as of 8/18/23 on the American Express® High Yield Savings Account.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.