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800-446-6307
4315 South 2700 West
Salt Lake City, UT 84184

American Express Bank is the banking component of the American Express Company, a publicly traded financial services firm (NYSE: AXP). The American Express brand is known mainly for its credit card and traveler’s cheque business, but since 2000 has offered several bank deposit accounts. The company’s credit card and banking businesses operate separately for the most part. Because there are no physical bank branches, American Express Bank's deposit accounts generally offer higher rates of interest than its brick and mortar counterparts.

In the way of personal banking, American Express Bank offers two account possibilities: high-yield savings accounts and Certificates of Deposit (CDs). The high-yield savings account typically earns one of the highest interest rates in the country and is easy to open electronically. The savings account comes with no fees, nor a minimum balance requirement and allows ACH transfers to and from the account at no additional cost. DepositAccounts.com has featured this savings account on multiple occasions for its competitive interest rate and flexibility. Certificates of Deposit (CDs) are available and in term lengths ranging from 6 to 60 months. CDs also have no fees and no minimums and can be easily opened electronically through an online application process. Automatic transfers can be set up to fund either the savings account or the CD, and depositing by check is also an option. DepositAccounts.com reported in 2009 on the bank’s transition from their Savings Accelerator account that was tied to the AmEx credit card, to the new high-yield savings account, which is a “standalone” account.

American Express Bank online banking provides a convenient platform on which account holders can view their transaction history and set up electronic fund transfers. The bank’s web-based system makes the application process quick and simple, and the website makes it easy to switch from a card account to a deposit account.

American Express Bank was originally established in 2000 and is a subsidiary of the American Express Company, a bank holding company located in New York, NY. The bank is headquartered in Salt Lake City, Utah, and offers its savings products exclusively via its Internet platform. The American Express Company is also know as AmEx and was founded in 1850 by Henry Wells and William Fargo, the same founders who started Wells Fargo Bank.

Related Posts



They Won't Let Me Have My Money

When I first requested that my money be transferred to my bank account that I funded the AX savings account with, they made me verify my account by depositing money to my account and then having me enter the amount. After I verified my bank account, they transferred my money the next day. Well, due to Birthday and Christmas shopping, I had to request another transfer of my money (It says that you can have up to six transfers per month and this was my second). Well, I assumed that my money would be transferred just fine because the first transfer went smoothly, but no, I discovered after I recieved 3 overdraft charges from my bank that they dropped the ball. When I called to report the failed transaction, the girl said that they needed "more" verification from my bank to transfer more of MY MONEY. I told her that is ridiculous if you have already transferred my money to the account that I have already previously verified to refuse to transfer money to that account the very next day. So, I told her to close my account on December 17th, at 12:23 am. I recieved an email on the same day stating that it would take 2-3 days to recieve my money and I checked my account with AX and it showed a zero balance. I patiently waited until today, December 24th, and when I called the young girl, Jessica, said that they talked with my bank on December 19th, and were informed that my bank account was closed WHICH IS A BOLD FACE LIE! They now refuse to send my money in a check, because of policies and procedures? This company stinks, it was not worth the forty cents interest that I made in this nightmare and now because of the holiday they say that they won't be able to do anything AT ALL until December 27th. If you are certain that you won't need the money that you put in savings and are happy in taking risks that you may never see it again, then by all means, use AX.

AMEX Savings Quickest ACH Transfers

Hi everyone,

I switched over to AMEX savings initially for the decent yield; however, their Bank ACH transfers are amazingly fast. Within one day, I can easily transfer money between my accounts. Coming from HSBC, where transfers took three to four days, this experience has been refreshing. The account interface is also very simple and easy to use. I recommend it for anyone who wants to make sure their cash is easily accessible. No need to worry that you don't get access to an ATM for this account, since you can have access to your cash very quickly through a transfer.

Lou

Had A Marginal Lead In Savings APY% But Doesn't Anymore

Kind of a bait-and-switch technique.  They garnered a substantial number of clients and funds at a good % rate above other online banks - then reduced their yield to no better (OK -- 0.01% better) than the next leader.

Not enough of a reason to go with them and it may be time to punish their small-minded thinking.

Another issue I have is that they are located in Utah -- which has a law that says that unattended accounts, inactive for a relatively short period of time, can be closed and funds sent to the state.  Possibly why they are located in this state.

American Express Credit Card

I was solicited quite often for this card by Amex and Delta Air. Within a few months they cancelled with no explanation. I was never late on a payment.
Prior to that, I had questioned one woman rep as to why I could not pay at the gas pump. ( I had to visit cashier each time.)

Even now, they solicit my business over and over.
I will never do business with them.

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Health

Data for Q1 2014

A+
American Express Bank, FSB. consists of multiple companies with separate FDIC numbers. Click on an FDIC number to view the health for that company:

35328 - American Express Bank, FSB.
27471 - American Express Centurion Bank

Institution Health

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 American Express Bank, FSB. had $242.97 million in non-current loans and owned real-estate with $7.29 billion in equity and loan loss allowances on hand to cover it. This gives American Express Bank, FSB. a Texas Ratio of 3.33% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for American Express Bank, FSB. decreased slightly from 4.38% as of March 31, 2013 to 3.33% as of March 31, 2014, resulting in a positive change of 23.82%.This indicates that the balance sheet and financial strength for American Express Bank, FSB. has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, American Express Bank, FSB. has increased its total deposits by $1.61 billion, resulting in 5.98% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth American Express Bank, FSB. has shown is excellent.

Capitalization

GRADE:
A+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. American Express Bank, FSB. has $40.5 billion in assets with $7.29 billion in equity, resulting in a capitalization level of 17.99%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #35328
Year Established2000
Employees353
Primary RegulatorOCC
Assets and Liabilities
Assets$40.50 billion
Loans$34.99 billion
Deposits$28.49 billion
Equity Capital$6.77 billion
Loan Loss Allowance$522.17 million
Unbacked Noncurrent Loans$242.97 million
Real Estate Owned$0
Historic Data - March 2013
Assets$41.03 billion
Equity Capital$7.14 billion
Loan Loss Allowance$583.51 million
Unbacked Noncurrent Loans$242.97 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin6.25%
Return on Assets5.16%
Return on Equity30.11%
Interest Income$681.91 million
Rates
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Always verify rates and promotions with the bank or credit union. We are not American Express Bank, FSB., we are a rate comparison website and can not provide official rates or promotions.

American Express Bank, FSB. Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.80%--High Yield Savings Account

American Express Bank, FSB. Money Market Rates

DetailsAPYMINMAXPRODUCT
0.80%--High Yield Savings Account

American Express Bank, FSB. CD Rates

DetailsAPYMINMAXPRODUCT
1.35%--60 Month CD
1.10%--48 Month CD
0.90%--36 Month CD
0.70%--24 Month CD
0.60%--18 Month CD
0.55%--12 Month CD
0.40%--6 Month CD
Locations

American Express Bank, FSB. is an Internet only bank and does not have branch locations. Its headquarters is located at 4315 South 2700 West - Salt Lake City, UT 84184