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.
The savings account is definitely the best that I've ever had. First of all, my most favorite aspect of the savings account is that there are no monthly fees. It has felt very secure and safe when depositing my funds. I also sell jewelry online and would receive deposits from my customers into this account. With the transfers, I would see the money post from 1 to 3 days, usually within a day. Also, with the account not having an ATM or debit card attached to it, it's definitely not as tempting to spend any of this money. Amex is and will always be the best!
I found American Express Serve when I was looking for a card without a valid bank account. I wanted a way to be able to withdraw money without it being attached to my main account. Serve gives me the opportunity to either make direct deposits or make deposits at walmart or CVS. I am able to withdrawl my money in over 20,000 atms with very little fees. All contact made with the bank is online through the website or the mobile application. When i have problems with my account is it easy to get help either online or through the phone. I never feel insecure about my personal information because it feels like a very safe process. I can't picture myself working with any other online banking service.
I opened the American Express savings account approximately 10 years ago. This was the first time I had opened an online only account so I wasn't completely sure if it would fit all my needs, but as it was only a savings account and would not need ATM access, I gave it a try. This was due to the competitive APR interest savings rate it was offering, and the free fee account features. Most of my communications with the bank has been through messages and not the phone, which is an option. It is very easy to set up transfers to and from my external checking account and have had not had any issues thus far and money is deposited at regularly scheduled days. The website isn't completely easy to use as sometimes I forget that my husband does not have access to online statements and 1099 forms because he an not a joint holder, but is an account administrator. This means that I must log in directly to perform any tasks, but as I perform the majority of financial tasks, this isn't a big issue. I have the option of receiving digital statements over paper ones, which I have elected to do. Their rate has gone down over the years, so I am again looking for a competitor that will provide better rates at which point, I may close this account.
I have to say that overall, when you sum it all up, I'm pretty happy with my experience with Serve. I have a checking account that works just as well as if I had a brick and mortar bank. Although I will say I have had a problem using their "take a photo" of the check method for depositing checks. When I say problem I mean I've never gotten it to work. So trying to deposit a check into my account is near impossible. I have to cash the check somewhere and then deposit the cash at a store that will load my account, if I want that check in my account. However though, direct deposits and any other deposits seem to transfer and clear into my account sometimes even faster than they would at a brick and mortar bank. Their customer service has been extremely good and quick to get a hold of. And if you want to do savings there are options on the website to set up multiple savings accounts if wanted. I don't get any monthly fees from this bank as long as I do one deposit a month, which I do plenty. And I don't pay fees on ATM withdraws provided I use an ATM in their network. Lucky for me there is an ATM that fits this criteria only one block away. The only real pain I have had to deal with using this account is the fact that the vast majority of small retailers in my area will not take my American Express card. This has become fairly annoying, but now I have just gotten used to going to the ATM everyday to get my deposits out. So even though I have this nice bank account, I find myself going out of the way to turn my card into cash.
|FDIC Certificate #||35328|
|Return on Assets - YTD||5.89%|
|Return on Equity - YTD||42.13%|
|Annual Interest Income||$3.12B|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$49.27B$52.82B|
|Loans||Q4 2016vs Q4 2015||$39.64B$43.66B|
|Deposits||Q4 2016vs Q4 2015||$37.68B$38.03B|
|Equity Capital||Q4 2016vs Q4 2015||$6.72B$6.99B|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$531.2MM$434.1MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$211.3MM$250.8MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$0$0|
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 cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.90%||-||-||High Yield Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.70%||-||-||60 Month CD|
|1.45%||-||-||48 Month CD|
|1.25%||-||-||36 Month CD|
|1.00%||-||-||24 Month CD|
|0.60%||-||-||18 Month CD|
|0.55%||-||-||12 Month CD|
|0.40%||-||-||6 Month CD|
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