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.
I use American Express, FSB for a personal savings account. It was highly recommended by a friend who has used this for almost 15 years now. The website is extremely easy to navigate and use, quite unlike other complicated bank websites. Their customer service is also easy to reach. The few times I have called, I have reached a representative in less than 2 minutes! No long times keeping a customer on hold, which is great! Their representatives are very knowledgeable and helpful. Also courteous and pleasant to speak with. They will spend enough time making sure I am satisfied with their solution. The CDs and interest rates are higher than most other savings bank accounts. All in all, this is a great bank to work with for peace of mind!
I have an American Express credit card. It made sense to me to choose them for my banking needs as well. Opening the account was easy. I like being able to navigate a website easily. I have only had to call customer service once. That was a positive experience. All of my questions were answered, I didn't have to wait on hold for a long time. I like my banking to be accessible and painless. With American Express I get both. I'm happy to have them and will continue to use them for my banking needs in the future. I do have other accounts for checking. I use the American Express account for just a savings account and to manage cd's that I have for my children. I did a bunch of research and I found their interest rate to be higher than I was able to get with my employers' credit union. Every little bit helps when you are saving so this was a plus for me.
I first learned of American Express Bank through my credit account. They are an internet bank, rather than a brick and mortar institution. I opened an online high-yield savings account with a great rate to earn on money I need to be able to access and use. There are transaction limits of 6 credits/debits via internet or phone per month so this isn't the type of account to use as a checking account. You link your American Express Bank account easily with other your existing bank accounts so you can transfer money between accounts to use when and where you need it. My online application was simple and it took only a few days to link my existing bank account to use to fund my new account. Even if you're not used to online banks, the savings interest rates are so competitive that it makes it worth opening a new account.
I opened an online savings account with American Express Bank, FSB two years ago. American Express is well known for its credit card, but the banking service is somehow not that popular. One of the main reasons I opened the saving account was due to its high annual interest rate, compared to some other banking options. The process to open an account was fairly smooth - you just need to have the internet access, fill out some basic information, and the account was opened immediately. I used to have a concern whether my money would be secure by using an online banking service which does not offer local offices. My experience in the past two years was extremely positive. For example, the customer service is always friendly. I contacted customer service a few times in the past and they were always helpful. As another example, it is very fast to transfer your money from the saving account to other checking accounts (my personal experience is that money will be available just in 24 hours). This is very important if you want to have access to your money regularly.
|FDIC Certificate #||35328|
|Return on Assets - YTD||6.56%|
|Return on Equity - YTD||46.66%|
|Annual Interest Income||$2.42B|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$46.00B$50.88B|
|Loans||Q3 2016vs Q3 2015||$36.72B$41.21B|
|Deposits||Q3 2016vs Q3 2015||$35.62B$35.22B|
|Equity Capital||Q3 2016vs Q3 2015||$6.70B$6.81B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$478.7MM$585.4MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$201.2MM$217.8MM|
|Real Estate Owned||Q3 2016vs Q3 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