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 for my savings account. When I first joined, their interest rate was 1%. It's currently .9, but I'm okay with that, too. I've been very, very happy with them. Every time I've had to call, which has only been about 3 times in at least 7 years, I get a person who is not only willing, but able, to help with my request. I have this savings account linked to two different checking accounts, and using AmEx to transfer funds among them is both free, simple, and problem-free. Setting up one-time and recurring transfers is simple, and the service is reliable. The only thing I would mention to customers is if you are planning to link a joint checking account to your savings account, and each member of the joint savings account has his or her own log-in for Amex, link and complete the process (takes only 1 day overnight) for one person and then for the other person (otherwise, you won't know which little deposit AmEx makes should be used to validate for whom). Other than that one little item, every transaction has been absolutely smooth, statements have been accurate, service has been professional, and I have been -- and will continue to be -- a long-time customer!
I started using the American Express Savings account a few years ago and it has helped me automate my savings. One of the best features is the ability to automate bank transfers. Every month, I would have the savings account withdraw a set amount to save each month. I was also able to get a very good rate of return on the savings. As I was able to pay my savings account first in an automated way, I was able to develop a better sense of self-discipline. The user experience is excellent and as such I have never had to access their customer service. All in all I would say this is an excellent choice for any saver.
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 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