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!
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 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.
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