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.
My banking experience with American Express Bank has always been one of ease, comfort, no stress, and no frustrations. Their customer service has always been extremely helpful and professional. They actually seem like they know what their doing and are well informed on how the American Express Banking system works. American Express Bank, in my opinion, has always been an institution that cares about their customers. They care about your concerns and your financial future. The tellers are always extremely friendly, and online baking, along with their banking app, is so user friendly (which is good for me because when it comes to technology I'm completely lost). I'v signed up with a few other banks throughout my life, and I can safely say that AMEX has acquired a customer for life in me.
Our family has had an American Express Savings Account for 3 years now and love it. The set up of the account was quick and easy. We were looking for a good interest rate since all the brick and mortar banks around us paid almost nothing (.01%). After doing some research, we choose American Express and set up our account since they offered free transfers and a good interest rate (.90%). I am able to transfer money from our brick and mortar banks checking account directly to our savings account for free, and the money shows up the next day. I am also able to transfer money from the savings account to our checking account, free of charge, and it shows up normally within 2 days. We like having the other options a brick and mortar bank offers (deposit box, notary services, etc.), so AMEX's savings account plus our traditional checking account at our B&M bank makes a perfect pair.
I opened an account with American Express Savings bank over two years ago. I liked them because they had one of the best rates. Better than my other bank of just .10 percent interest. They remain very competitive with other Banks and are currently offering a .90% savings rate on my money. This return is not great but much better than any other bank I have found. There online banking is very easy to access and I would strongly recommend to anyone who is looking to get a better rate on there money. Additionally there are no hidden fees with this bank as well. Which many banks now days try to hide these hidden fees American express bank is up front and honest. If you do not have a savings account I would strongly recommend this bank to anyone. Additionally with their very professional customer service I would recommend transferring my account to American Express bank.
I have really enjoyed having savings with American Express. I was really surprised that I would enjoy banking here, as I thought they were only known for their credit cards. I was able to open my account easily, and when I had a question regarding future savings, and interest rates, I was able to call and get right through. All of my questions were answered in a polite manner that was easy to understand. I am confident with my money being safe, and have really enjoyed the app on my phone as well. I appreciate that there is also no minimum amount required here like some other banks. I get the feel that I am part of an elite group of people, but I am not penalized for living life if I have to take the money out for something. Overall, I would say that the product is excellent, the usability is excellent, and the customer service is top notch. I would recommend them to anyone who is trying to save!
|FDIC Certificate #||35328|
|Return on Assets - YTD||6.01%|
|Return on Equity - YTD||44.88%|
|Annual Interest Income||$934.6MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$51.90B$47.59B|
|Loans||Q1 2016vs Q1 2015||$40.72B$38.37B|
|Deposits||Q1 2016vs Q1 2015||$39.18B$34.51B|
|Equity Capital||Q1 2016vs Q1 2015||$7.03B$6.82B|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$455.5MM$543.7MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$195.4MM$223.6MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$0$0|
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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