|Account Type||APY||Account Name||Min||Max|
|Savings||1.15%||High Yield Savings Account||-||-||Details »|
American Express Bank, a DepositAccounts.com advertiser, 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've been using American Express personal saving online account for over 4 years now, and its by far one of the best decisions in my life. I get above market rate interest on my deposits, customer service agents are very professional and address issues in timely manner. i love it because it helps me reach my saving goal quickly, as there's no physical location to withdraw money from the account, except via online transfer which take 2 to 3 business days. So what ever money I have in there literally stays in there for good, as opposed to my regular bank account with debit card where am always tempted to swipe my debit card or get money out of the atm.
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 recently got divorced and had to convert all my joint accounts at various banks into single accounts. AmEx Bank was one of two banks that required that I resubmit a new signature card for the new account considering they already had my signature on file from the joint account, but unlike the other bank I was unable to complete the process online. Instead you have to wait until AmEx mails you the form so that you can fill it out and mail it back to them.
Also, ALL of my my other banks allowed me to change the beneficiary on my accounts quickly and easily online. AmEx Bank was the exception. To add a beneficiary with AmEx required that you print out a form, fill it out and mail it in.
Customer Service was not helpful when I asked why I could not complete those tasks online or why I could not simply print the needed forms, fill them out, scan them and email them back.
Kind of a bait-and-switch technique. They garnered a substantial number of clients and funds at a good % rate above other online banks - then reduced their yield to no better (OK -- 0.01% better) than the next leader.
Not enough of a reason to go with them and it may be time to punish their small-minded thinking.
Another issue I have is that they are located in Utah -- which has a law that says that unattended accounts, inactive for a relatively short period of time, can be closed and funds sent to the state. Possibly why they are located in this state.
|FDIC Certificate #||35328|
|Return on Assets - YTD||3.32%|
|Return on Equity - YTD||26.37%|
|Annual Interest Income||$744.3MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$51.12B$51.90B|
|Loans||Q1 2017vs Q1 2016||$37.61B$40.72B|
|Deposits||Q1 2017vs Q1 2016||$38.70B$39.18B|
|Equity Capital||Q1 2017vs Q1 2016||$5.92B$7.03B|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$554.2MM$455.5MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$212.0MM$195.4MM|
|Real Estate Owned||Q1 2017vs Q1 2016||$0$0|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.15%||-||-||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