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American Express Bank, FSB.


Overview / Commentary
800-446-6307
4315 South 2700 West
Salt Lake City, UT 84184

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.

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Reviews (112)

The Best Savings Account

Posted by: MissTexas | Aug 18, 2016

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!

Good Savings Account options

Posted by: QZ | Aug 18, 2016

I have banked with American Express Savings for the past 8 years after I moved to the US. Most banks do not offer good interest rates on savings accounts. I found American Express had higher interest rates, and they were also completely online. I have opened a savings account and several CDs with them. Their customer service is impeccable. Since they are a web-only bank, it is good to have friendly and courteous service at the other end of the phone. Their wait times on phone calls are also low compared to other banks I've worked with. Sometimes it feels odd not to have a physical bank to go to, but the ease of online transactions with them makes it worth it. I highly recommend AMEX to anyone who's looking for an online savings bank option.

Great For a Secondary/Emergency Savings Account

Posted by: Bretley | Aug 24, 2016

I had been looking for an on-line bank to utilize as a secondary savings account. I have a savings account with my local credit union but wanted another to use as long term emergency fund. Simply by having to login to a separate account, I am forced to think twice before withdrawing any money from this account, so it works perfectly for me. I looked around at a few online banks and settled on AMEX for a few reasons: reputation, no fees, excellent return rate, no minimum account requirement, and ease of use. I was able to set up an automatic transfer from my credit union account into this AMEX account very easily. You are limited to 6 transactions per month, but that's more than enough for my needs. The funds appear as available in the account within 24 hours and start earning interest at a return rate currently at 0.90%. I plan on getting a CD in order to get an even higher return rate. I highly recommend this bank.

Really Good Institution

Posted by: MildredP | Jul 26, 2016

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!

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Health
A+

Health Grade Components

Overall
FDIC Certificate #35328
Year Established2000
Employees301
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD6.01%
Return on Equity - YTD44.88%
Annual Interest Income$934.6MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$51.90B$47.59B
LoansQ1 2016vs Q1 2015$40.72B$38.37B
DepositsQ1 2016vs Q1 2015$39.18B$34.51B
Equity CapitalQ1 2016vs Q1 2015$7.03B$6.82B
Loan Loss AllowanceQ1 2016vs Q1 2015$455.5MM$543.7MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$195.4MM$223.6MM
Real Estate OwnedQ1 2016vs Q1 2015$0$0
Rates
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American Express Bank, FSB. Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%--High Yield Savings Account

American Express Bank, FSB. CD Rates

APYMINMAXACCOUNT NAMEVIEW 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
Locations

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