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 had been using another bank for my savings for quite some time. However, after receiving an offer about a year ago, I switched to American Express Bank for their more lucrative savings program. My old bank charged crazy monthly fees and I only got a rate of about .02%. With AMEX, I have no monthly fees and my APR is about .9%. Sure it doesn't sound like much, but with my savings amount, it adds up quickly. The best thing was I could move money directly from my checking at my current bank, right into my American Express savings account. Possibly the best feature they have honestly. I've only had to call their customer service once, due to an error processing my transfer request. The customer service was super helpful and ended up getting my transfer done while I was on the phone with them. I would certainly recommend this Savings Account to anyone.
I opened this account about 3 years ago. I wanted an online account that could pull money out of my checking account each week so I can build up some savings. The set up process was very easy and I was able to be up and running within about 15 minutes. I have never had a problem with this account. The function of the website is great and I can easily transfer funds from one bank to another without any problems. The only drawback is that I wish the interest rate was higher. When the rate is .90 you really have not money gained by saving for it. It really does not give you much advantage to do that. It is something that is like that with every company so they are no different (the rate is actually a little better at AMEX, comparitively). Overall, it is a great product, and you will not run into any problems using it. It also is very easy to access and you can get to your balance very quickly. There is some lag time when you want to transfer or withdraw money, but again, that is the same with all of these kinds of accounts.
I've had an account with American Express for about 5 years, and have had absolutely no problems with them at all. I've never been charged a fee of any type, despite keeping various levels of savings with them. Their website interface is adequate; the user interface is a bit antiquated looking, but it is entirely functional. Their interest rates are relatively competitive with other savings accounts, which admittedly aren't that high, but par for the course for savings accounts. Contrary to what is often thought, you do not need to be an American Express card holder to open a savings account. I have only needed to contact their customer service department once, but the email communication I received from them was excellent.
I was frustrated by the savings options lately. You'll be lucky to find a savings account with .02%. The CD options were just as bad. But I found out that American Express actually had an online bank and the basic savings account earned 0.90%. That may not sound like a lot, but it's ten times what I could get at my local bank. The second best part is that there are no fees at all. I don't even need a minimum balance to keep it free. I can also connect it to all of my other banks and transfer money between them for free. So I move money there to save and grow, even a little, interest, and then can just as easily move it right back out if I need it for something. It's been really easy, and free, and a great option for a savings account.
|FDIC Certificate #||35328|
|Return on Assets - YTD||7.82%|
|Return on Equity - YTD||56.22%|
|Annual Interest Income||$1.76B|
|Assets and Liabilities|
|Assets||Q2 2016vs Q2 2015||$49.81B$49.19B|
|Loans||Q2 2016vs Q2 2015||$31.76B$39.64B|
|Deposits||Q2 2016vs Q2 2015||$38.03B$33.71B|
|Equity Capital||Q2 2016vs Q2 2015||$7.48B$6.80B|
|Loan Loss Allowance||Q2 2016vs Q2 2015||$506.5MM$547.8MM|
|Unbacked Noncurrent Loans||Q2 2016vs Q2 2015||$232.5MM$211.1MM|
|Real Estate Owned||Q2 2016vs Q2 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