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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 (115)

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!

Personal Saving Account

Posted by: PC | Sep 19, 2016

I have a personal savings account through American Express Bank, and I love every bit of it. There is actually no on site location. So, everything is done online. The transfer from my outside bank to the savings accounts takes 3 days and the funds show up in about 5 days. It is not a issue for me because I am not looking for the funds to show up quickly because I use it as a savings account. There is also a limit on the amount of withdrawals you can have in a monthly statement. I do all my finances online, so I don't need a local bank. If I need a question answered there is a 1800 I can call and there are representative to help me. I am very happy with American Express Bank, and I recommend this saving account.

Finally! Savings that accrues interest.

I started banking with American Express when I was researching potential companies to open a savings account. I was pleased to see the high interest rate that American Express offers as well as no maintenance/monthly/service charges. Upon opening my account, I set up an automatic deposit from my payroll to the account and accidentally transposed numbers on the account number. I had to speak with the customer service department, they were friendly and walked me through what I needed to do and helped ensure my money would not get used by someone else. Luckily, they stagger their account numbers so they aren't close together. I was thankful that they do that because I've heard horror stories about similar situations at other banks. Needless to say, I have been saving to the account and earning interest. A win, win, if you ask me.

American Express Makes Online Savings Accounts Easy

With no minimums, no monthly fees, the American Express Savings accounts are easy to open and affordable for anyone wanting to start a savings account. I opened my account with just $100, but you do not need to make a minimum deposit, any amount will do. Also, it is easy to open the account right online and deposit money without having to go into a bank or mail anything. The one question I had that wasn't answered online, was easily answered with a quick phone call and the phone help was everything I would expect from American Express. Overall, a great choice for online banking without having to fork out money for bank fees. I would highly recommend this bank and their online accounts for anyone who doesn't want the hassle of traditional banks and crowds. Their interest rates for savings are just ok, nothing special.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #35328
Year Established2000
Employees294
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD7.82%
Return on Equity - YTD56.22%
Annual Interest Income$1.76B
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$49.81B$49.19B
LoansQ2 2016vs Q2 2015$31.76B$39.64B
DepositsQ2 2016vs Q2 2015$38.03B$33.71B
Equity CapitalQ2 2016vs Q2 2015$7.48B$6.80B
Loan Loss AllowanceQ2 2016vs Q2 2015$506.5MM$547.8MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$232.5MM$211.1MM
Real Estate OwnedQ2 2016vs Q2 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