In the way of personal banking, American Express offers two account possibilities: high-yield savings accounts and Certificates of Deposit (CDs). The high-yield savings account is easy to open electronically. The savings account comes with no monthly 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 eligible American Express Card products, to the high-yield savings account, which is a “standalone” account.
American Express online savings accounts provide a convenient platform on which account holders can view their transaction history and set up electronic fund transfers. The web-based system makes the application process quick and simple, and the website makes it easy to switch between a Card account and a deposit account.
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Very Quick Processing
I've been with them for years even though there are better rates. They seem to always be a little below the leaders. Customer Service is wonderful. If I need money in a hurry, they transfer it very quick.
Consider Reviewing Savings APY
I initially compare HSBCDirect, Purepoint and AE Personal Savings. However, few months ago, I chose AE cause rate is better and little hiccup encountered. However, both Purepoint and HSBCDirect got their rates up (2.35 and 2.25%) but AE stays at 2.1%. Time for AE to consider matching others, else, money flows.
American Express Bank Savings Account
My grandparents opened a American Express personal savings account for me a couple of years ago in order to give me money to help with my children. They stated that it had a decent APR and would accumulate interest better than other banks. About 4 months ago I went to try and close the account because one of my children needed medical treatment and the bills were overwhelming. I figured now was as good a time as any to withdraw all of the money and close the savings account. That process was amazingly difficult. Every single person I spoke to in customer service was difficult and none would clarify exactly how the account closure process works because apparently you are not supposed to use money that has been saved. I would not use this institution ever again.
Open CD With $1,800 Penalty Fee For 1 Minute Mistake
Last december 2018, I opened CD with $10,000 but I accidentally add extra 0. It became $100,000. I called customer service right away and explained about it.
AmericanExpress fixed it and change my CD to $10,000 with $1,800 penalty fee. This is ridiculous because I called them right away. The customer service is terrible. They will charge you HUGE penalty fee for any mistake.
Data as of Q2 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 282 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 4.65% |
| Return on Equity - YTD | 47.9% |
| Annual Interest Income | $5.50B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $120.1B$114.2B |
| Loans | Q2 2019vs Q2 2018 | $93.48B$85.09B |
| Deposits | Q2 2019vs Q2 2018 | $78.73B$75.39B |
| Equity Capital | Q2 2019vs Q2 2018 | $11.67B$11.60B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $2.32B$1.96B |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $719.5MM$634.8MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $0$0 |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
American Express Cuts Savings Rate To 1.75%
1.75% in top range of the Fed's target rate(1.50% to 1.75%) and most online banks will eventually be at or below the top range.
High yield savings now 1.75%(was 1.90%)
High Yield Savings Interest Drops
As of November 7, 2019, we have changed our High Yield Savings interest rate to 1.75% APY.* It may be helpful to know that this new rate is highly competitive - more than 18 times the national average of 0.09% APY.
American Express National Bank - Savings Account 1.90% APY Effective 8/22/19
Always verify rates and promotions with the bank or credit union. We are not American Express National Bank; we are a rate comparison website and cannot provide official rates or promotions.
American Express National Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.75% | $1 | - | High Yield Savings Account |
American Express National Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.15% | $1 | - | 60 Month CD | |
| 2.10% | $1 | - | 48 Month CD | |
| 2.05% | $1 | - | 36 Month CD | |
| 2.00% | $1 | - | 24 Month CD | |
| 1.90% | $1 | - | 18 Month CD | |
| 0.55% | $1 | - | 12 Month CD | |
| 0.40% | $1 | - | 6 Month CD |
American Express National Bank 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