American Express National Bank (Member FDIC)
In the way of personal banking, American Express National Bank (Member FDIC) 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.
Related Posts
5/31 - American Express High Yield Savings Inched Up To 4.00% APY
5/16 - Rate Hike At American Express
4/12 - American Express CD rate changes for 4-12-2023
3/16 - American Express Rate Hike
2/16 - American Express Raises High Yield Savings Account To 3.5%
1/25 - American Express Rate Changes For 1-25-2023
1/11 - American Express CD Rate Changes For 1-11-2023
11/12 - American Express CD Rate Changes As Of 11-10-2022
10/29 - American Express CD Rate Changes As Of 10-28-2022
6/21 - American Express Savings Increases To 0.90% - EXPIRED
3/11 - American Express Bank Rate Drop
9/17/20 - American Express National Bank Cuts High Yield Savings Rate To 0.60%
8/18/20 - American Express Slashes Savings To 0.80%
6/25/20 - Savings Drops To 1.00%
6/5/20 - Savings Rate Is Now 1.15% APY
5/14/20 - Amex Bank Now 1.30%
4/24/20 - AMEX Bank APY Drops To 1.50%
4/17/20 - Review of American Express Personal Savings Account and CD Rates
4/9/20 - CD Rates Decrease
4/3/20 - American Express National Bank Rate Change
3/20/20 - American Express National Bank Adds 130 bps To 12-Month CD Rate
3/16/20 - American Express National Bank 5-Year CD Still Competitive
11/8/19 - American Express Cuts Savings Rate To 1.75%
11/7/19 - High Yield Savings Interest Drops
8/21/19 - American Express National Bank - Savings Account 1.90% APY Effective 8/22/19
12/20/18 - American Express National Bank Ups Personal Savings Account Rate
12/20/18 - American Express National Banks Raises Savings Rate To 2.10%
11/15/18 - American Express National Bank Ups Personal Savings Account
11/15/18 - Rate Increases At American Express National Bank
9/27/18 - American Express National Bank Boosts Personal Savings Account Rate
9/27/18 - American Express Raises Savings Rate To 1.90%
9/14/18 - American Express National Bank Hikes Rates on Four CDs
8/24/18 - Personal Savings Account & 18-Mo CD Rates Up at American Express National Bank
6/22/18 - Personal Savings Account and CD Rates Up Again at American Express National Bank
6/22/18 - Rate Increases At American Express National Bank
6/7/18 - American Express National Bank Ups Personal Savings APY
6/7/18 - American Express Rate Hike
5/24/18 - Personal Savings Account and CD Rate Hikes at American Express National Bank
5/24/18 - American Express Rate Hike
4/5/18 - American Express National Bank Raises Personal Savings Account Rate
4/5/18 - American Express Rate Hike
2/20/18 - Change To Deposit Account Agreement
1/25/18 - American Express Bank Ups Savings Account Rate
1/25/18 - Rate Increase At American Express
12/14/17 - American Express Bank Ups Savings Account and Long-Term CD Rates
12/14/17 - American Express Rate Hike
9/28/17 - American Express Bank Ups Savings Account Rate
9/28/17 - Rate Hike At American Express
7/14/17 - Another Savings Account Rate Hike at American Express Bank
7/13/17 - Amex Again Raises Savings Rate
6/20/17 - Rate Hike and Review of the American Express Bank’s Savings Account
6/15/17 - Amex Rate Increase
5/18/17 - American Express Bank Increases Savings Account Rate To 0.95%
8/24/12 - Another Rate Increase at American Express Bank
5/31/12 - American Express Bank Increases Savings Account Rate
2/24/12 - Rate Drop On American Express High Yield Savings
6/16/11 - 15 Bp Rate Decreases At American Express Bank
3/3/11 - American Express Bank HYS Interest Rate Change
11/18/10 - Amex Savings: Now Can Link Only 3 External Accounts
7/14/10 - American Express Bank's Internet Savings Accounts and CDs - Updated Review
3/4/10 - American Express Bank Cuts Savings Account Yield to 1.30%
1/23/10 - Attention American Express Bank CD Holders And CD Holders In General
12/17/09 - New Online Savings Account and CDs at American Express Bank
12/7/09 - Where Is That 4
11/12/08 - AmEx to be a Bank Holding Company & AmEx's Little Known Savings Account
10/8/05 - American Express New Savings Accelerator
Application Process Others Should Follow.
Easy application process that will blow you away. Middle of the road interest rates but they are better than most large banks. Sometimes the smaller banks with their limited banking privileges scare me to death.
I Will Tell You What Does Immediately Stand Out....
What immediately does make a positive impression on me with opening a new AmEx savings account was the fact that once you have set up a link to your external bank to fund this new account, the PULL transfer that you initiate to be taken out of your external bank will show up as a balance in AmEx which starts earning you interest instantly from the moment you click on the box. That I recall over the years with the various other online savings accounts that I hold, this is the only bank that does not have me waiting 2 to 4 days just for the transfer balance to show. While it will take some time to fully clear, it still serves as a visual confirmation and a reassurance to see those funds there immediately in the account balance and know that they are collecting interest.
Easiest Bank To Move $ To And From
I have had about 6 online banks, AMEX is easiest for moving $. I've had 1.00 keeping account open for more than a year and then came back with more $ later. Not sure why I see reviews saying it is difficult to close account. You don't have to close, just move $ elsewhere ACH
Money Operations Department Delays Caused Delays In Closing On Home Purchase
Amex offers decent interest rates but service was abysmal in setting up a wire transfer to escrow for purchase of home, causing delay in our closing. The customer service representatives have no power to move operations along after setting up a wire transfer and the Amex Monetary Operations department which is responsible for confirming wire details with the title company does not answer the phone to help resolve issues. Amex customer service and the title company both provided feedback that the Amex Monetary Operations group is notoriously poor at their job; our experience is not an isolated incident.
I've moved all of my money out of Amex and will be cancelling my credit cards with them as well. Who needs a bank that can't help you when you actually need your money.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 2053 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.29% |
| Return on Equity - YTD | 36.56% |
| Annual Interest Income | $4.06B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $165.5B$132.2B |
| Loans | Q1 2023vs Q1 2022 | $125B$105.2B |
| Deposits | Q1 2023vs Q1 2022 | $130.2B$99.43B |
| Equity Capital | Q1 2023vs Q1 2022 | $14.58B$13.48B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $3.85B$2.83B |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $697.9MM$361.1MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |