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.
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12/17/20 - Amex Savings Rate Decrease To 0.5%
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
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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
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
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
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
American Express National Bank
I was offered the opportunity to open an American Express National Bank Checking Account a year ago and I do so. Why. They offer one of the best interest rates in the business. Most big banks and nearly all local banks interest earning rates on checking accounts are around 0.01 to 0.05%. Even during the lowest interest rates of all back in 2019-2020, AMEX was still offering 1.0%. Currently they offer 1.0% on a checking account and over 4% on a savings account. In addition they don't charge monthly service fees, overdraft fees, and maintenance fees as do most local banks. My local bank charges $38.00 for every overdraft, even if it is an accident. With AMEX, you will simply receive an email that a payment was not made. No charge! In addition, their customer service is the best. Their fraud detection is also among the best. I am very happy to be an American Express Card Member and a member of both their Savings and Checking accounts.
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
They Criminalize Customers For "Personal Reasons"
I tried to deposit my tax refund check in my account, and got an email stating that "The check amount or payee has been altered." This is a criminal offense. They are claiming that I committed a crime that is punished by 10 years of prison.
I had to call their customer service twice to get a hold of someone at the fraud department, where they said "Leadership made the personal decision to reject your check". This is unacceptable, a business should be held accountable for their unfounded claims, which imply federal crimes, and customers deserve proper resolutions and transparency.
The agent was callous and the only "resolution" was to offer a callback, which had already been offered to me days before and never occurred.
Businesses that allow themselves to make unfounded claims that can ruin people's lives should be held accountable and penalized.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 2108 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.39% |
| Return on Equity - YTD | 37.85% |
| Annual Interest Income | $10.65B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $192.3B$172.4B |
| Loans | Q2 2024vs Q2 2023 | $144.3B$129.7B |
| Deposits | Q2 2024vs Q2 2023 | $148.7B$135.6B |
| Equity Capital | Q2 2024vs Q2 2023 | $17.19B$15.25B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $5.17B$4.2B |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $994MM$763.5MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |