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.
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.
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.
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
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.
Overall | |
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FDIC Certificate # | 27471 |
Year Established | 1989 |
Employees | 2053 |
Primary Regulator | OCC |
Profit Margin | |
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Return on Assets - YTD | 3.29% |
Return on Equity - YTD | 36.56% |
Annual Interest Income | $4.06B |
Assets and Liabilities | ||
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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 |
Always verify rates and promotions with the bank or credit union. We are not American Express National Bank (Member FDIC); we are a rate comparison website and cannot provide official rates or promotions.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.00% | $1 | - | High Yield Savings Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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1.30% | - | $500k | Business Checking | |
1.00% | - | - | Rewards Checking |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.65% | $1 | - | 12 Month CD | |
4.25% | $1 | - | 24 Month CD | |
3.00% | $1 | - | 60 Month CD | |
1.20% | $1 | - | 48 Month CD | |
1.15% | $1 | - | 36 Month CD | |
1.00% | $1 | - | 18 Month CD |
American Express National Bank (Member FDIC) 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