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.
Earlier this year I decided to look for a high yield savings account as my current bank offered a very low APY. After much searching I decided to go with American Express Online Savings. I am already a credit card customer with them so I felt comfortable, and their customer service is beyond amazing. American Express offers a 1.35% APY which, at the end of this year, will pay out nearly $2,000 compared to my old account which would be a pay out of roughly $250. The transfer was a simple online process that took two days approximately. Then afterward, deposits are available within one business day. Overall, it is the best banking experience I have ever had. If you are looking to get the most out of your savings account, I highly recommend American Express.
The website and mobile app are smooth and I have not experienced issues. When I've had to contact customer service, they were helpful and friendly. However, there are long hold times, and I was on hold for an hour. The fees are alright, though I would prefer no fees at all. Overall, I would continue to bank with American Express.
In my time with American Express banking, I have a mixed opinion on them. I have had nothing but great service from them, but I do wish that they were up to speed on technology and flexibility. The lack of an app means that you have to do everything through a web portal, so it became a hassle to check your account balance. They also do not have checking account options, which is a huge letdown. It was great when I was younger, but as I've gotten older I have learned to value the flexibility that other bank offer.
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.
|FDIC Certificate #||27471|
|Return on Assets - YTD||4.45%|
|Return on Equity - YTD||28.74%|
|Annual Interest Income||$3.40B|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$59.15B$36.70B|
|Loans||Q4 2017vs Q4 2016||$44.83B$25.99B|
|Deposits||Q4 2017vs Q4 2016||$27.03B$20.98B|
|Equity Capital||Q4 2017vs Q4 2016||$5.95B$6.31B|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$1.15B$632.3MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$377.3MM$237.7MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$0$0|
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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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.60%||-||-||High Yield Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.70%||-||-||60 Month CD|
|2.40%||-||-||48 Month CD|
|2.35%||-||-||36 Month CD|
|2.30%||-||-||24 Month CD|
|2.20%||-||-||18 Month CD|
|0.55%||-||-||12 Month CD|
|0.40%||-||-||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