American Express National Bank

Overview / Commentary
4315 South 2700 West
Salt Lake City, UT 84184

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. 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. 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

American Express Savings Increases To 0.90% - 6/21/2022

American Express increased their High Yield Savings Account rate today to 0.90% (from 0.75%). Accounts are easy to open with no minimums and no monthly fees.

American Express Introduces High-Interest Business Checking - 10/29/2021

American Express National Bank launched a digital business checking account with a very competitive rate and no monthly service fees.

View all posts from:

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

Reviews (281)

Very Pleased

Posted by: |

I'm also not sure what the bad reviews are about. This is about the best online bank that pays any sort of meaningful interest.

High Yield Savings Account Has Increased To 0.65%

Posted by: |

We want to let you know that as of May 25, 2022 the Annual Percentage Yield (APY) on your High Yield Savings Account has increased to 0.65%
(E-mail received today)

Easiest Bank To Move $ To And From

Posted by: |

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

Limited Number Of Business Types Acceptable

Posted by: |

I could not get the account application web page to load using Google Chrome, Internet Explorer, or Firefox, though all other websites were working correctly. I finally got the page to open using Edge on a different computer. One of the application questions asks for the business structure and another asks for the type of business. As I recall, the choices included restaurant, casino, brothel/bar, non-profit, and about 25 other selections. I chose C corporation for the structure and "non-profit" for business type, answered all the personal questions, and uploaded the certificate of incorporation. Including time spent on the browser problem, this process took about an hour. About 5 seconds after submitting the application I received a website reply saying the new business checking account could not be opened because American Express was not working with my type of business. When I called on the phone for an explanation, a customer service rep told me that even though "non-profit" was on the list the bank was not currently opening this account for non-profits. She suggested I call back to speak with somebody in the new accounts department the next day. When I called back the next day, that rep would not transfer me to the new accounts department, but she said the bank was not currently opening these accounts for corporations. She said they were only for LLCs and sole proprietorships.

Both representatives agreed that the bank should be more open with these restrictions instead of listing "corporation" and "non-profit" as choices on drop-down menus, letting applicants continue the application, then after everything is submitted telling applicants their business type does not qualify. It would be like a restaurant letting a group of customers sit down at a table at noon and look at menus, a waiter coming over and asking "may I help you," everyone placing their order, then the waiter announcing the restaurant isn't open for lunch. It shows poor planning and a lack of respect for people's time; plus, the bank now has my personal information on file.



Health Grade Components

FDIC Certificate #27471
Year Established1989
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD5.46%
Return on Equity - YTD54.65%
Annual Interest Income$2.31B
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$132.2B$137.3B
LoansQ1 2022vs Q1 2021$105.2B$81.76B
DepositsQ1 2022vs Q1 2021$99.43B$105B
Equity CapitalQ1 2022vs Q1 2021$13.48B$12.68B
Loan Loss AllowanceQ1 2022vs Q1 2021$2.83B$4.30B
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$361.1MM$354.2MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
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American Express National Bank Savings Account Rates

0.90%$1-High Yield Savings Account
0.90%$1-IRA High Yield Savings Account

American Express National Bank Checking Account Rates

1.10%-$500kBusiness Checking
0.50%--Rewards Checking

American Express National Bank CD Rates

2.40%$1-60 Month CD
2.00%$1-24 Month CD
1.50%$1-12 Month CD
1.20%$1-48 Month CD
1.15%$1-36 Month CD
1.00%$1-18 Month CD

American Express National Bank IRA Rates

2.40%$1-60 Month IRA CD
2.00%$1-24 Month IRA CD
1.50%$1-12 Month IRA CD
1.20%$1-48 Month IRA CD
1.15%$1-36 Month IRA CD
1.00%$1-18 Month IRA 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

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