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.
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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
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12/14/17 - American Express Rate Hike
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6/20/17 - Rate Hike and Review of the American Express Bank’s Savings Account
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5/18/17 - American Express Bank Increases Savings Account Rate To 0.95%
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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
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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
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Very Pleased
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%
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
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
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.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 1714 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 5.46% |
| Return on Equity - YTD | 54.65% |
| Annual Interest Income | $2.31B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $132.2B$137.3B |
| Loans | Q1 2022vs Q1 2021 | $105.2B$81.76B |
| Deposits | Q1 2022vs Q1 2021 | $99.43B$105B |
| Equity Capital | Q1 2022vs Q1 2021 | $13.48B$12.68B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $2.83B$4.30B |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $361.1MM$354.2MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |