Written by Kim Porter | Edited by Ali Cybulski | Published on 12/10/2024
American Express National Bank — the online banking arm of American Express — provides competitive rates on its deposit accounts without charging monthly maintenance fees or requiring a minimum balance. Customers also get access to more than 95,000 fee-free ATMs through the MoneyPass and Allpoint networks.
The bank’s menu of products is limited, but you'll still find a high-yield savings account and a rewards checking account as well as certificates of deposit (CDs) with seven term options.
You’ll need to be comfortable working with digital tools, as this bank has just one location — the headquarters office in Sandy, Utah. Both the bank’s online banking portal and mobile app allow you to manage deposits, perform transfers and track your balances.
If you’ve had an American Express credit card open for at least 35 days, you may apply for the American Express Rewards Checking account. It features no monthly fees and no minimum balance or deposit requirements, and balances earn an annual percentage yield (APY) of 1%. You also get 1 Membership Rewards® point for every $2 of eligible debit card purchases.
You won’t need to be a cardholder to open the High-Yield Savings account, which earns an APY of 3.90%, charges no monthly fees, and has no initial deposit or balance minimums. The bank’s CD accounts also won’t require you to be a cardholder to apply. Terms span from 11 to 60 months, with APYs ranging from 3.00% to 3.75%.
No minimum deposit is required at opening. However, early withdrawal penalties apply if you tap the CD before maturity.
When you need customer service at American Express National Bank, you can call 800-446-6307 for savings accounts and CDs and 877-221-2639 for checking accounts. Customer support is available 24/7.
American Express pros and cons
Pros:
• Competitive rates on all deposit accounts
• No monthly fees on deposit accounts
• No-fee access to more than 95,000 ATMs
Cons:
• Limited offerings
• You may find higher rates elsewhere
• No branch locations outside of HQ
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12/20/18 - American Express National Bank Ups Personal Savings Account Rate
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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
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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 Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27471 |
| Year Established | 1989 |
| Employees | 2122 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.57% |
| Return on Equity - YTD | 39.61% |
| Annual Interest Income | $16.35B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $192.2B$174.8B |
| Loans | Q3 2024vs Q3 2023 | $145.6B$132.9B |
| Deposits | Q3 2024vs Q3 2023 | $146.5B$136.3B |
| Equity Capital | Q3 2024vs Q3 2023 | $17.56B$15.6B |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $5.43B$4.56B |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $1.05B$857.1MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |