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American Express does not have physical offices. This means you will need to make deposits by mail or using a mobile device.

American Express Bank Review 2023

Why choose Amex over a bank with better mobile access, physical location, or both? The high APY yield (1% check, 3.30% savings at time of publication) can significantly outperform other options.

No monthly fees, no minimum deposit, and ongoing minimum balance requirements make American Express National Bank an attractive option, but the lack of a widely available mobile app doesn’t help it. It’s currently only available as a beta add-on to the credit cards app, so you’ll need to be an Amex credit card holder to use it.

In our American Express National Bank review, we’ll specifically look at three Amex offerings (savings account, certificate of deposit and checking account), analyze other features, and then weigh the pros and cons of an Amex bank account before helping you decide. Is an Amex account right for you?

The Amex High Yield Savings Account is inherently high-yield. The 3.30% APY is attractive enough, but unlimited withdrawals and no monthly fees are also advantages. If the app is launched for all users, not just credit card holders, it will be even better.

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The High Yield Savings Account from American Express National Bank is the main attraction of an American Express bank account, especially for those who already have an American Express credit card. The account lives up to its name; With an APY rate of 3.30%, the account has a truly high yield.

In addition to its high interest rate, the American Express Savings Account is unique in that it has no transfer restrictions. Before 2020, Federal Reserve Board regulations limited savings transfers to six per month; many other banks still limited their limit to six.

The High Yield Savings Account has no monthly maintenance fees and no minimum deposit required to open or maintain a minimum monthly account balance. Because it’s a savings account without a debit card, you won’t have to worry about international transaction fees or overdraft fees.

You can use the Amex mobile app to manage your savings account, but there’s a catch. This is a beta feature that can only be accessed by existing credit card holders. Amex has an easy-to-use online platform with 24/7 customer support when needed.

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Access to funds is limited. There are no physical Amex branches, so you can’t manage your savings in person. If you don’t have an Amex debit card linked, you won’t be able to withdraw money from an ATM either. For maximum flexibility, you’ll need an external bank account (checking or savings) at another financial institution that you can transfer money back and forth to as needed.

Did you know? Is American Express regularly featured in our roundup of the best online savings accounts? The full list can be obtained here.

When it comes to CDs, American Express has some of the best deals. If you manage to keep some of your funds tucked away for up to 60 months, you can expect to earn up to 4.25% APY, compounded daily and paid monthly. And the best part? No minimum account sizes or monthly fees.

If you have funds that you’re willing to put aside for a certain number of months for faster growth, consider an Amex Certificate of Deposit.

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Like the American Express Bank High Yield Savings Account, CDs have no minimum account size and no monthly fees. You can choose a certificate with a deposit period from six months to five years. The longer you leave money in the CD, the more you earn.

The CD locks in your interest rate once you deposit funds, meaning it can’t fluctuate regardless of the market. The APY on personal savings accounts can change by pennies, as we saw with COVID-19 when they fell to historic lows.

Note on CDs: Although they are a little riskier, you can earn significantly more by investing in a diversified portfolio of stocks and bonds instead of CDs. On average you can expect a profit of 10%, although this varies throughout the day.

An Amex personal checking account has one thing in common with a savings account: a high interest rate. 1.00%, APY as of publication date, is 15 times the national average. Purchases made with a linked credit card also earn member rewards—1 point per $2 spent. what’s the catch? Eligibility. You must have been an Amex credit card holder for three months before you can apply for an account.

How Does American Express Pay Over Time Work?

If you already have an American Express credit card, consider signing up for this checking account. The 1.00% APR is much higher than most other banks, so your balance could give you some change while it’s there.

Another feature is membership rewards. For every $2 you spend with an Amex debit card, you’ll earn 1 point – just like with a credit card. You can redeem these points for deposits into your checking account. However, if you have an Amex credit card, you can earn these points by redeeming them in the Rewards portal for gift cards, airline tickets, hotel rooms and more.

There is no minimum balance or monthly service fee, and you will not be charged for going over your account limit.

Amex doesn’t have physical locations, but you can withdraw cash from 37,000 ATMs nationwide. Out-of-network ATMs charge a transaction fee, as well as for international purchases and ATM withdrawals.

Amex Business Loan Approved!

Now for the really bad news: If you’re not an Amex cardholder, you’re out of luck. To redeem Amex checking account rewards, you must sign up for an Amex credit card and wait.

Personal savings accounts and CDs are the main attraction of banking with Amex (beyond credit cards), and while our American Express National Bank review focuses on these accounts, we also cover the full range of account offerings below. as a comment on fees, ATM access, mobile banking and customer service.

You probably know Amex as the large credit card company. As of this writing, Amex offers 18 credit cards, including the American Express Gold Card, Platinum Card, Blue Cash Preferred Card and Cash Magnet Card. Amex also offers credit cards through Delta Airlines.

You can also take out a personal loan through American Express if you are a cardholder. Loans range from $3,500 to $40,000.

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Finally, American Express offers an IRA savings plan (traditional or Roth), where funds are deposited into either an IRA high-yield savings account or an IRA certificate of deposit. These retirement bank accounts are tax-advantaged and insured by the Federal Deposit Insurance Corporation (FDIC).

While Amex credit cards can have high fees, we’re only looking at bank fees. Signature here: No monthly bank fees with Amex.

The online savings account is offered with no fees (even if you need paper statements) and no monthly balance requirement.

The debit card is also free, with one big exception: foreign transactions. International ATM and debit withdrawals are subject to a 2.7% fee.

Business Cash Flow Dashboard

American Express has a mobile credit card app that has received top customer satisfaction scores in J.D. studies in recent years. Power including speed recognition. If you’re a current credit card holder and have signed up for a savings or checking account with Amex, you may be able to access it all in one app. However, this is a relatively new feature, so you may have to use the website to get basic services like mobile deposit.

A distinctive feature of American Express is its 24-hour customer service. Many other online banks claim 24/7 customer service, but your chances of speaking to a real person after hours are much more limited.

But with Amex, you can call or chat any time, any day, and expect to speak to a person.

Still deciding whether American Express is the right place to save? We compared the pros and cons of an Amex account.

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Do you still have questions about opening a savings account and/or certificate of deposit with American Express Bank? We’ve compiled answers to the questions our readers most often ask about banking with Amex.

American Express National Bank is a trusted choice for credit cards and high-yield savings. This is an online bank that still doesn’t exist.

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