American Express National Bank provides several options for certificates of deposit (CDs) that require no minimum deposit and come with a 24/7 customer service line. CD term lengths range from six months to five years. During the CD term, interest compounds daily, allowing you to consistently watch your money grow over time.
With an American Express CD, customers can either withdraw interest payments penalty free or keep returns in the account to continue earning interest. Withdrawing interest payments will, however, cause your APY to be lower, since the starting rate assumes interest payments are kept in the account until the maturity date. As is typical for CDs, withdrawing the principal before the term ends incurs a penalty.
Other banks offer higher CD interest rates, but American Express CDs still make Bankrate’s list of the best CDs for foregoing a minimum deposit and offering 24/7 customer service. Bankrate gives American Express National Bank 3.9 out of 5 stars in its overall bank rating, and the same score for its CDs.
American Express CD Rates
An AmEx CD is a straightforward way to lock in a fixed interest rate for your savings. Here are the terms offered by American Express National Bank.
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Note: Annual percent yields (APYs) shown are as of May 25, 2022, and may vary by region.
How American Express compares to top-yielding banks
AmEx CD rates are below those of other banks that offer top-earning CDs — especially for accounts with terms of two or three years. Marcus by Goldman Sachs, for example, offers a much higher rate on a three-year CD. Many banks, including Marcus, also offer no-penalty CDs that allow you to withdraw the principal balance without a fee, while AmEx doesn’t offer them.
American Express accounts do have the advantage of no minimum deposit, while Marcus requires at least $500 to open an account. But Ally Bank, among others, also offers no minimum deposit and higher rates on most terms. Other comparisons of CD terms tell the same story — American Express CD rates don’t reach those of the best certificates of deposit.
Other savings options at American Express
American Express National Bank offers more than just certificates of deposit to park your savings. Its High-Yield Savings Account offers greater flexibility, and has no fees or minimum balance requirement. The High-Yield Savings Account also allows up to nine withdrawals and/or transfers each statement cycle, more than many competitors.
American Express National Bank doesn’t offer a checking account or issue debit cards or checks for its High-Yield Savings Account, so funds must be transferred to another bank to make withdrawals. The bank is only online, so it may not be a fit for those who value branch banking. Account holders can, however, reach American Express customer support 24 hours a day.