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American Express National Bank Review 2022

Published May 2022 by David Schepp

AT A GLANCE
3.9

Bankrate Score

bank-logo

Low Minimum Deposit

No monthly fees

American Express National Bank is ideal for AmEx credit card customers who’d find it convenient to visit one website to manage most of their financial accounts. The bank also appeals to consumers looking for a high-yield savings account that’s easy to qualify for and open.

  • Savings
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    5.0
  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.40 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.40 % APY

    1yr

    Term

    $ 500

    Min. deposit

    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    3.9

    Bankrate Score

    American Express National Bank is an online bank offering personal banking products to savers at various income levels.

    What we like

    • American Express card customers can easily access credit card and bank accounts in one place.

    • Minimum deposit requirements for CDs and savings accounts are low.

    • American Express credit cards offer attractive rewards for consumers with good to excellent credit, including some of the best business and travel rewards on the market.

    What we don't

    • Products available to retail banking customers are limited.

    • There are no branches.

    • Savings and CD rates aren’t competitive compared to what some other online banks offer.

    Savings accounts

    5.0

    Bankrate Score

    American Express National Bank offers a single online savings account whose yield regularly ranks among the savings products with the top APYs. The account requires no minimum deposit to open, and it has no minimum and no monthly service fees. An ATM card isn’t available.

    What we like

    • The savings account charges no monthly fees and has no minimum balance.

    • It pays a competitive APY.

    • Up to nine withdrawals/transfers are permitted each month, more than some competitors.

    What we don't

    • Higher rates can be found elsewhere.

    • Branch banking isn’t available.

    • No app is available.

    CD rates

    3.9

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.40 % APY

    1yr

    Term

    $ 500

    Min. deposit

    American Express National Bank offers traditional CDs, with terms ranging from six months to five years.

    Early withdrawal penalties apply to the principal, but interest can be withdrawn fee free. Customers can choose to have any accrued interest routinely transferred to an account or paid by check.

    What we like

    • Interest can be withdrawn during the CD term.

    • No minimum deposit is required.

    What we don't

    • Higher yields can be found elsewhere.

    • No special types of CDs, such as penalty-free or bump-up terms, are available.

    Bank experience

    American Express National Bank customers cannot visit a physical branch. Customers can, however, reach someone at the bank 24 hours a day, seven days a week by phone.

    The digital banking experience depends on what product you have. Those with American Express Serve prepaid debit cards, provided and issued by the American Express Travel Related Services Co., for instance, get access to a mobile app that lets them pay bills and deposit checks. Those with savings accounts through American Express National Bank don’t get many digital frills, but they can take care of simple tasks, such as transferring funds between accounts.

    About American Express Bank

    Financial-services giant American Express Co. received permission from the Federal Reserve to become a bank holding company in 2008. A year later, AmEx, which already operated a small bank, introduced personal online accounts. Today, the Salt Lake City-based bank still offers certificates of deposit (CDs) and a high-yield savings account.

    Though accessible from the main American Express homepage, savings account holders have a login separate from credit card accounts.

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. David has spent decades covering business news and finance-related topics for the electronic and print media, including Dow Jones Newswires, BBC News Online, Gannett Co. and AOL.