American Express Bank Review 2020

Published February 2020 by Matthew Goldberg

AT A GLANCE
4.0
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Bankrate Score

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Rates Trending Up

High APYs

Bank Vault

Low Minimum Deposit

Money

No monthly fees

American Express Bank is ideal for AMEX credit card customers who would find it convenient to visit one website to manage most of their financial accounts. You’ll also love the bank if you’re looking for a high-yield savings account that’s easy to qualify for and open. If you’re hunting for a new checking account or a CD with the top rate, you’re better off checking out the bank’s competitors.

  • Savings
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    4.9
  • CDs
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    3.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    4.0

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    Bankrate Score

    American Express Bank is a premier online bank offering personal banking products to savers across various income levels.

    What we like

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

    • The bank’s savings account yield is above average.

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

    What we don't

    • A limited number of products are available for retail banking customers.

    • There are no branch locations.

    • The bank’s CD rates aren’t competitive relative to what’s offered at other online banks.

    Savings accounts

    4.9

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    American Express Bank has a single online savings account. Its yield regularly ranks among the savings products with the top interest APYs. Interest compounds daily and the account has no minimum and no monthly service fees. No minimum deposit is required to open the account. The online savings account does not come with an ATM card.

    What we like

    • The American Express Personal Savings High Yield Savings Account has an APY just outside of the top-tier APYs.

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

    • Interest on the High Yield Savings account is compounded daily.

    What we don't

    • There are still even higher APY savings accounts available.

    • ATM cards, debit cards or checks aren’t provided.

    • American Express National Bank doesn’t offer a checking account or a money market account -- so you’ll have to utilize another bank for these products.

    CD rates

    3.1

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    American Express Bank offers traditional CDs across different term lengths. The shortest term is six months and the longest term is five years.

    Although early withdrawal penalties apply to the principal, interest can be withdrawn free of charge. It can be transferred to an account or paid out in the form of a check on a regular basis, depending on your preferences.

    What we like

    • Interest compounds daily.

    • Interest can be withdrawn during the CD term.

    • CDs require no minimum deposit.

    What we don't

    • Other online banks pay higher yields.

    • No special types of CDs are available.

    Bank experience

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

    The digital banking experience depends on what product you have. Those with AMEX Serve prepaid debit cards — which are provided and issued by the American Express Travel Related Services Company — will get access to a mobile app that lets you pay bills and deposit checks, for instance. Those with savings accounts through American Express Bank won’t be getting many digital frills, but they can login to their online banking accounts to take care of tasks, like move their money.

    About American Express Bank

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

    American Express Bank is headquartered in Salt Lake City, Utah. Although it shares the same domain as the rest of the business, account holders log in using separate credentials from those used to access American Express credit card accounts.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.