American Express National Bank Review 2023
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
American Express National Bank is convenient for AmEx credit card customers who’d prefer to visit one website to manage multiple financial accounts. The bank also appeals to consumers looking for a high-yield savings account that’s easy to qualify for and open. It also offers a rewards checking account that pays a competitive APY to customers who have had an American Express card for at least three months.
Highlights
- 24/7 Customer Service
- Low Min Deposit
- No Monthly Fees
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
American Express National Bank is an online bank that offers savings and checking accounts with competitive yields, as well as some CDs that pay above-average rates. The checking account earns rewards for purchases, although it’s only available to those who have had an American Express card for at least three months.
Pros
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American Express customers can easily access credit card and bank accounts in one place.
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There are no minimum deposit requirements for CDs, the savings accounts or the checking account.
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The checking account pays a competitive APY, and account holders earn points for qualifying debit card purchases.
Cons
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Some CD rates aren’t competitive compared to what other top online banks offer.
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The checking account is only available to customers who have had an American Express card for at least three months.
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At this time, no app is available for deposit account holders who do not also have an American Express card.
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Branch banking isn’t available.
American Express Bank bank products
American Express Bank savings overview
Pros
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The savings account charges no monthly fees and has no minimum balance requirement.
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It pays a competitive APY.
Cons
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The account doesn’t come with an ATM card.
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There isn’t a way to make cash deposits into American Express savings accounts.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fees | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
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 offers certificates of deposit (CDs), a high-yield savings account and a checking account that’s available to customers who meet eligibility requirements.
Bank experience
American Express National Bank customers cannot visit a 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.
How American Express Bank compares to other banks
American Express National Bank vs. Discover Bank
American Express National Bank and Discover Bank are both digital banks that offer accounts with highly competitive rates, low minimum deposits and no monthly fees. Both conveniently offer customer support over the phone on a 24/7 basis.
Both banks offer CDs that tend to pay high yields, although Discover provides a wider range of terms. While American Express does not offer a money market account, Discover offers one that earns one of the top rates and includes a debit card and checks. The savings accounts at both banks pay high yields, require no minimum deposit and charge no maintenance fees.
The rewards checking accounts from both banks come well rated, although Discover is not accepting new applications for its checking account at this time. It should be noted that the American Express checking account is only available to customers who have had an American Express card for at least three months.
American Express Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
