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American Express National Bank Review 2022

Updated November 18, 2022
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At a glance

4.8
Rating: 4.8 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.8 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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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
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

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

  • Checkmark

    There are no minimum deposit requirements for CDs, the savings accounts or the checking account.

  • Checkmark

    The checking account pays a competitive APY, and account holders earn points for qualifying debit card purchases.

Cons

  • Some CD rates aren’t competitive compared to what other top online banks offer.

  • The checking account is only available to customers who have had an American Express card for at least three months.

  • There isn’t a way to make cash deposits into American Express bank accounts.

American Express Bank bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

American Express Bank savings overview

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

Pros

  • Checkmark

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

  • Checkmark

    It pays a competitive APY.

Cons

  • Branch banking isn’t available.

  • At this time, no app is available for deposit account holders who do not also have an American Express card.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.8 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.