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American Express National Bank Review 2023

Updated September 14, 2023
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 4.4 stars out of 5

About Bankrate Score

Overview

American Express National Bank is an online bank that offers savings and checking accounts with competitive yields, as well as some certificates of deposit (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.

Highlights

  • 24/7 Customer Service
  • Low Min Deposit
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 9/30/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 9/30/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 9/30/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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

  • 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.

  • Branch banking isn’t available.

American Express Bank banking products

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Invest Rate
4.30% APY
Info
Loan
$0 minimum deposit to open

American Express Bank savings overview

American Express National Bank offers an online savings account that earns a competitive annual percentage yield (APY). 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

  • The account doesn’t come with an ATM card.

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

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    American Express Bank
    APY
    APY
    Info
    National average APY
    See table view
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 9/30/2023
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

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 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 highly rated 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 are highly rated. 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

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.