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American Express National Bank Review 2024

Updated January 1, 2024
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 4.9 stars out of 5

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. While the bank doesn’t offer a money market account, its full suite of products offering high yields, including CDs, checking and savings accounts, makes it easy to bring your banking under one roof.

Highlights

  • 24/7 Customer Service
  • Low Min Deposit
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/21/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/21/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 4/21/2024
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

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

  • Not all CD rates are 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

4.9
Rating: 4.9 stars out of 5
Bankrate Score
Invest Rate
4.30% APY
Info
Loan
$1 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
    How do we get this data?
    Info
Current Savings Rate
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/21/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

Customer experience

Customer support

Customer service hours. 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.

High customer satisfaction. American Express ranked fourth in overall satisfaction among online-only banks for its checking and savings accounts, according to J.D. Power’s 2023 Direct Banking Satisfaction Study

Digital experience

Highly rated mobile app. The American Express mobile app receives high marks on the Apple App and Google Play stores. The iOS app alone has more than 3 million user ratings. Users report that the app is easy to navigate, including a Bankrate staff member who uses American Express personally. You can easily transfer money from other accounts into the AmEx account, and you can link AmEx credit cards so that you can see both banking and credit activity. You can also send money to any Venmo or PayPal user right in the app.

Strong communications. AmEx updates its customers on important financial news. “When the Federal Reserve was raising interest rates, I routinely got updates telling me my new rate on savings,” said a Bankrate staff member with an account. “Often, those notices came almost as soon as the Fed announced a rate hike.”

Personal loan promotions. While American Express generally offers a stellar digital experience, it clutters its site (and your mailbox) with personal loan promotions, according to a Bankrate staff member with an AmEx account. 

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Bankrate staff insights

“You can get a strong rate with American Express National Bank, but if you’re looking for a traditional brick-and-mortar institution, this isn’t your jam: It has just one physical location,” said a Bankrate staff member who banks at American Express. “The app is easy to use and connects to your AmEx credit card, if you have one. In general, AmEx is a good place to park cash you want to keep safe and earn a solid yield.”

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.

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.