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