American Express Bank Review 2019

American Express Bank Logo

3.6/5

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

High APYs
Low Minimum Deposit
No Monthly Fees

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.

When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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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.

American Express Bank is ideal for AMEX credit card customers who would find it convenient to visit one website to manage most of their financial accounts. You’ll also love the bank if you’re looking for a high-yield savings account that’s easy to qualify for and open. If you’re hunting for a new checking account or a CD with the top rate, you’re better off checking out the bank’s competitors.

 Pros

  • 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.

 Cons

  • 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 Services

Savings Rating

5.0/5

American Express Bank has a single online savings account. Its yield regularly ranks among the savings products with the top interest APYs. Interest compounds daily and the account has no minimum and no monthly service fees. No minimum deposit is required to open the account. The online savings account does not come with an ATM card.

 Pros

  • The American Express Personal Savings High Yield Savings Account has an APY just outside of the top-tier APYs.
  • The savings account has no monthly fees and no minimum balance.
  • Interest on the High Yield Savings account is compounded daily.

 Cons

  • There are still even higher APY savings accounts available.
  • ATM cards, debit cards or checks aren’t provided.
  • American Express National Bank doesn’t offer a checking account or a money market account -- so you’ll have to utilize another bank for these products.

Savings accounts available from other banks

Goldman Sachs Bank USA Logo
2.25% APY
$0 MINIMUM DEPOSIT
Vio Bank Logo
2.52% APY
$100 MINIMUM DEPOSIT
UFB Direct Logo
2.45% APY
$10,000 MINIMUM DEPOSIT
CDs Rating

4.3/5

American Express Bank offers traditional CDs across different term lengths. The shortest term is six months and the longest term is five years. Although early withdrawal penalties apply to the principal, interest can be withdrawn free of charge. It can be transferred to an account or paid out in the form of a check on a regular basis, depending on your preferences.

 Pros

  • Interest compounds daily.
  • Interest can be withdrawn during the CD term.
  • CDs require a $1 minimum deposit.

 Cons

  • Other online banks pay higher yields.
  • No special types of CDs are available.

CDs available from other banks

Goldman Sachs Bank USA Logo
2.60% APY
$500 MINIMUM DEPOSIT
Capital One Logo
2.50% APY
$0 MINIMUM DEPOSIT
Investors eAccess Logo
2.50% APY
$500 MINIMUM DEPOSIT
Bank Experience Rating

2.0/5

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.

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