Matthew Goldberg is a consumer banking reporter at Bankrate. He graduated from Illinois State University with a bachelor's degree in mass communication and earned an MBA at William Paterson University.
He began his writing career in 1998 at Sun Publications in Crystal Lake, Illinois. He was sports editor at The Daily Vidette, a sports reporter at The Journal Standard and a sports writer at The Quincy Herald-Whig. His work has also appeared in Sports Illustrated On Campus. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association.
He also has more than seven years of financial services experience, in both banking and insurance.
American Express Bank is a premier online bank offering personal banking products to savers across various income levels.
Low Minimum Deposit
No Monthly Fees
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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.
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 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.
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.
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.
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.
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.