American Express Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.9

Bankrate Score

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Low Minimum Deposit

No monthly fees

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.

  • Savings
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    5.0
  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

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    Monifi

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    Checking account

    0.50 % APY

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    To open

    $ 0

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    Wealthfront

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    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    3.9

    Bankrate Score

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

    What we like

    • American Express card customers can easily access their credit card and bank accounts in one place.

    • Minimum deposit requirements for CDs and savings accounts are low.

    • American Express credit cards offer premium rewards for consumers with good to excellent credit, including some of the best business and travel rewards on the market.

    What we don't

    • There’s a limited number of products available for retail banking customers.

    • There are no branch locations.

    • Savings and CD rates aren’t competitive compared to what some other online banks offer.

    Savings accounts

    5.0

    Bankrate Score

    American Express Bank has a single online savings account. Its yield regularly ranks among the savings products with the top APYs. 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.

    What we like

    • The savings account has no monthly fees and no minimum balance.

    • It pays a very competitive APY.

    What we don't

    CD rates

    3.9

    Bankrate Score

    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.

    What we like

    • Interest can be withdrawn during the CD term.

    • There’s no minimum deposit requirement.

    What we don't

    • You can find higher yields elsewhere.

    • There are no special types of CDs, such as penalty-free or bump-up terms.

    Bank experience

    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.

    American Express is widely known for its wealth of valuable credit card offers. If you have good to excellent credit, you’re likely to find superior value in an American Express rewards card, whether you’re seeking travel rewards, business rewards or simple cash back. The Blue Cash Preferred® Card from American Express is a favorite among practical consumers, good for anyone looking to earn a high rate of cash back on the purchases they already make every day. Read our full review of the Blue Cash Preferred® Card from American Express.

    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. 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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a banking reporter at Bankrate. Previously, she was a writer at The Points Guy, where she covered everything from the latest travel news to credit card reviews. Liz is passionate about helping others reach their financial goals and aims to accomplish that through her writing. Her goal is to get others as excited about maximizing their money as she is, which is why she particularly enjoys the challenge of breaking down otherwise intimidating or hard-to-understand topics — especially for beginners. Liz is based in New York City and grew up between Michigan and Virginia. She earned a bachelor’s degree in journalism from the University of Missouri.