American Express National Bank, Member FDIC, Review

American Express National Bank offers products and services for savers, including high-yield savings accounts and certificates of deposit.

When looking for a new savings account, CD, or money market account, it’s important to shop around to find the right bank. Here’s a closer look at what American Express has to offer to help you decide if it’s the best place for your savings.

What Is American Express National Bank?

American Express National Bank was founded in 1989 and is owned by its parent company, American Express. The bank’s headquarters are in Salt Lake City, Utah.

American Express National Bank offers online savings accounts and certificates of deposit. Savers enjoy competitive interest rates compared to other banks or credit unions while paying minimal banking fees. It is frequently listed among the top banks in America’s Best Rates Survey, which tracks rates to determine which banks consistently offer the highest rates.

Popular American Express National Bank Accounts

If you’re interested in an American Express® high-yield savings account or certificate of deposit account, here’s a brief overview of their main features.

Account	Min. to Earn APY	Min. Opening Deposit	Notes
American Express High Yield Savings	$0	$0	An early withdrawal penalty may apply if you withdraw money before your CD matures.
1-yr CD	$1	$0	Interest rate and APY are fixed
5-yr CD	$1	$0	An early withdrawal penalty may apply if you withdraw money before your CD matures

How American Express National Bank Works

When considering a new bank to open an online savings account or any other type of account, it’s helpful to know a little more about how it works. Specifically, that means looking at the costs, benefits, and features. Here’s what you can expect when saving with American Express.

Maintenance fees

Bank fees can detract from the interest you earn on a savings account or certificate of deposit. Some banks or credit unions can charge monthly maintenance fees, though you’re less likely to pay them at online banks.

American Express online savings accounts don’t have any monthly maintenance fees. There are no hidden fees to worry about either. That’s good if you want to minimize what you pay to save each month.

Account minimums

When opening some savings accounts, you may have to deposit a certain amount to get started. For example, some banks may expect you to have $100, $500, or $1,000 to open a savings account.

That could make opening a savings account more difficult if you’re just getting started, but American Express National Bank keeps things simple with $0 to open. If you’ve had trouble saving money in the past, just opening the account could give you the encouragement you need to start adding money to it.

Can you open multiple accounts?

Yes, you can have multiple savings accounts with American Express National Bank and open multiple certificates of deposit to create a CD ladder. This strategy can help you manage a changing interest-rate environment.

Opening more than one savings account or CD account might be attractive if you have multiple short-term or long-term financial goals. Since no maintenance fees exist, you could spread your savings for individual goals across different accounts.

Account access and customer support

It’s also important to consider how you can deposit or withdraw money with a savings account. When you open an American Express High Yield Savings Account, you have convenient 24/7 access to your money online.

In addition to managing your American Express® savings account online, you can contact customer support at 1-800-446-6307. Customer service is available 24 hours a day, 7 days a week.

You can also fax American Express or send mail to their Salt Lake City headquarters.

Mobile and online banking experience

American Express’s online banking system is easy to use and navigate. You can use online banking to:

• Check your balance
• Transfer money to an externally linked bank account
• View your most recent savings account statement

While mobile apps can make managing your online savings account easier, American Express doesn’t offer savings account access through its mobile app at this time. That may be a disadvantage if you prefer mobile check deposits to deposit checks.

Which Banks Have the Best Savings Account Rates?

These accounts are our top picks for those who want to make the most of the interest they earn on their cash savings. Our comprehensive list will help you find the best options.

American Express® High Yield Savings Account

The American Express® High Yield Savings Account may be an attractive option for earning competitive interest rates. It requires $0 to open and does not have monthly fees.

As proof of how attractive American Express savings rates are, the bank ranked in the top 10 in the America’s Best Rates Survey for best savings account rates.

American Express® National Bank High Yield Savings Account Fees	Amount	Notes
Monthly Maintenance Fee	$0	No hidden fees
Excess Withdrawal Fee	Not disclosed	Fee for withdrawals over the allowed amount.

American Express® National Bank CD Rates

Certificates of deposit (CDs) let you earn a guaranteed interest rate over a set period of time. American Express offers CDs with terms ranging from six to 48 months. Interest rates are tiered based on the length of the CD term.

American Express CD rates are competitive compared to other banks or credit unions.

American Express National Bank Checking Accounts

Opening a checking account in the same place where you keep your savings could be convenient if you want to manage your money all in one place. You could quickly transfer money between accounts or use savings as overdraft protection. At this time, an American Express checking account isn’t an option, as the bank focuses solely on offering savings and CD accounts.

American Express National Bank Personal Loans

Personal loans can be helpful when you need cash and would rather not use a credit card to cover expenses. American Express offers personal loans if you borrow money to consolidate debt, pay for home repairs, or cover other expenses.

Loan amounts range from $3,500 to $25,000. Interest rates are fixed, and no origination fees or prepayment penalties exist. Your APR and repayment term are based on your credit score and loan amount.

American Express National Bank Pros & Cons

When choosing where to keep your savings, it’s natural to focus on a bank or credit union’s strongest selling points. But it’s also important to weigh that against any potential downsides.

If you’re considering opening an American Express High Yield Savings Account or CD account, here are some of the most important pros and cons to keep in mind:

Locations – Branches & ATMs

American Express National Bank has just one branch location in Salt Lake City, Utah.

Customers of savings accounts and CD accounts don’t have access to ATMs, as neither account comes with an ATM card. However, you can transfer money into your savings account via online transfer from other accounts.