American Express®, Member FDIC, National Bank Review

American Express® has a 160-year history of providing services around the globe and has expanded into banking services with an online-only savings account and online-only CDs.
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Written by Rebecca Lake
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Managing Editor
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american express national bank

American Express®, member FDIC, is perhaps best known for being a credit card issuer. But American Express National Bank also 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 parent company American Express. The bank’s headquarters are located in Salt Lake City, Utah.

As an online-only bank, there are no branch locations. However, more than 1.5 million ATM locations worldwide are accessible to customers with American Express credit cards or prepaid debit cards.

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 $1 $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 a savings account, you’ll want to check minimum balances and what’s required 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 it more difficult to open a savings account if you’re just getting started.

But American Express National Bank keeps things simple with zero minimum balance or minimum deposit requirements. However, you need to have at least $1 in your American Express High Yield Savings Account or CD account to earn interest.

Can you open multiple accounts?

Yes, you can have multiple savings accounts with American Express National Bank. You can also open multiple certificates of deposit if you want to create a CD ladder. This strategy can help with managing 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 minimum balances or 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 get help from customer support. Customer service is available 24 hours a day, 7 days a week by calling 1-800-446-6307.

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
  • Schedule bill payments to your American Express credit card

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 with no minimum balances required and no 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 minimum balance fees or hidden fees apply
Excess Withdrawal Fee Not disclosed Fee for withdrawals over the allowed amount.

American Express National Bank Money Market Account

Money market accounts can be an attractive way to save if you want to earn interest while enjoying some of the features of a checking account. For example, you may be able to earn interest while also having check-writing abilities or a debit card for making purchases and ATM withdrawals. Unfortunately, American Express does not offer money market accounts at this time.

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. There’s no minimum deposit required to open a CD account, and 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. You do have to be an eligible American Express card member to qualify.

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 balance 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:


  • Earn a competitive APY on a personal savings account
  • Pay no monthly maintenance fees for a savings account or CD account
  • Open an American Express savings account or CD account with no minimum balances required
  • Get 24/7 access to your account online
  • Easily open an account online in minutes
  • Open multiple accounts to fund different savings goals
  • FDIC-insured deposits


  • Since this is an online savings account, you don’t have branch banking access
  • No mobile app access might be off-putting if you prefer to manage your money on the go
  • You may be able to earn higher interest rates on savings accounts or CDs at a different online bank

Locations – Branches & ATMs

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

Savings account and CD account customers don’t have access to ATMs, as neither account comes with an ATM card. But if you have an American Express credit card or a prepaid debit card, you can manage your money at more than 1.5 million ATMs around the world.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.