American Express®, Member FDIC, CD Review 2024

Learn about interest rates, renewal policies, early withdrawal penalties, and minimum deposit requirements for American Express® CD accounts.
Written by Rebecca Lake
Financial Expert
Managing Editor
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A young woman uses her laptop computer at an outdoor cafe to do her banking.

Certificate of deposit accounts are designed to help you save for short and long-term goals. Where you open a CD account can determine how much interest you earn.

American Express®, member FDIC is an option if you’re looking for high-yield CDs with no minimum deposit requirements.

Learn how these CDs work, what rates are available, and more to help you decide if they suit your savings needs.

American Express CDs At-a-Glance

American Express offers high-yield CDs with no minimum balance requirements or monthly fees. Here are some of the key features that set them apart.

  • CD terms range from 12 to 60 months
  • No minimum deposit makes it easy to build a CD ladder
  • There are no monthly service or maintenance fees
  • Competitive interest rates with most CD terms
  • Deposits are FDIC-insured to $250,000
  • Customer support is offered 24 hours a day, 7 days a week
  • Interest is compounded daily
  • It’s easy to open an account online
  • Early withdrawal penalties may apply

Which Banks Have the Best CD Rates?

Many banks offer CDs, and they are competing to offer the best rates. Use our CD rate-finder tool below to sort through the list to find a CD that fits your financial goals.

Our Verdict

American Express CDs could be a good fit for savers who are looking for a 12- or 24-month term. Those terms offer the highest CD rates.

We recommend American Express to savers interested in CDs with no minimum deposit requirement, as other banks may require $500, $1,000, or more to open an account.

Pros & Cons of American Express CDs

Opening CD accounts with American Express has pros and cons, just like any other bank. Comparing the potential advantages and drawbacks is always a good idea, as it can help you better understand whether a particular CD product might be right for you.


Bread Financial is an online-only bank that offers a solid selection of CD maturity terms ranging from one to five years. You can get a better-than-average savings account APY on CDs here with a $1,500 minimum opening deposit requirement.

Unlike American Express, you can’t open a checking account here, but that may not be important if you’re interested solely in CD savings. Bread charges no monthly fees or hidden fees of any kind. You can manage accounts online or through the Bread mobile app.

Read our full Bread review.

Brio Direct

Brio Direct is another online banking option, and it could be a good fit if you’re looking for a shorter-term CD option. You can open a CD account with a minimum deposit of $500, and Brio Direct offers live customer support if you have questions or need help.

The best CD rates are reserved for Brio Direct’s 12-month CD. You can earn lower but still decent rates with 24-month and 36-month CDs. Account management is limited to online and mobile banking; no branches or ATMs exist. There are no monthly fees, but early withdrawal penalties apply.

Read our full Brio Direct review.

Marcus by Goldman Sachs

Marcus offers online CD accounts, and you’ll need at least $500 to start saving. Marcus CD rates are well above the national average, and you can choose CD terms from one to six years. There are no monthly or hidden fees, though you might pay an early withdrawal penalty if you take money out before maturity.

Since Marcus is online only, there are no branches or ATMs. You can manage your accounts online or through the Marcus mobile app. In addition to CD accounts, Marcus also offers high-yield savings accounts.

Read our Marcus by Goldman Sachs review.


Ally has earned a reputation among online banks for offering higher CD rates to savers. CD terms range from three months to five years, so you have some flexibility if you save for short or long-term goals. There are no minimum deposit requirements to open an Ally CD.

You’ll pay no monthly fees for a CD account here. However, there is an early withdrawal penalty. You can manage your CD accounts online or through the Ally mobile app.

Read our Ally Bank review.

How American Express CDs Work

American Express CDs earn interest with rates determined by the CD term. Interest compounds daily and is credited to your account monthly. As mentioned, the highest APY currently on offer is reserved for 12-month CDs.

When you deposit money into an American Express CD, you agree to leave it there for the entire maturity term. During this maturity term, you’ll earn interest.

Once the CD matures, you can do one of two things:

  • Withdraw your initial deposit, and the interest earned
  • Roll the entire amount into a new CD

American Express renews CDs automatically unless you specify otherwise. You may pay an early withdrawal penalty fee if you take money out of your CD account before it matures. That’s typical of most CD accounts at other banks.

Who Is American Express Right For?

American Express CDs could be a good fit for savers with a 12-month savings goal since those CDs offer the best rates. You might consider opening a CD account here if you:

  • Want to earn a competitive rate on CD deposits
  • Don’t mind not having access to branches or ATMs
  • Would prefer a CD with no minimum deposit requirement
  • Are confident that you won’t need to withdraw money before maturity

You might also open an American Express CD with a high-yield savings account, interest checking account, or credit card account here. Having all your money in one place could be convenient, and deposits are FDIC-insured.

Rating the Features

When considering any CD account, taking a closer look at the features is helpful. Reading reviews like this, and comparing them with other consumer reviews from past and current customers, can be an excellent way to gauge how well a CD measures up when it comes to meeting your needs.

User Experience

It’s easy to open a new CD account with American Express and even easier if you’re already an Amex customer. You can log in to your account online, then follow the prompts to open a CD account.

If you need to become an American Express customer, you can open a new CD or savings account in about 10 minutes. You’ll need to share your personal information and banking information for the account you want to transfer funds from for your initial CD deposit.

American Express offers a detailed FAQ section for questions about their CD accounts or other financial products. And customer support is available 24/7 if you’d like to talk to someone.


There are no monthly fees for American Express CDs. There are few fees at all associated with these CD accounts.

You will, however, pay an early withdrawal penalty for taking money from your CD ahead of maturity. The amount of the liability depends on the CD term. Here’s how the fees compare:

  • CDs with terms of less than 12 months: 90 days; interest
  • CDs with terms of at least 12 months but less than 48 months: 270 days’ interest
  • CDs with terms of at least 48 months but less than 60 months: 365 days’ interest
  • CDs with a term of 60 months or more: 540 days’ interest

You can learn more about early withdrawal penalties and other fees in your CD account agreement.


American Express CD rates are competitive compared to other online CD options. The rates are tiered according to the CD term.

You’ll earn the best rate with a 12-month CD. Meanwhile, the lowest rate applies to 18-month CDs. You could set up multiple CD accounts to earn a range of interest rates, which is a good move if you think that CD rates will increase in the future.

Minimum Deposit

There is no minimum deposit requirement to open an American Express CD account. You can deposit $1, $1,000, or $100,000, depending on what works for your budget.

That’s an advantage over other banks, which may set the bar higher. For instance, you might need $500 or $1,000 to open a CD elsewhere. Some banks may require depositing $10,000 or more for jumbo CD products. American Express doesn’t require you to jump through those hoops.

Tools, Extras

American Express only offers a few tools for automatic savings round-ups or buckets. There is a calculator on the main CD product page that you can use to estimate how much interest you can earn.

You can also explore educational articles covering general topics related to savings and personal finance. You may need to look elsewhere if you’re looking for many extra bells and whistles with a CD account or savings account.

Customer Support

American Express offers customer support for savers 24 hours a day, seven days a week. You can get help by phone or secure message. If you’re logged in to your account online, you can also contact support via chat.

The American Express app is easy to use and navigate. You can view your accounts at a glance, review statements, and check transaction history on the go.


American Express CD accounts are available in all 50 states. No branches or ATMs exist, but you can open and manage accounts online or through the American Express mobile app.

Safety and Security

Is banking with American Express safe? Yes, since your information is secured using 128-bit Secure Sockets layer (SSL) technology. American Express also encrypts data stored in its data systems and uses automatic timeouts to log you out after 10 minutes of inactivity.

American Express sends email confirmation any time there’s an attempt to change or recover your password. If you call customer support, you’ll need to verify your identity first by answering security questions before you can access account information.

How to Get Started

You can get started online if you’re ready to open a CD account with American Express. Click “Open an Account” on the CD page to begin the process. You can log in to online banking to open your new CD account if you’re an American Express customer.

Here’s what you’ll need to provide to open a new CD:

  • Your name and address
  • Email address and phone number
  • Date of birth and Social Security number

You’ll need to choose which CD you want to open, and you’ll be able to review CD terms and rates before selecting. Next, you’ll need to tell American Express how much you want to deposit.

If you have an American Express checking or savings account, you can transfer money to fund your new CD. If you need help, you must link an external bank account for funding. To do that, you’ll need your:

  • Bank account number
  • Routing number

Remember, there’s no minimum deposit required for these CDs. But you’ll need to decide how much you want to deposit initially, as you won’t be able to make additional deposits once your CD is open.

Altogether, this process can take less than 10 minutes, and you don’t need to schedule a follow-up call or visit a branch.

Frequently Asked Questions (FAQs)

Are American Express CDs FDIC-insured?

Yes, American Express is an FDIC-member bank. CD accounts are insured up to $250,000 per depositor, account ownership type, and financial institution.

Is there a minimum deposit for American Express CDs?

No minimum deposit is required to open an American Express CD. You must make an initial deposit of at least $1 to earn interest and avoid having your account closed.

Are American Express CDs worth it?

A 12-month American Express CD is worth it if you won’t need to access your savings for a year and want to earn a competitive rate. These CDs have the highest APY among the various terms you can choose from.

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.