American Express National Bank Review 2024
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
American Express National Bank is convenient for AmEx credit card customers who’d prefer to visit one website to manage multiple financial accounts. While the bank doesn’t offer a money market account, its full suite of products offering high yields, including CDs, checking and savings accounts, makes it easy to bring your banking under one roof.
Highlights
- 24/7 Customer Service
- Low Min Deposit
- No Monthly Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
American Express National Bank is an online bank that offers savings and checking accounts with competitive yields, as well as some CDs that pay above-average rates. The checking account earns rewards for purchases, although it’s only available to those who have had an American Express card for at least three months.
Pros
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American Express customers can easily access credit card and bank accounts in one place.
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There are no minimum deposit requirements for CDs, the savings accounts or the checking account.
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The checking account pays a competitive APY, and account holders earn points for qualifying debit card purchases.
Cons
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Not all CD rates are competitive compared to what other top online banks offer.
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The checking account is only available to customers who have had an American Express card for at least three months.
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Branch banking isn’t available.
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American Express Bank banking products
APY last updated between 5/6 and 5/12.
American Express Bank savings overview
Pros
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The savings account charges no monthly fees and has no minimum balance requirement.
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It pays a competitive APY.
Cons
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The account doesn’t come with an ATM card.
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There isn’t a way to make cash deposits into American Express savings accounts.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
American Express BankAPYAPY last updated between 5/6 and 5/12.APYAPY last updated between 5/6 and 5/12.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fees | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
Customer experience
Customer support
Customer service hours. American Express National Bank customers cannot visit a branch. Customers can, however, reach someone at the bank 24 hours a day, seven days a week by phone.
High customer satisfaction. American Express ranked fourth in overall satisfaction among online-only banks for its checking and savings accounts, according to J.D. Power’s 2023 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. The American Express mobile app receives high marks on the Apple App and Google Play stores. The iOS app alone has more than 3 million user ratings. Users report that the app is easy to navigate, including a Bankrate staff member who uses American Express personally. You can easily transfer money from other accounts into the AmEx account, and you can link AmEx credit cards so that you can see both banking and credit activity. You can also send money to any Venmo or PayPal user right in the app.
Strong communications. AmEx updates its customers on important financial news. “When the Federal Reserve was raising interest rates, I routinely got updates telling me my new rate on savings,” said a Bankrate staff member with an account. “Often, those notices came almost as soon as the Fed announced a rate hike.”
Personal loan promotions. While American Express generally offers a stellar digital experience, it clutters its site (and your mailbox) with personal loan promotions, according to a Bankrate staff member with an AmEx account.
Bankrate staff insights
“You can get a strong rate with American Express National Bank, but if you’re looking for a traditional brick-and-mortar institution, this isn’t your jam: It has just one physical location,” said a Bankrate staff member who banks at American Express. “The app is easy to use and connects to your AmEx credit card, if you have one. In general, AmEx is a good place to park cash you want to keep safe and earn a solid yield.”
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
American Express makes it convenient to check your credit, savings and checking balances all in the same place. Bonuses aren’t always available, as is the case as of the time of this writing. Moreover, prospective customers should note that the American Express Rewards Checking account is only available to Amex credit card members who have had an American Express card for at least three months.
You can use American Express’ ATM Locator to find nearby ATMs. The locator works fairly well, and even gives you step-by-step directions on getting there from your home address. However, the page doesn’t tell you what services are available at each location, unlike some other big banks.
About American Express Bank
Financial-services giant American Express Co. received permission from the Federal Reserve to become a bank holding company in 2008. A year later, AmEx, which already operated a small bank, introduced personal online accounts. Today, the Salt Lake City-based bank offers CDs, a high-yield savings account and a checking account that’s available to customers who meet eligibility requirements.
How American Express Bank compares to other banks
Compare different account types offered by American Express bank. Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024.
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Selected bank
American Express National Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Barclays Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
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| 4.25% | 4.35% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,063 | $1,088 | |
| American Express National Bank offers a competitive yield on its High Yield Savings Account. The account doesn’t require a minimum opening deposit. The account also doesn’t have a monthly service fee or minimum balance requirements to worry about. | The Barclays Online Savings Account offers a competitive yield on its savings account. You don’t need a minimum deposit to open an account and like at most online banks, you won’t pay a monthly service fee. | |
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N/A
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N/A
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APY offering:
4.25%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.35%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
American Express National Bank vs. Discover Bank
American Express National Bank and Discover Bank are both digital banks that offer accounts with highly competitive rates, low minimum deposits and no monthly fees. Both conveniently offer customer support over the phone on a 24/7 basis.
Both banks offer CDs that tend to pay high yields, although Discover provides a wider range of terms. While American Express does not offer a money market account, Discover offers one that earns one of the top rates and includes a debit card and checks. The savings accounts at both banks pay high yields, require no minimum deposit and charge no maintenance fees.
The rewards checking accounts from both banks are highly rated. It should be noted that the American Express checking account is only available to customers who have had an American Express card for at least three months.
American Express Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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