American Express National Bank Review: Checking, Savings and CDs Worth Considering

4.6

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

This online-only bank boasts very competitive interest rates on its interest-earning checking, high-yield savings account and certificates of deposit, all with no monthly service fees.

Aside from your American Express® card, if you're looking for better minimum balance requirements or annual percentage yields (APYs), this online bank may have you covered.

All information about American Express offers has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. These products are not available through GOBankingRates.

American Express is best known for its iconic credit cards, but the company also offers traditional banking products through American Express National Bank, Member FDIC. 

GOBankingRates has ranked it among the Best CDs and Best Online Banks of 2025, based on many of its financial products and offerings.

American Express Bank Checking Account

American Express National Bank offers one checking account for customers which operates as a rewards checking account. Here are some key takeaways on the American Express Rewards Checking:

• No minimum opening deposit
• No minimum balance requirements
• This interest-bearing account has a competitive Annual Percentage Yield (APY) for a checking option. 
• Customers also earn Rewards points on eligible purchases they make with their debit cards. 
• These points can be redeemed for a deposit in the account or used as Rewards points earned on American Express credit cards.

American Express Bank Checking Account

Start Banking

Best For

Online Banks

Mobile App

Great APYs

No Minimum Deposit

Rewards Points on Eligible Purchases

American Express National Bank’s checking account offering doesn’t require a minimum opening deposit or a minimum balance. It even earns a modest amount of interest on your balance.

Fees

No monthly service fee

APY

Min Opening

$0

Pros

• Earn interest on your checking account at a competitive rate
• Earn Rewards points for making qualifying debit card purchases

Cons

• You need to have had an American Express card for at least three months before you are eligible to open this checking account.

Quick Take

There’s no minimum balance requirement for the American Express Rewards Checking account-which is rare for this type of deposit product, but it’s nice to know there will be interest earned.

Show Pros, Cons and More

Hide Pros, Cons and More

American Express Bank High-Yield Savings Account

There is also a single high-yield savings account offered that comes with an APY several times the national average. Here are some features to consider: 

• The High Yield Savings Account offers an annual percentage yield of APY.
• The interest on the account is compounded daily. 
• The minimum deposit to open an account is $0.
• There’s a $0 monthly service fee.

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

American Express Bank High-Yield Savings Account

Start Banking

Best For

Online Banks

Mobile App

Great APYs

No Minimum Deposit

Higher Than Average APY of

Your interest compounds daily wth this high-yield savings offering from American Express.

Fees

$0

APY

Min Opening

$0

Pros

• 24/7 customer service
• No monthly fees or minimum balance requirements

Cons

• No ATM card
• No cash deposits

Quick Take

American Express National Bank offers an online savings account with no monthly service fees, no minimum deposit to open and no minimum balance requirement-all while maintaining competitive rates.

Show Pros, Cons and More

Hide Pros, Cons and More

American Express Bank CD Accounts

American Express National Bank offers certificates of deposit, or CDs, with a variety of term lengths and CD rates. Here are some things to consider before opening:

• CD accounts come with tiered interest rates based on terms, which go from 11 months to five years. 
• There are no monthly service fees associated with the CD accounts. 
• The interest on the bank’s CDs currently range from to APY.

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

American Express®, Member FDIC, CD Accounts

Start Banking

Best For

Online Banks

CD Accounts

Mobile App

Great APYs

No Minimum Deposit

Flexible CD Term Lengths

Along with no minimum deposit requirement, there are also no fees to maintain with an American Express Bank CD. Flexible terms are available up to five years.

Fees

No monthly service fee

APY

Up to

Min Opening

$0

Pros

• No minimum opening deposit required
• You can withdraw interest during the CD term.

Cons

• Competitive APYs but higher CD rates can be found through other online banks.
• Limited CD types

Why We Like American Express National Bank

American Express National Bank offers traditional fixed-rate CDs, with no muss and no fuss terms ranging from 11 months to five years.

Show Pros, Cons and More

Hide Pros, Cons and More

Banking Experience

One downside of American Express National Bank is that there are no physical branches, but customers can manage their money through the bank’s award-winning mobile app. The app has a rating of 3.9 stars in Google Play and 4.9 stars in the App Store, with users noting the iOS version of the app operates more smoothly than the Android version. 

Within the app and on the website, customers can monitor their balances, transfer funds between accounts and redeem Rewards points. Customers also have fee-free access to 37,000 ATMs on the MoneyPass network. These are a few of the reasons why American Express Bank was ranked among the Best CDs and Best Online Banks of 2025.

Comparable American Express Bank Options

Here’s how American Express National Bank compares to similar online banks.

Checking

HYSA

CDs

SELECTED BANK

American Express Bank Checking Account

Start Banking

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Checking Account

Read Review

MOST COMPARABLE

Varo Bank Checking Account

Read Review

Fees

Fees

Fees

No monthly service fee

$0

None

APY

APY

APY

N/A

Min Opening

Min Opening

Min Opening

$0

$0

$0

SELECTED BANK

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

American Express Bank High-Yield Savings Account

Start Banking

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank Savings Account 

Read Review

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Varo Bank Savings Account

Read Review

Fees

Fees

Fees

$0

$0

None

APY

APY

APY

Up to

Min Opening

Min Opening

Min Opening

$0

$0

$0

SELECTED BANK

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

American Express®, Member FDIC, CD Accounts

Start Banking

MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank CD Rates

Read Review

MOST COMPARABLE

4.4

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Synchrony Bank Money Market Account

Read Review

Fees

Fees

Fees

No monthly service fee

No monthly service fee

$25 per wire transfer; free for Diamond status — 3 per cycle

APY

APY

APY

Up to

Up to

Min Opening

Min Opening

Min Opening

$0

$0

$0

American Express Bank vs. Discover Bank

Like American Express, Discover is better known for its credit cards and also offers a checking account, savings account and certificates of deposit. The APY for a savings account at each bank is the same. 

Discover gives customers 1% cash back on qualifying purchases, comparable to the APY that comes with an American Express National Bank personal checking account. Discover’s CD options do edge out American Express, thanks to a slightly higher APY available with a five-year CD.

American Express Bank vs. Ally Bank

American Express National Bank and Ally offer similar rates for their online savings accounts and certificates of deposit. However, Ally offers a greater range of CDs, with three-month, six-month and nine-month options. American Express National Bank’s shortest CD term is 11 months. 

Ally Bank is a better choice for customers who want a wider range of products and services, but current American Express credit card holders may appreciate the convenience of managing all their American Express accounts in one spot.

American Express Bank. vs. Varo Bank

Varo Bank offers you the chance to build credit with the zero-interest Varo Believe card and No minimum balance or monthly fees for checking or savings accounts. Both Amex and Varo offer customer support is available seven days a week and offer competitive APYs on savings products.

Final Take

The bottom line is that if you’re looking for a place to grow your savings with a high APY, American Express National Bank fits the bill. Your money will earn a higher-than-average interest rate and you’ll have the added advantage of no monthly service fees. 

The bank is best for American Express credit card holders who want a strong savings tool and the convenience of managing all their accounts in the mobile app. GOBankingRates has rated it among the Best CDs and Best Online Banks of 2025.

John Csiszar contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024.

To determine the Best Online Banks of 2025, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (7) were weighed 2 times. For all savings and checking account data, only the basic accounts or products offered at each institution were analyzed. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024.

Share This Article: