American Express CD Rates Review: Great Rates From an Online Bank

Explore an American Express CD to see if it fits your needs.

When you think “bank CD,” you likely don’t think American Express. You might not even know that American Express has a bank called American Express National Bank. The bank doesn’t have many offerings — only a high-yield savings account and CD options — but its rates are good, so you might consider taking a look at its products if you’re in the market for one of them.

With fixed interest rates and seven maturity terms to choose from, you’ll likely find one that works. First, review the American Express CD rates on the chart below, then read on to find out more about these CD options.

Click here to learn how to close your CD early without paying a fee.

American Express CD APYs
CD LengthAPY
6 months0.40%
12 months0.55%
18 months2.50%
24 months0.00%
36 months2.65%
48 months2.70%
60 months3.00%

Is a Certificate of Deposit Right for You?

If you don’t mind locking in a rate for a one-time deposit, a high-yield CD could be a great choice. If, however, you’re looking for more flexibility, review the American Express National Bank High Yield Savings Account details and see if that account is a match for your financial needs. American Express National Bank is an online bank, and it is FDIC-insured, which means each depositor is insured for at least $250,000.

American Express CD Rates

CD interest rates today are all over the map, but American Express offerings are definitely competitive. You can earn a CD rate from 0.40% APY on a six-month CD all the way up to 3.00% if you’re willing to commit your money for 60 months.

It’s important to understand that although you won’t pay any fees for your American Express CD, if you withdraw your money before the term is up, you will pay a penalty. Penalties range from 90 days’ interest on the amount you withdraw from a six-month CD and up to 540 days’ interest for a 60-month CD.

When your CD matures, you’ll have 10 calendar days during which you can withdraw funds without penalty or add more money to your CD. There is no minimum deposit requirement for opening a CD account.

One nice perk the American Express National Bank CD offers is that you can have options regarding your interest earnings, which are credited to your CD account on a monthly basis. You can:

  • Have them transferred automatically each month to your American Express National Bank High Yield Savings Account
  • Have them transferred automatically each month to a linked account
  • Get them mailed to you via check monthly, quarterly or annually

Find Out: 10 Best Credit Unions for CD Rates

American Express National Bank CD Pros and Cons

Every financial product has pros and cons. Review these for the American Express National Bank CD and decide whether to apply:

Pros

  • Good rates
  • No minimum deposit requirements
  • FDIC-insured

Cons

  • No physical branches
  • No checking services, just savings and CD products

Is an American Express National Bank CD Right for You?

If you’re interested only in a CD, American Express National Bank offers some great rates. If, however, you want a full banking experience, you might want to review other options as American Express National Bank currently offers only savings accounts and CDs. If having a physical branch you can visit is important to you for banking, this option isn’t likely a good one for you because American Express National Bank is an online-only bank.

Click here to find out how often CD rates change.

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Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.