American Express National Bank Review: Top Rankings in Customer Satisfaction
GOBankingRates Score
-
Rates
5.0
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Fees
5.0
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Breadth of Products
3.0
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Opening Deposit Requirements
5.0
Pros
- Savings account APY well above the national average
- 24/7 account access and customer service
- No monthly service fees
- Top-rated customer service according to J.D. Power survey
Cons
- No physical branches
- No checks, ATM cards or debit cards provided
About American Express National Bank
American Express National Bank, Member FDIC is a part of New York-based American Express Co., which has been in business for more than 170 years. Although well-known for its line of credit cards, American Express National Bank also offers deposit accounts, including certificates of deposit. The bank has more than $190 billion in assets and ranks No. 83 on the Fortune 500. GOBankingRates has ranked it as one of the Best Online Banks of 2022 (some of which are from our partners) as well as one of the Best Savings Accounts of 2022.
American Express National Bank High Yield Savings Account
American Express National Bank offers a single high-yield savings account that comes with an APY several times the national average and is comparable to similar savings accounts at other banks. GOBankingRates has ranked it as one of the Best Savings Accounts of 2022 in its yearly rankings.
The High Yield Savings Account offers an annual percentage yield of 0.75% as of Jan. 5, 2022, with interest compounded daily. The minimum deposit to open an account is $0 and there’s a $0 monthly service fee.
American Express National Bank CD Accounts
American Express National Bank offers CDs with tiered interest rates based on terms, which are from six months to five years. You get the best CD rates when you choose a longer term. There are no monthly service fees with the CD accounts, and the minimum deposit to open an account is $0. GOBankingRates included American Express National Bank in its annual list of the Best CD Accounts of 2022.
The APY on American Express National Bank’s CDs ranges from 0.10% as of Dec. 12, 2021 for a 6-month term to 2.40% as of Dec. 12, 2021 for a 5-year term.
How American Express National Bank Earned its Scores
Here’s a breakdown of the different factors that comprised GOBankingRates’ scoring.
Interest Rates
American Express National Bank customers get a 0.75% APY as of Jan. 5, 2022 on its High Yield Savings Account, which is well above the national savings-account average of 0.07%. The bank also offers very competitive APYs on its CDs, which go as high as 2.40% as of Dec. 12, 2021.
Fees
There are no monthly service fees on either the savings or CD accounts.
Breadth of Products
American Express National Bank only offers two types of deposit accounts, so if you’re looking for a wider suite of products, this might not be the bank for you.
Opening Deposit Requirements
American Express National Bank does not require a minimum deposit to open a savings account or CD account.
American Express National Bank vs. Competitors
Any review of American Express National Bank should provide a look at how it stacks up against the competition. Here’s a quick look:
| Bank | Best For |
|---|---|
| American Express National Bank | American Express Card Members who want a single place to manage other accounts |
| Capital One 360 | Customers who want linked checking and savings accounts |
| Ally Bank | Customers who prefer one-stop banking, including investment and mortgage options |
| Marcus by Goldman Sachs | Customers who want more CD term options |
American Express National Bank vs. Capital One 360
As of Jan. 5, 2022, the APY for high-yield savings accounts is 0.75% at both American Express National Bank and Capital One 360, so neither has the advantage in this regard. Capital One 360 does have the edge in terms of a wider variety of accounts.
American Express National Bank vs. Ally Bank
American Express National Bank and Ally offer similar rates for CD accounts, though Ally has a higher savings-account APY at 0.90%. American Express National Bank is best for customers who also want to take advantage of its credit cards, while Ally Bank is a better choice for customers who want a wider range of products and services.
American Express National Bank vs. Marcus by Goldman Sachs
American Express National Bank and Marcus by Goldman Sachs offer similar savings products with above-average rates. Marcus by Goldman Sachs offers a greater variety of CD terms but no credit card options are listed on its website.
Editor’s Favorite
If you’re looking for a place to grow your savings with a high APY, American Express National Bank can fill the bill. Your money will earn a higher-than-average interest rate – and you’ll have the added advantage of no monthly service fees. You also won’t have immediate access to the funds the way you would with a checking account, so you’ll be less likely to withdraw cash for impulse purchases.
Final Take
The combination of a high APY on its High Yield Savings Account, no monthly service fees, a minimum deposit of $0 to open an account and easy access to customer service make American Express National Bank a good choice for customers who seek a strong savings tool. If the impressive savings potential appeals to you, consider opening an account.
American Express National Bank FAQ
Here are answers to some of American Express National Bank, Member FDIC’s more commonly asked questions.- Is American Express National Bank FDIC insured?
- Funds deposited within American Express National Bank deposit accounts are insured by the Federal Deposit Insurance Corporation and are backed by the full faith and credit of the United States up to at least $250,000 per depositor.
- Who owns American Express National Bank?
- American Express National Bank is owned by American Express Co., a global financial institution that operates in about 130 countries.
- Does American Express National Bank offer bank accounts?
- Yes, American Express National Bank offers its American Express High Yield Savings Account as well as CD accounts.
- How long does it take to transfer money from American Express® Savings High Yield Savings Account?
- When you transfer money from your American Express High Yield Savings Account through the bank's website, the money is added to or subtracted from your account balance immediately.
- Do customers get an ATM card, debit card or checks when opening an American Express High Yield Savings Account?
- No; customers do not typically receive an ATM card, debit card or checks with this account.
- Does American Express National Bank offer free money for signing up for an account?
- American Express National Bank does not currently advertise and promotions that offer free money for signing up for a new account. However, eligible credit card holders can earn a bonus when they refer friends for a new card.
Vance Cariaga 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 Jan. 5, 2022.
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 reviewed, approved, or otherwise endorsed by American Express.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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