American Express National Bank Review: Manage Your Money in an Award-Winning App
GOBankingRates Score
-
Rates
5.0
-
Fees
5.0
-
Breadth of Products
3.0
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Opening Deposit Requirements
5.0
Pros
- Annual percentage yields well above the national average
- No minimum balance requirements or monthly fees
- Top-rated customer service according to J.D. Power survey
Cons
- A limited number of products available
About American Express National Bank
Headquartered in New York, American Express National Bank, Member FDIC has been in business for 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 nearly $200 billion in assets and ranks No. 67 on the Fortune 500. GOBankingRates has ranked it as one of the Best Online Banks of 2021 as well as one of the Best Savings Accounts of 2021.
American Express National Bank Products
American Express National Bank, Member FDIC has a limited number of products compared with many other banks. Here’s a quick look:
| Product | Features |
|---|---|
| American Express® Savings Account |
|
| CD Accounts |
|
| Loans |
|
| Credit Cards |
|
American Express® 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 2021 in its yearly rankings.
Features
- APY of 0.40%, as of Mar. 11, 2021
- No minimum balance requirement
- No monthly service fees
- Daily compounding interest
Pros
- APY well above the national average
- 24/7 account access and customer service
- Up to nine withdrawals or transfers per month
Cons
- No physical branches
- No checks or ATM card or debit cards provided
American Express National Bank CD Accounts
American Express National Bank offers CDs with tiered interest rates based on terms. You get the best CD rates when you choose a longer term.
Features
- Terms from six months to five years
- APY up to 0.55%, as of Jan 5., 2021, on the 5-year CD
- No minimum balance
- No monthly service fees
Pros
- No minimum opening deposit
- APY higher than the national average
- Daily compounding interest grows balance faster
- Automatic renewal option helps you make saving a habit
Cons
- Penalty for early withdrawals
Banking Experience
Managing your accounts with American Express National Bank takes place on the bank’s website or mobile app. You won’t be able to visit a local branch to make deposits, but you do have access to phone assistance at any time of day.
Customer Service
American Express National Bank representatives are available 24/7 to assist customers. Customers can call the customer service phone number, send a fax, or mail a request to the bank. The bank’s website also includes a FAQ section and helpful articles.
Accessibility
You won’t be able to visit a local American Express National Bank branch, but you can use online banking or the mobile app to deposit money, transfer funds, and check your balance.
Mobile and Digital Experience
The American Express National Bank mobile app earned the top spot for customer service on J.D. Power’s list of best mobile credit card apps. Savings account holders can use this app to manage their accounts. The app has a rating of 4.9 in the App Store and 4.3 on Google Play.
Convenience and Ease of Use
With a highly rated and well-designed mobile app, American Express® Card Members should easily be able to access their accounts anywhere and anytime.
How To Open An Account
You can sign up for an American Express® Savings account or certificate of deposit in a few simple steps. Here’s what you need to know:
- Click “Apply Now” on the bank’s home page or product page.
- Complete the online application. You’ll need the following information:
- Social Security number or taxpayer ID
- Email address
- Phone number
- Physical address
- Bank name, account number and routing number for transferring funds
- Review and accept the terms and conditions.
- Fund the account with the opening deposit.
- Sign up for online banking.
Key Information
Customer Service Number: 800-446-6307
Routing Number: 124085066
Bank Hours: See American Express National Bank’s Hours
American Express National Bank Fees
American Express National Bank, Member FDIC doesn’t charge much in the way of fees for its savings account or CDs. Here’s a rundown:
- Monthly maintenance fee: $0
- CD early withdrawal fee: 90 days to 540 days worth of interest, depending on the term
You can avoid paying a fee if you keep your money in the CD until maturity.
American Express National Bank vs. Competitors
As part of an American Express National Bank, FDIC review, it’s helpful to compare the bank to its competitors. Here’s how it stacks up against other financial institutions:
| Bank | Best For |
|---|---|
| American Express National Bank, Member FDIC | American Express® Card Members who want a single place to manage all of their 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
American Express® Savings account comes with a higher interest rate than Capital One 360, but Capital One 360 has the advantage of a greater variety of accounts.
American Express National Bank vs. Ally Bank
American Express National Bank and Ally offer similar rates for savings accounts. 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. No minimum balance requirements for American Express National Bank CDs give it the edge in that department, but Marcus by Goldman Sachs offers a greater variety of CD terms.
Final Take
The combination of a high APY of 0.40% as of Mar. 11, 2021 on the High Yield Savings Account, no monthly service fees, no minimum balance and easy access to customer service make American Express National Bank, Member FDIC a good choice for customers who seek a strong savings tool. If the impressive savings potential appeals to you, consider opening an account.
Editor’s Favorite
If you’re looking for a place to keep your savings out of sight, American Express National Bank, Member FDIC’s savings account can fill the bill. Your money will earn a higher-than-average interest rate, and you’ll have the added advantage of keeping it separate from your regular bank accounts. You also won’t have immediate access to the funds, so you’ll be less likely to withdraw cash for impulse purchases.
American Express National Bank FAQ
Here are answers to some of American Express National Bank, Member FDIC’s more commonly asked questions.- 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.
- Is American Express National Bank FDIC insured?
- American Express National Bank is FDIC insured to at least $250,000.
- How long does it take to transfer money from American Express® Savings?
- When you transfer money from your American Express® Savings account through the bank's website, the money is added to or subtracted from your account balance immediately.
- Do I get an ATM card, debit card or checks when I open 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 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.
This article has been updated with additional reporting since its original publication. Sean Dennison also 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, 2021.
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.
