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American Express offers above-average rates for savings accounts. Plus, there are no monthly fees and a minimum of just $1 to earn the full APY. It's a good choice for funds you won't touch, like emergency savings or college funds.
We gave American Express® National Bank a 4.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
American Express® National Bank Accounts | The Ascent's Star Rating (out of 5) |
---|---|
American Express® National Bank | 4.50 |
American Express® High Yield Savings | 4.00 |
American Express Rewards Checking | 5.00 |
American Express® Business Checking | 4.00 |
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
American Express® High Yield Savings (Member FDIC) is a great savings vehicle. It offers one of the highest interest rates we've seen with an APY of 4.25% as of April 25, 2024. There is no minimum balance or monthly maintenance fees.
While parking your savings at a separate bank might be inconvenient if you want to keep everything in-house and simplify your finances, it also has several upsides. One of these is that it can help remove the temptation to spend your money too soon. And when you do need your cash, transfers are relatively quick.
American Express® High Yield Savings
American Express may not have the highest APY on our list, but it still sports a well-above-average rate and a strong reputation. This is a good fit for those who prefer the comfort of a well-known company like American Express that isn't likely to play games with your APY.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
The American Express National Bank CD (Member FDIC) offers decent interest rates and doesn't have a minimum deposit requirement or charge any monthly fees.
While it doesn't offer the best CD rates in the industry, American Express® National Bank is a solid pick for individuals who cannot meet the high minimum deposit requirements of other banks.
American Express® National Bank also offers a variety of terms, which is good for CD laddering. Interest compounds daily and is paid out monthly. Like most CD accounts, the American Express National Bank CD charges a penalty if you decide to take funds out of your CD before the maturity date.
APY = Annual Percentage Yield
American Express CDs don't offer particularly competitive rates across all terms, but for certain terms, the rates do stand out. There are no account minimums for Amex CDs, but withdrawal penalties are on the higher end, so be fairly sure you can leave your money alone for the full term.
11 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|
4.50% | 4.35% | 3.25% | 4.00% | 3.00% | 3.00% | 3.00% |
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.10% | Term: 9 Months | Min. Deposit: $1 |
The American Express Rewards Checking account has no fees, offers a 1.00% annual percentage yield (APY) as of September 11, 2023, and earns debit card rewards. However, only those who have had an Amex card for at least three months are eligible.
There is no fee to open the account, no monthly fees, and no minimum balance requirements, which is a plus. However, American Express Rewards Checking accounts do not currently provide services for outgoing wire transfers, overdraft protection, or online bill payment.
American Express Rewards Checking
With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high APY (annual percentage yield) and earns rewards but those are limited to certain options.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
American Express® National Bank is an FDIC-insured bank and deposits are insured to $250,000 per depositor, per ownership category.
American Express® National Bank is well-known for its amazing customer service. With that in mind, let's see how customers rank its customer service and mobile app.
American Express is a well-known brand with generally positive reviews. Despite being known primarily for its credit cards, American Express® National Bank ranked third in overall satisfaction among savings account providers. It doesn't have great reviews on third-party sites, with most clients complaining about surprise fees.
Since there are no in-person branches of American Express® National Bank, customers must rely on phone calls or online chat to reach customer service. Luckily, representatives are available 24 hours a day, 7 days a week at 1-800-446-6307, or via online chat by logging into your account.
American Express has a comprehensive app for all your Amex accounts in one place -- credit cards, bank accounts, and even your Membership Rewards.
Big banks will often try to sweeten the deal by bumping up your rate, lowering certain fees, or offering other perks if you use their other products. American Express certainly has the potential to do this, given that it's one of the biggest credit card issuers in the country.
However, American Express® National Bank doesn't offer any relationship benefits -- instead, everyone gets the same great rates. Realistically, it only has a few low- or no-fee offerings on its banking side, so there's not much of a carrot it can try to tempt you with.
If American Express® National Bank doesn't sound like a good fit for you, here are a couple of other banks to consider.
If you're looking for a more streamlined solution and want to keep all of your bank accounts in the same place, Ally Bank is a good online option. It consistently offers higher rates than a lot of its competitors we've reviewed and has many different types of accounts to choose from -- including investing and retirement accounts.
Discover® Bank is another credit-card-issuer-turned-bank, and it also offers great rates on its accounts. And while it doesn't have a traditional interest-bearing checking account, it does have a cash back checking account that gives you a percentage of cash back each time you swipe your debit card. This could be another good option if you want to keep all of your banking accounts together.
American Express® National Bank isn't a good option for everyone, but if you fit one of these profiles, it's worth adding to your shortlist:
A promotion can make an already great account look even better. Take a look at the bonuses American Express® National Bank offers to see if one is right for you.
Yes, American Express® National Bank is FDIC insured, meaning your money is protected up to $250,000.
No, there are no money market accounts on offer at this time. You can browse our best money market accounts if you're interested in an MMA.
Yes, American Express® National Bank is an FDIC-insured online-only bank. It is headquartered in Sandy, Utah.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.