Our Rating:
American Express Bank Bank Review 2023
American Express Bank, the financial services company known for its credit cards also offers its customers savings accounts and CDs. Their high-yield savings account are easy to qualify for and simple to open. American Express Bank does not offer checking accounts.
American Express Bank Overall |
80%
American Express offers an online bank that offers consumers of varying income levels savings accounts and CDs
Pros
- If you have an AMEX card you can simply manage your credit card and bank account in one place.
- Low minimum requirements for savings and CDs.
- Saving account yields are higher than the national average.
Cons
- Only offers savings accounts and CDs as well as the world-famous AMEX card.
- Other banks offer more competitive interest rates
- No physical banking branches
CD Rates |
68%
American Express Bank provides traditional CDs with varying term lengths. The term rates on AMEX CDs can range from as short as six months to as long as 5 years.
Early withdrawal penalties apply to the principal, however the interest may be withdrawn for free.
Pros
- No minimum deposit required
- Daily compounding interest
- Interest can be withdrawn during the CD term.
Cons
- Competitors offer higher yields
- Only traditional CDs are available
Savings Accounts |
98%
With an American Express Bank online savings account, you can earn yields that ranks at the top of interest APYs provided by banks. On the account interest compounds daily. There is no mandatory account minimum, no minimum deposit required to open, and no monthly service fees or service charges. AMEX does not offer an ATM card for the savings account.
Pros
- No minimum balance required to open
- Competitive APYs
- No monthly fees
- Interest is compounded daily
Cons
- Savings accounts are offered with higher APYs by other banks
- Limited product offering (no checking accounts or money market accounts)
Bank Features
There are no American Express physical branches for customers to visit. However, customers can talk to someone at the bank 24 hours per day, seven days per week over the phone.
Your online banking experience with AMEX depends on the products you have. For instance with AMEX Serve prepaid debit cards customers can use the mobile app to pay bills and deposit checks.
American Express Bank customers with savings accounts or CDs however are not offered a mobile app, instead customers must log in to their online banking accounts to manage or modify their accounts.
Bank History
Well known American Express became a bank holding in 2008 after receiving permission from the Federal Reserve.
American Express Bank is headquartered in Salt Lake City, Utah.