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American Express National Bank review: Earn a high interest rate on a savings or checking account

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Compare American Express Bank products
  • American Express® Rewards Checking Account
  • American Express® Certificate of Deposit
  • American Express® High Yield Savings Account
Editor’s Rating
4/5
APY
0.60% APY
Editor’s Rating
3.75/5
APY

0.10% to 3.10% APY as of 10/6/22

(for 6 – 60 month terms)

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Editor’s Rating
4/5
APY
2.15% APY (as of 10/06/2022)
On American Express National Bank (Member FDIC)’s website
On American Express National Bank (Member FDIC)’s website
On American Express National Bank (Member FDIC)’s website

Today’s top saving account rates

Overall bank rating

Feature Insider rating (out of 5)
Savings 4
Checking 4
CD 3.5
Trustworthiness 5
Total score 4

Pros and cons

Pros Cons
  • Strong digital banking platform

  • High interest rate on savings and CDs

  • Earn rewards on debit card purchases through the bank’s checking account

  • Low initial deposit requirement

  • 24/7 customer service by phone

  • Can’t use the American Express mobile app if you only have a savings account or CD
  • Checking account is only available to Consumer Card Members who have had a card account for at least three months

American Express® High Yield Savings Account

American Express® High Yield Savings Account

4/5

4 out of

Annual Percentage Yield (APY)
2.15% APY (as of 10/06/2022)
Minimum Deposit Amount
$0

View Full Details

Learn more

American Express® High Yield Savings Account

4/5

4

Annual Percentage Yield (APY)
2.15% APY (as of 10/06/2022)
Minimum Deposit Amount
$0
View Full Details
On American Express National Bank (Member FDIC)’s website

American Express® High Yield Savings Account from American Express National Bank (Member FDIC)

Annual Percentage Yield (APY)
2.15% APY (as of 10/06/2022)
Minimum Deposit Amount
$0
Editor’s Rating
4/5

Pros

A check mark. It indicates a confirmation of your intended interaction.

More Information

American Express® Rewards Checking Account

American Express® Rewards Checking Account

4/5

4 out of

Annual Percentage Yield (APY)
0.60% APY
Minimum Deposit Amount
$0

View Full Details

American Express® Rewards Checking Account

4/5

Annual Percentage Yield (APY)
0.60% APY
Minimum Deposit Amount
$0
View Full Details
On American Express National Bank (Member FDIC)’s website

American Express® Rewards Checking Account from American Express National Bank (Member FDIC)

Annual Percentage Yield (APY)
0.60% APY
Minimum Deposit Amount
$0
Editor’s Rating

4/5

Pros & Cons
Pros

More Information

If you’re eligible to open an American Express® Rewards Checking Account, it’s a good online option worth considering. The account doesn’t charge monthly service fees or overdraft fees. You also may earn rewards on eligible debit card purchases, which may be used to book travel, obtain gift cards, or donate.

American Express® Certificate of Deposit

American Express® Certificate of Deposit

3.75/5

Annual Percentage Yield (APY)

0.10% to 3.10% APY as of 10/6/22

Minimum Deposit Amount
$0

View Full Details

American Express® Certificate of Deposit

3.75/5

Annual Percentage Yield (APY)

0.10% to 3.10% APY as of 10/6/22

Minimum Deposit Amount
$0
View Full Details
On American Express National Bank (Member FDIC)’s website

American Express® Certificate of Deposit from American Express National Bank (Member FDIC)

Annual Percentage Yield (APY)
0.10% to 3.10% APY as of 10/6/22
Show more
Minimum Deposit Amount
$0
Editor’s Rating

3.75/5

Pros

More Information

Read our review

How American Express National Bank works

American Express is an online-only bank that doesn’t require an opening deposit or minimum account balance for any of its accounts. American Express also doesn’t charge monthly service fees.

The American Express website is easy to use, but the bank doesn’t have a mobile app. The American Express app is just for credit card customers. If you have an American Express High Yield Savings Account or CD but you don’t have an American Express Card, you won’t be able to access your account through the Amex mobile app.

American Express offers 24/7 customer support by phone, but unlike many competing banks, it doesn’t have live chat online with representatives.

Your American Express accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.

American Express trustworthiness and BBB rating

The Better Business Bureau gives American Express an A+ rating. The BBB grades businesses based on factors like how they respond to customer complaints, honesty in advertising, and transparency about business practices.

American Express doesn’t have any recent public scandals. Between its strong BBB score and clear history, you may decide you’re comfortable banking with American Express.

How American Express National Bank compares

We’ve compared American Express with two other online banks with no minimum opening deposits: Ally and Capital One 360.

Ally pays a slightly highest interest rate on its savings account, while Capital One pays the most competitive rates on CDs. Keep in mind rates can fluctuate, so this may change in the future.

Although Capital One 360 is an online bank, it does have branches in several states. You may find this useful if you ever want to speak with a banker in person. With Ally or American Express Bank, you’ll have to be comfortable with an online-only banking experience.

If you’d like a bank with a mobile app, you’ll prefer Capital One or Ally over American Express. American Express only has a mobile app for credit card customers. If you have opened only a savings account or CD, you won’t be able to access your account through the app.

Frequently asked questions (FAQ)

Does American Express have a checking account?
Yes. American Express National Bank now has the American Express® Rewards Checking Account. The checking account is currently available to Consumer Card Members who have had a card account for at least three months.

Does American Express have physical banks?
American Express National Bank is an online-only bank. It doesn’t have any physical branch locations.

What is the current rate on the American Express High-Yield Savings Account?

You’ll earn 2.15% APY (as of 10/06/2022) on the American Express® High Yield Savings Account.