American Express National Bank Review: Checking, Savings and CDs Worth Considering
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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GOBankingRates Score
American Express National Bank
-
Checking Accounts
4.2
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Savings Accounts
4.6
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Certificates of Deposit
4.0
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Banking Experience
4.7
All information about American Express offers has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. These products are not available through GOBankingRates.
Pros
- Savings account APY is above the national average
- 24/7 account access and customer service
- No monthly service fees
- No minimum opening deposits
Cons
- No physical branches
- Limited account options
- No money market accounts
- No cash deposits
American Express National Bank Overview
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 but is based out of Salt Lake City, Utah. Although well-known for its line of credit cards, American Express National Bank also offers deposit accounts, including certificates of deposit.
GOBankingRates has ranked it among the Best Online Banks of 2024, based on many of its financial products and offerings.
American Express National Bank: Key Features
Aside from your American Express card, you may not have known the company offers a variety of bank accounts such as checking and savings accounts. No matter if you’re looking for better minimum balance requirements or annual percentage yields, or APYs, this online bank may have you covered.
Here are some of the key features of American Express National Bank, including its account options and interest rates.
Checking Accounts
American Express National Bank offers one checking account for customers which operates as a rewards checking account. Here are some key takeaways:
- No minimum opening deposit
- No minimum balance requirements
- This interest-bearing account has a competitive APY for a checking account.
- Customers also earn rewards points on eligible purchases they make with their debit cards.
- These points can be redeemed for a deposit in the account or used like rewards points earned on Amex credit cards.
Savings Accounts
There is also a single savings account offered that comes with an APY several times the national average. Here are some features to consider:
- The High Yield Savings Account offers an annual percentage yield of
- The interest on the account is compounded daily.
- The minimum deposit to open an account is $0.
- There’s a $0 monthly service fee.
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Ready to maximize your savings? Dive into our detailed review of the American Express High Yield Savings Account to see if it’s the right fit for you
CD Accounts
American Express National Bank offers certificates of deposit, or CDs, with tiered interest rates based on terms, which go from 12 months to five years. There are no monthly service fees associated with the CD accounts. The interest on the bank’s CDs range from APY for a 12-month term to APY for a five-year term.
Banking Experience
One downside of American Express National Bank is there are no physical branches, but customers can manage their money through the bank’s award-winning mobile app. The app has a rating of 4.1 in Google Play and 4.9 in the App Store, with users noting the iOS version of the app operates more smoothly than the Android version.
Within the app and on the website, customers can monitor their balances, transfer funds between accounts and redeem rewards points. Customers also have fee-free access to 37,000 ATMs on the MoneyPass network.
How Does American Express National Bank Compare?
Here’s how American Express National Bank compares to similar online banks.
American Express National Bank vs. Discover Bank
Like American Express, Discover is better known for its credit cards and also offers a checking account, savings account and certificates of deposit. The APY for a savings account at each bank is the same.
Discover gives customers 1% cash back on qualifying purchases, comparable to the APY that comes with an American Express National Bank personal checking account. Discover’s CD options do edge out American Express, thanks to a slightly higher APY available with a five-year CD.
American Express National Bank vs. Ally Bank
American Express National Bank and Ally offer similar rates for their online savings accounts and certificates of deposit. However, Ally offers a greater range of CDs, with three-month, six-month and nine-month options. American Express National Bank’s shortest CD term is 12 months.
Ally Bank is a better choice for customers who want a wider range of products and services, but current American Express credit card holders may appreciate the convenience of managing all their American Express accounts in one spot.
Final Take
If you’re looking for a place to grow your savings with a high APY, American Express National Bank fits the bill. Your money will earn a higher-than-average interest rate and you’ll have the added advantage of no monthly service fees.
The bank is best for American Express credit card holders who want a strong savings tool and the convenience of managing all their accounts in the mobile app. GOBankingRates has rated it among the Best Online Banks of 2024.
American Express National Bank FAQ
Here are answers to some of the more commonly asked questions about American Express National Bank:- Is American Express a good bank?
- American Express has been in business since 1850, and it made the No. 13 spot on Fortune's list of World's Most Admired Companies for 2022. The bank also has an A+ rating from the Better Business Bureau.
- Is American Express trustworthy?
- Customers have placed their trust in American Express for more than 170 years. The company has a documented history of providing exceptional customer service. American Express National Bank also is a member of the FDIC, which insures deposits up to $250,000.
- Is American Express a real bank?
- Yes, American Express National Bank is a real bank headquartered in Utah. The bank's routing number is 124085066.
- Is American Express better than Citi?
- That depends on what you want from a bank. Both American Express and Citi offer credit cards and deposit accounts. Neither bank has a minimum opening deposit requirement. Citi requires banking customers to choose a banking package when opening an account. If the packages suit your financial needs and goals, you may prefer the greater presence Citi has in the U.S., including access to more than 65,000 surcharge-free ATMs. If you're already an American Express card holder, banking with American Express National Bank may be the better choice.
John Csiszar 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 Dec. 29, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.
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