American Express National Bank Review 2026: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
The American Express brand may be well-known for credit cards, but customers can also open bank accounts at American Express National Bank, which is an FDIC-insured institution. The bank’s savings account has a solid annual percentage yield, and its certificates of deposit are worth considering. The bank also offers a rewards checking account with a strong interest rate, but you have to be an American Express® Card Member or already have a savings account or CD to open one, and you won’t be able to make cash deposits.
A $0 monthly fee.
Competitive rate on savings accounts.
Large, nationwide ATM network.
No minimum opening deposits.
24/7 customer service by phone.
No overdraft protection program.
No cash deposit.
No branch access.
Product reviews
Savings
The savings account earns 3.10% APY, which is competitive with other online accounts. You won’t have to worry about monthly fees, making a minimum opening deposit or maintaining a high balance in your account to earn the rate.
To fund your savings account, you'll have to link your current bank account, set up direct deposit, mail a check to the bank’s Salt Lake City office or deposit a check via mobile app. American Express doesn't accept cash deposits.
See more information from American Express
American Express says: "There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you."
"iOS and Android only. See app store listings for operating system info."
"For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information."
American Express® High Yield Savings Account
Certificates of deposit
You’ll find solid CD rates for some of the CD terms offered by American Express, including a 3.00% APY for a 60-month term. (To see high rates at other banks, check out our list of the best CD rates.)
Banks often require some deposit amount, whether hundreds or even thousands of dollars, to open a certificate of deposit, but that’s not the case at American Express. The bank doesn’t have a minimum balance requirement to open a CD.
» Learn more: Read about CD ladders
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 11 months | 3.25% | $0 |
| 1 year | 3.25% | $0 |
| 14 months | 4.00% | $0 |
| 1.5 years | 3.00% | $0 |
| 22 months | 3.75% | $0 |
| 2 years | 3.00% | $0 |
| 3 years | 2.25% | $0 |
| 4 years | 2.25% | $0 |
| 5 years | 3.00% | $0 |
American Express® CD
Checking
The American Express Rewards Checking Account, also known as Amex Rewards Checking, is available only to consumers who have had an American Express credit card, savings account or CD for at least 5 days.
The new American Express checking account earns a 1.00% APY on all balances, which is competitive with what you’ll find with strong rewards checking accounts. It doesn’t require a minimum deposit to open, and there are no minimum balance requirements or monthly fees. Checking account holders get access to ATMs in the MoneyPass and Allpoint networks, but won’t be able to make cash deposits.
In addition to interest on balances, you’ll earn a rewards point for every $2 spent on eligible purchases using your debit card. You can redeem those points for a deposit into your checking account. If your existing American Express credit card is linked to the American Express Membership Rewards program, you can redeem debit card points for all the options offered for your credit card. Choices for points redemption include travel bookings, hotel and restaurant gift cards, and purchases from various retailers such as Amazon, Best Buy and Saks Fifth Avenue.
American Express Rewards Checking
Customer experience & overdraft fees
Customer experience
Rates and fees are clearly displayed on the bank's website, and a robust FAQ section answers many questions that you’ll likely have about the accounts.
As an online bank, American Express National Bank doesn't have any branches. If you need to talk to someone, support is available around the clock by phone.
Web experience
StrongMobile apps
Highly ratedPhone support
24/7Branches
Online onlyOverdraft fees
American Express Rewards Checking doesn’t offer overdraft protection. However, like many other banks now, it also doesn’t charge overdraft fees. If a transaction will overdraw your account, the bank will likely decline it. If your balance becomes negative (from a subscription auto payment, for example), you’ll need to bring your balance back to positive when the bank notifies you. The bank could close your account if you fail to do so.
» Tend to overdraw your account? See the best banks for overdrafts
See more information from American Express
American Express says: "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 reviewed, approved or otherwise endorsed by American Express.”
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.