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American Express National Bank Review

Updated May 24, 2018
Banking, CDs, Savings Accounts
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NerdWallet rating: 4.0/5.0

Where American Express shines:

  • Excellent interest rates
  • No monthly fees or minimum balance requirements

Where American Express falls short:

  • No checking account option
  • Checks need to be mailed in to be deposited
  • No mobile apps, chat or Twitter support

Where American Express shines:

  • Excellent interest rates
  • No monthly fees or minimum balance requirements

Where American Express falls short:

  • No checking account option
  • Checks must be mailed in to be deposited
  • No mobile apps, chat or Twitter support

Where American Express shines:

  • Excellent interest rates
  • No monthly fees or minimum balance requirements

Where American Express falls short:

  • No checking account option
  • Checks must be mailed in to be deposited
  • No mobile apps, chat or Twitter support

The bottom line

American Express National Bank

at American Express National Bank,

Member, FDIC

American Express National Bank offers highly competitive annual percentage yields on its savings account and certificates of deposit.You’ll find no fees, but the FDIC-insured bank doesn’t offer a checking account option or ATM card. That means you’ll want to use this account in addition to having a separate checking account at a different bank. Checks and cash will be difficult to deposit.

Best if:  You’re looking for a free high-yield savings account to house your extra money, at a bank separate from your checking account.


Read on for details on AmEx’s savings account, CDs, customer service and more.

Savings: 5.0/5.0

The upsides:

High rate: At 1.60% APY (as of 5/24/18), American Express offers one of the highest interest rates on savings among competitors. (See which banks offer the highest rates on our list of best high-yield online savings accounts.)

No fees, no minimum balances: You won’t have to worry about monthly fees, making a minimum opening deposit or maintaining a certain balance in your account.

The downsides:

No mobile check deposit: American Express reserves its mobile apps for credit card customers, so savings customers don’t have mobile check deposit. You’ll have to mail any checks you want to deposit to the office in Salt Lake City.

Limited transactions: This isn’t exactly a downside so much as it’s just the nature of a savings account: Transactions out of the account are limited by Regulation D to six a month. (Wait — what’s Regulation D?) You’ll have to call for an official check by phone if you hit your monthly limit and still need a withdrawal, or your transactions may be blocked. You won’t get an ATM card, debit card or checks, either, which means nonelectronic withdrawals will be difficult. If you anticipate transferring money out of your account more than six times a month, look into getting a checking account — see our list of favorite checking accounts.

Certificates of deposit: 5.0/5.0

The upsides:

High rates: You’ll get very competitive CD rates for a variety of terms at American Express, the highest capping out at 2.35% APY (as of 4/2/18) for a 60-month certificate. (To see high rates at other banks, check out our list of this month’s best CD rates.)

No minimum opening deposit: Banks typically require you to deposit several hundred or even thousands of dollars to open a certificate of deposit. Not so at American Express; CDs have no minimum opening deposit requirement.

bank experience: 3.0/5.0

First, the upsides:

Clear and informative website: Rates and fees are clearly displayed and a robust FAQ section answers many questions that you’ll likely have about the account. Keep in mind that if you have American Express credit cards, the website and login will be separate for American Express National Bank.

Customer support available 24/7: If you need to talk to someone, support is available around the clock via phone.

But there are downsides:

No mobile apps: If you like checking your balances and setting up transfers on your phone, be warned that American Express National Bank doesn’t have any apps for mobile devices.

No nonphone support: As an online bank, American Express National Bank doesn’t have any branches. It doesn’t have chat support, which many banks offer, or Twitter support, either.

American Express National Bank

at American Express National Bank,

Member, FDIC

» Ready to take the next step? High rates and no fees make American Express National Bank a good bank to keep on your list if you’re looking for an account that’ll keep your savings growing. Keep in mind that the bank currently doesn’t offer any mobile apps or checking account options. Customer support, while available 24/7, is limited to phone calls.

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