Editorial Review

American Express National Bank Review: Savings and CDs

American Express National Bank offers a strong savings account, as well as certificates of deposit that are worth considering.

Spencer TierneyNovember 22, 2019

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Overall bank rating

American Express National Bank

at American Express National Bank,

Member, FDIC

  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

4.0

NerdWallet rating 

The bottom line: American Express National Bank provides a savings account with a highly competitive annual percentage yield, as well as some certificates of deposit that are worth considering. You’ll find no monthly fees, but the FDIC-insured bank doesn’t offer a checking account option or ATM card, and checks and cash will be difficult to deposit. That means you’ll want to use this account in addition to having a separate checking account at a different bank.

Pros

  • Good interest rate on savings.

  • No monthly fees or high minimum balance requirements on savings.

Cons

  • No checking account option.

  • Checks need to be mailed in to be deposited.

  • No mobile apps or chat support.

Full review

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

at American Express National Bank,

Member, FDIC

APY

1.30%

With $0 minimum balance

At a 1.30% APY (annual percentage yield) as of 5/14/2020, American Express offers a good interest rate on savings. (See which banks offer the highest rates on our list of best high-yield online savings accounts.)

You won’t have to worry about monthly fees, making a minimum opening deposit or maintaining a high balance in your account.

American Express reserves its mobile apps for credit card customers, so savings customers are out of luck. To fund your account you will either have to link your current bank account or mail a check to the office in Salt Lake City.

American Express National Bank CD

American Express National Bank CD

4.5

NerdWallet rating 
3-year APY

0.80%

5-year APY

1.10%

Minimum Deposit

$0

You’ll get very competitive CD rates for some of the terms offered by American Express, the highest capping out at 1.10% APY (annual percentage yield) as of 5/14/2020 for a 60-month term. (To see high rates at other banks, check out our list of this month’s best CD rates.)

Banks typically 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.

Banking experience

3.5

NerdWallet rating 

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 account. If you need to talk to someone, support is available around the clock via phone.

However, there are no mobile apps for savings or CDs customers. As an online bank, American Express National Bank doesn’t have any branches. It doesn’t have chat support, which many banks offer, or much Twitter support, either.

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

at American Express National Bank,

Member, FDIC

APY

1.30%

With $0 minimum balance

At a 1.30% APY (annual percentage yield) as of 5/14/2020, American Express offers a good interest rate on savings. (See which banks offer the highest rates on our list of best high-yield online savings accounts.)

You won’t have to worry about monthly fees, making a minimum opening deposit or maintaining a high balance in your account.

American Express reserves its mobile apps for credit card customers, so savings customers are out of luck. To fund your account you will either have to link your current bank account or mail a check to the office in Salt Lake City.

American Express National Bank CD

American Express National Bank CD

4.5

NerdWallet rating 
3-year APY

0.80%

5-year APY

1.10%

Minimum Deposit

$0

You’ll get very competitive CD rates for some of the terms offered by American Express, the highest capping out at 1.10% APY (annual percentage yield) as of 5/14/2020 for a 60-month term. (To see high rates at other banks, check out our list of this month’s best CD rates.)

Banks typically 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.

3.5

NerdWallet rating 

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 account. If you need to talk to someone, support is available around the clock via phone.

However, there are no mobile apps for savings or CDs customers. As an online bank, American Express National Bank doesn’t have any branches. It doesn’t have chat support, which many banks offer, or much Twitter support, either.

How does American Express National Bank compare?

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.