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 TierneyJun 9, 2021
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Overall bank rating

American Express National Bank

at American Express National Bank, Member FDIC

  • Savings

  • CD rates

  • Banking experience

4.0

NerdWallet rating 

The bottom line:

American Express National Bank provides a savings account with a 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 you can't deposit cash. That means you’ll want to use this account in addition to having a separate checking account at a different bank.

 

Best for: Savers who are looking for high-yield savings and CDs only, are comfortable with an online-only banking experience and won't need to make cash deposits.

Pros

  • Good interest rate on savings.

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

Cons

  • No checking account option.

  • It's not possible to deposit cash.

  • No mobile apps for banking only.

Full review

American Express® High Yield Savings Account

at American Express National Bank, Member FDIC

4.5

NerdWallet rating 

at American Express National Bank, Member FDIC

APY

0.40%

With $0 minimum balance

At a 0.40% APY (annual percentage yield) as of 3/11/2021, 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 to earn the rate. And the bank also allows you to make up to nine withdrawals or transfers from savings per month; most banks only allow six.

American Express reserves its mobile apps for credit card customers, so savings customers are out of luck. To fund your account, you'll have to link your current bank account, set up direct deposit, mail a check to the office in Salt Lake City or deposit a check via the mobile site.

American Express® CD

American Express® CD

3.0

NerdWallet rating 
1-year APY

0.20%

3-year APY

0.45%

5-year APY

0.55%

Minimum Deposit

$0

You’ll find solid CD rates for some of the terms offered by American Express, the highest capping out at 0.55% APY (annual percentage yield) as of 9/3/2020 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

4.5

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

However, there are no mobile apps for savings or CD customers. As an online bank, American Express National Bank has only one branch. However, customers can log in to the site to get chat support or reach out for help on Twitter.

American Express® High Yield Savings Account

at American Express National Bank, Member FDIC

4.5

NerdWallet rating 

at American Express National Bank, Member FDIC

APY

0.40%

With $0 minimum balance

At a 0.40% APY (annual percentage yield) as of 3/11/2021, 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 to earn the rate. And the bank also allows you to make up to nine withdrawals or transfers from savings per month; most banks only allow six.

American Express reserves its mobile apps for credit card customers, so savings customers are out of luck. To fund your account, you'll have to link your current bank account, set up direct deposit, mail a check to the office in Salt Lake City or deposit a check via the mobile site.

How does American Express National Bank compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.40%

With $0 minimum balance

APY

0.50%

With $0 minimum balance

APY

0.20%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

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.