American Express National Bank Review: Checking, Savings and CDs

At a 4.00% APY (annual percentage yield) as of 05/31/2023, American Express offers a good interest rate on savings. You won’t have to worry about paying monthly fees, making a minimum opening deposit or maintaining a high balance in your account to earn the rate. And the bank allows you to make up to nine withdrawals or transfers from savings per month; many banks only allow six.

American Express mobile apps are built for its credit card customers, so you’ll need to have a credit card to be able to access and manage your savings account in the app. To fund your savings 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 doesn't accept cash deposits.

You’ll find solid CD rates for some of the CD terms offered by American Express, including a 3.00% APY (annual percentage yield) as of 06/06/2023 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. The bank doesn't have a minimum balance requirement to open a CD.

The American Express Rewards Checking Account, also known as Amex Rewards Checking, is a new offering as of February 2022. Currently, the account is available only to consumers who have had an American Express credit card for at least three months.

The new American Express checking account earns 1.00% APY (annual percentage yield) as of 12/14/2022 on all balances, which is higher than what you’ll find on other 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 network but won't be able to make cash deposits.

In addition to interest on balances, you’ll earn a point for every two dollars spent on eligible purchases using your debit card. Points can be redeemed 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, Rite Aid and Saks Fifth Avenue.

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.

You can use the American Express mobile apps to manage your checking, savings and CD accounts only if you already have the apps set up to manage your American Express credit cards.