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American Express National Bank Review 2024

Updated September 6, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
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CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 4.4 stars out of 5

About Bankrate Score

Overview

American Express National Bank is convenient for AmEx credit card customers who’d prefer to visit one website to manage multiple financial accounts. While the bank doesn’t offer a money market account, its full suite of products offering high yields, including CDs, checking and savings accounts, makes it easy to bring your banking under one roof.

Highlights

  • 24/7 Customer Service
  • Low Min Deposit
  • No Monthly Fees
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 12/25/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.80
%
APY
APY
Info Icon
As of 12/25/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info Icon
As of 12/25/2024
Rating: 4.5 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

American Express National Bank is an online bank that offers savings and checking accounts with competitive yields, as well as some CDs that pay above-average rates. The checking account earns rewards for purchases, although it’s only available to those who have had an American Express card for at least three months.

Pros

  • Checkmark Icon

    American Express customers can easily access credit card and bank accounts in one place.

  • Checkmark Icon

    There are no minimum deposit requirements for CDs, the savings accounts or the checking account.

  • Checkmark Icon

    The checking account pays a competitive APY, and account holders earn points for qualifying debit card purchases.

Cons

  • Not all CD rates are competitive compared to what other top online banks offer.

  • The checking account is only available to customers who have had an American Express card for at least three months.

  • Branch banking isn’t available.

CTA We want to know what you think about American Express National Bank

We want to know what you think about American Express National Bank

Do you have experience with American Express National Bank? Let us know your thoughts.

American Express Bank banking products

4.4
/5
Rating: 4.4 stars out of 5
SCORE BREAKDOWN
APY offering:
3.80%
Rating: 4 stars out of 5
4/5
Info Icon
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
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FEATURES
Invest Rate Icon
3.80% APY
Info Icon
Savings Icon
$0 minimum balance for APY
Loan Icon
$0 minimum deposit to open

American Express Bank savings overview

American Express National Bank offers an online savings account that earns a competitive annual percentage yield (APY). The account requires no minimum deposit to open, and it has no minimum balance or monthly service fees. An ATM card isn’t available.

Pros

  • Checkmark Icon

    The savings account charges no monthly fees and has no minimum balance requirement.

  • Checkmark Icon

    It pays a competitive APY.

Cons

  • The account doesn’t come with an ATM card.

  • There isn’t a way to make cash deposits into American Express savings accounts.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    American Express Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None

Customer experience

Customer support

Customer service hours. American Express National Bank customers cannot visit a branch. Customers can, however, reach someone at the bank 24 hours a day, seven days a week by phone.

Low customer satisfaction. American Express ranked below average among online banks among checking and savings providers, according to J.D. Power’s 2024 Direct Banking Satisfaction Study

Digital experience

Highly rated mobile app. The American Express mobile app receives high marks on the Apple App and Google Play stores. The iOS app alone has more than 3 million user ratings. Users report that the app is easy to navigate, including a Bankrate staff member who uses American Express personally. You can easily transfer money from other accounts into the AmEx account, and you can link AmEx credit cards so that you can see both banking and credit activity. You can also send money to any Venmo or PayPal user right in the app.

Strong communications. AmEx updates its customers on important financial news. “When the Federal Reserve was raising interest rates, I routinely got updates telling me my new rate on savings,” said a Bankrate staff member with an account. “Often, those notices came almost as soon as the Fed announced a rate hike.”

Personal loan promotions. While American Express generally offers a stellar digital experience, it clutters its site (and your mailbox) with personal loan promotions, according to a Bankrate staff member with an AmEx account. 

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Bankrate staff insights

“You can get a strong rate with American Express National Bank, but if you’re looking for a traditional brick-and-mortar institution, this isn’t your jam: It has just one physical location,” said a Bankrate staff member who banks at American Express. “The app is easy to use and connects to your AmEx credit card, if you have one. In general, AmEx is a good place to park cash you want to keep safe and earn a solid yield.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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The above images were last updated on July 12, 2024.

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

Fubbalicious
Apr 1, 2023
Anyone Use American Express® High Yield Savings Account?
I've used [American Express] for a similar bonus in the past and had no problem. If you already have a credit card with them, you can access your banking and credit cards with the same logins, though it's not as seamless as other providers such as Capital One and Discover. You can easily close the account later – which is what I did. Just check if there is any closing fee/period. Though I don't think there is.
via Reddit
Bodark
Apr 1, 2023
Switching to Amex HYSA
Personally, I wouldn’t recommend against it per se, but I would recommend restructuring a bit. I had the Amex checking account and the stress really isn’t worth it. Look up how many of the compatible ATMs are in your area, then get rid of all of them. I live in NYC and according to the website, the compatible ATMs are everywhere but in reality when I go to the locations, they’re nowhere to be found.
via Reddit

Our editor's take

American Express makes it convenient to check your credit, savings and checking balances all in the same place. Bonuses aren’t always available, as is the case as of the time of this writing. Moreover, prospective customers should note that the American  Express Rewards Checking account is only available to Amex credit card members who have had an American Express card for at least three months.

You can use American Express’ ATM Locator to find nearby ATMs. The locator works fairly well, and even gives you step-by-step directions on getting there from your home address. However, the page doesn’t tell you what services are available at each location, unlike some other big banks. 

About American Express Bank

Financial-services giant American Express Co. received permission from the Federal Reserve to become a bank holding company in 2008. A year later, AmEx, which already operated a small bank, introduced personal online accounts. Today, the Salt Lake City-based bank offers CDs, a high-yield savings account and a checking account that’s available to customers who meet eligibility requirements.

How American Express Bank compares to other banks

Compare different account types offered by American Express bank. Annual percentage yields (APYs) shown were updated between Dec. 18, 2024 and Dec. 24, 2024.

Selected bank
American Express National Bank savings account
American Express National Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Most comparable
Barclays Bank savings account
Barclays Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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3.80% 4.35%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
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$1,900 $2,175
American Express National Bank offers a competitive yield on its High Yield Savings Account. The account doesn’t require a minimum opening deposit. The account also doesn’t have a monthly service fee or minimum balance requirements to worry about. The Barclays Tiered Savings Account offers a competitive yield on all balances. You don’t need a minimum deposit to open an account and like at most online banks, you won’t pay a monthly maintenance fee.
  • American Express features 24/7 customer support.
  • The bank lets you make automatic deposits into your savings account.
  • Barclays allows you to earn a competitive yield on your savings.
  • Barclays’ savings account doesn’t have a monthly service fee.
  • Barclays doesn’t have a minimum opening deposit requirement.
    N/A
  • Some online banks offer a higher yield.
  • You can earn a higher yield at some other online banks.
    N/A
APY offering:
3.80%
4/5
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Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
APY offering:
4.35%
5/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Info Icon
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Bankrate does not currently track additional product details for this bank.

American Express Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

American Express Bank customer reviews

CTA American Express Bank has 24 reviews

American Express Bank has 24 reviews

Dive into community reviews below and see what others think about American Express Bank.

4.6 Star Icon
24 ratings
Info Icon
Score breakdown
5 stars
67%
4 stars
29%
3 stars
4%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.6 / 5
Competitiveness of APY 4.4 / 5
Amount of fees 4.4 / 5
Customer support 4.7 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about American Express Bank.
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Anonymous account holder
September 13, 2024
It’s really nice and simple and easy! it has a good interest rate!!. It’s all very convenient and up to date with the latest technology.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
If the bank have loyalty points for things such as bilss travel or everyday expensive. It's 10 out of 10. I don't have to many problems unless it's something I did or did not check to see what was wrong.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Great customer service and fast responsiveness to any problems that I have. Was influenced to choose this bank by television advertising.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They have subpar rates. It's alright. They have better rewards with credit cards than most.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Very easy to use and pleasant , always get the help I need. I got an ad in the mail and decides to open an account and I don’t regret it.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
It's a very good one and I love it. We could use a lot of help to make us better.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
That they are trustworthy and have the best customer support. There benefits and their customer support made me decide to use them.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They have good competitive a interest rates for various time frames, whatever can best fit your needs at the moment. Three factors are Customerservice, Competitive interest rates, And a variety of accounts types.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
I value the rewards and APY. I have a good relationship with them. They always work with me and their customer service is outstanding.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They have competitive savings account rates. My credit card offers protection when needed. Rates Reputation Flexibility.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5