American Express National Bank Review 2024

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.

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.

High customer satisfaction. American Express ranked fourth in overall satisfaction among online-only banks for its checking and savings accounts, according to J.D. Power’s 2023 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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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. 

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.

Compare different account types offered by American Express bank. Annual percentage yields (APYs) shown were updated between April 25, 2024 and May 1, 2024.

American Express National Bank and Discover Bank are both digital banks that offer accounts with highly competitive rates, low minimum deposits and no monthly fees. Both conveniently offer customer support over the phone on a 24/7 basis.

Both banks offer CDs that tend to pay high yields, although Discover provides a wider range of terms. While American Express does not offer a money market account, Discover offers one that earns one of the top rates and includes a debit card and checks. The savings accounts at both banks pay high yields, require no minimum deposit and charge no maintenance fees.

The rewards checking accounts from both banks are highly rated. It should be noted that the American Express checking account is only available to customers who have had an American Express card for at least three months.