Review
Updated
American Express® National Bank
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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American Express offers above-average rates for savings accounts. Plus, there are no monthly fees and a minimum of just $1 to earn the full APY. It's a good choice for funds you won't touch, like emergency savings or college funds.
Pros
- Competitive APY (annual percentage yield)
- No monthly fees
- No minimums for CDs
- $1 minimum to earn full savings APY
- Good customer service
- Member FDIC
Cons
- No physical branches
- Does not offer a checking account
- No checks, ATM cards, or other physical withdrawal options
The Ascent's star ratings
| American Express® National Bank Accounts | The Ascent's Star Rating (out of 5) |
|---|---|
| American Express® National Bank | 4.50 |
| American Express® High Yield Savings | 4.00 |
| American Express Rewards Checking | 5.00 |
| American Express® Business Checking | 4.00 |
| American Express National Bank CD | None |
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Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
Savings accounts
The American Express® High Yield Savings Account is a great savings vehicle. It offers one of the highest interest rates we've seen.
That might be inconvenient if you want to keep everything in-house and simplify your finances, but it also has several upsides. Parking your savings at a separate bank can help remove the temptation to spend your money too soon. And when you do need your cash, transfers are relatively quick.
Ratings Methodology
Rates as
of May 31, 2024
American Express® High Yield Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Best
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APY
4.25%
Rate info
4.25% annual percentage yield as of May 31, 2024
$1 Minimum to earn APY
Min. To Earn APY
$1
- Competitive APY
- No account fees
- $0 minimum opening deposit
- Comfort of a well-known brand and reputation
- Unlimited transfers and withdrawals
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
American Express may not have the highest APY on our list, but it still sports a well-above-average rate and a strong reputation. This is a good fit for those who prefer the comfort of a well-known company like American Express that isn't likely to play games with your APY.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.50%
Min. to earn: $0.01
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Certificates of deposit
The American Express National Bank CD offers decent interest rates and doesn't have a minimum deposit requirement.
While it doesn't offer the best CD rates in the industry, this is a solid pick for individuals who cannot meet the high minimum deposit requirements of other banks.
American Express also offers a variety of terms, which is good for CD laddering. Interest compounds daily and is paid out monthly. Like most CD accounts, the American Express National Bank CD charges a penalty if you decide to take funds out of your CD before the maturity date.
Rates as of May 14, 2024
APY = Annual Percentage Yield
American Express National Bank CD
Bottom Line
American Express CDs don't offer particularly competitive rates across all terms, but for certain terms, the rates do stand out. There are no account minimums for Amex CDs, but withdrawal penalties are on the higher end, so be fairly sure you can leave your money alone for the full term.
MINIMUM DEPOSIT $0
| 11 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 4.50% | 4.35% | 3.25% | 4.00% | 3.00% | 3.00% | 3.00% |
Compare CD rates
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Checking accounts
The American Express Rewards Checking account has no fees, offers a 1.00% annual percentage yield (APY), and earns debit card rewards. However, only those who have had an Amex card for at least three months are eligible.
There is no fee to open the account, no monthly fees, and no minimum balance requirements, which is a plus. However, American Express Rewards Checking accounts do not currently provide services for outgoing wire transfers, overdraft protection, or online bill payment.
Ratings Methodology
Rates as
of May 31, 2024
American Express Rewards Checking
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
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= Excellent
![]()
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= Good
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= Fair
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= Poor
= Best
= Excellent
= Good
= Fair = Poor- High APY
- Debit card rewards with no cap
- No monthly maintenance and minimum deposit fees
- 24/7 customer service
- Must be an American Express Card Member
- Banking services are limited
- Online-only bank
With Amex Rewards Checking, you can earn 1 Membership Rewards point for each $2 of eligible debit card purchase. There are no monthly fees or minimum balance requirements for the account. You can redeem your points for deposits into your Amex Rewards Checking account and there is no cap on how many points you can earn. The account offers a high APY (annual percentage yield) and earns rewards but those are limited to certain options.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Customer experience
Customer reviews
American Express is a well-known brand with generally positive reviews. Despite being known primarily for its credit cards, American Express National Bank ranked third in overall satisfaction among savings providers.
Customer service
Since there are no in-person branches of American Express National Bank, customers must rely on phone calls or online chat to reach customer service. Luckily, they're available 24 hours a day, 7 days a week at 1-800-446-6307, or by onlline chat by logging into your account.
Mobile app
American Express has a comprehensive app for all your Amex accounts in one place -- credit cards, bank accounts, and even your Membership Rewards.
- App Store rating: 4.9/5 stars
- Google Play rating: 3.9/5 stars
American Express National Bank's relationship benefits
Big banks will often try to sweeten the deal by bumping up your rate, lowering certain fees, or offering other perks if you use their other products. American Express certainly has the potential to do this, given that it's one of the biggest credit card issuers in the country.
However, American Express National Bank doesn't offer any relationship benefits -- instead, everyone gets the same great rates. Realistically, it only has a few low- or no-fee offerings on its banking side, so there's not much of a carrot it can try to tempt you with.
Alternatives to American Express National Bank
Ally Bank
If you're looking for a more streamlined solution and want to keep all of your bank accounts in the same place, Ally Bank is a good online option. It consistently offers higher rates than many of its competitors we've reviewed and has many different types of accounts to choose from -- including investing and retirement accounts.
Discover® Bank
Discover® Bank is another credit-card-issuer-turned-bank, and it also offers great rates on its accounts. And while it doesn't have a traditional interest-bearing checking account, it does have a cash back checking account that gives you a percentage of cash back each time you swipe your debit card. This could be another good option if you want to keep all of your banking accounts together.
Is American Express National Bank right for you?
American Express National Bank isn't a good option for everyone, but if you fit one of these profiles, it's worth adding to your shortlist:
- You want to earn a high rate on your savings.
- You want to separate your savings from your everyday bank account.
- You don't have enough money saved up for the high minimum opening deposit requirements at other banks.
Learn more about American Express® National Bank Promotions of 2024
A promotion can make an already great account look even better. Take a look at the bonuses American Express® National Bank offers to see if one is right for you.
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Review sources:
FAQs
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Yes, American Express is FDIC-insured, meaning your money is protected up to $250,000.
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No, there are no money market accounts on offer at this time. You can browse our best money market accounts if you're interested in an MMA.
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Yes, American Express is an FDIC-insured online-only bank. It is headquartered in Sandy, UT.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Axos Financial, Charles Schwab, Goldman Sachs Group, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.