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American Express National Bank Review: Is This Online Bank Right for You?

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.
Offer image for
Member FDIC.

American Express National Bank (Member FDIC)

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Bottom Line

American Express offers above-average rates for savings accounts. Plus, there are no monthly fees and no minimum 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
  • No minimum to earn full savings APY
Cons
  • No physical branches
  • Only Card Members eligible for checking

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 Motley Fool Money rates bank accounts.

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 Motley Fool Money rates bank accounts.

American Express National Bank (Member FDIC) products

American Express® High Yield Savings Account (Member FDIC)

American Express® High Yield Savings Account
Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 20, 2025

American Express® High Yield Savings Account

Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

APY
3.60% Rate info Circle with letter I in it. 3.60% annual percentage yield as of May 20, 2025. Terms apply.
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only
  • No cash deposits

American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate well above average and requires no minimum deposit to qualify for the highest APY. It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.

Read Full Review

American Express Rewards Checking (Member FDIC)

American Express® High Yield Savings Account
Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 20, 2025

American Express Rewards Checking

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Read Review
APY
1.00% Rate info Circle with letter I in it. APY = annual percentage yield
Min. To Earn APY
$0
  • 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 annual percentage yield (APY), too.

American Express National Bank CDs (Member FDIC)

Rates as of April 22, 2025

APY = Annual Percentage Yield

Offer image for American Express National Bank CD
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
Read Review
11 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.00% 3.85% 3.85% 4.00% 3.60% 3.60% 3.75%

Digital experience

Mobile app

American Express National Bank (Member FDIC)'s mobile app is one of the best-rated in the industry, especially on the App Store, where it boasts an impressive 4.9 out of 5 stars. Users love its intuitive design, fast load times, and seamless money transfers between accounts. The biggest complaint? Occasionally, the app redirects users to the website for certain features, which can be frustrating.

  • App Store rating: 4.9 / 5.0 stars
  • Google Play rating: 3.9 / 5.0 stars

Online banking features

Since Amex is a digital-first bank, its online banking features are well-developed and user-friendly. You can handle all the basics -- checking balances, making payments, and depositing checks -- but Amex goes a step further by offering additional tools like free FICO® Score access, spending insights, and Membership Rewards integration for card holders.

Fees and costs

Amex is an almost entirely fee-free bank, meaning you won't lose money to annoying charges like monthly maintenance or overdraft fees. The only fee worth noting is a $20 outgoing wire transfer fee from the American Express Rewards Checking account, which is actually lower than what many competitors charge.

Fee Charge
Overdraft fees None
Monthly maintenance fees None
ATM fees None
Wire transfers $20 per outgoing transfer
Data source: American Express National Bank.

Customer experience and reviews

Customer service availability

Since Amex is an online-only bank, you won't find any physical branches to visit, but that doesn't mean you're on your own. Amex offers 24/7 customer service, which is a big plus compared to some competitors that limit support hours. Anytime you need help, you can call 1-800-446-6307, and a real human will be available to help you. If you prefer digital support, Amex also provides live chat and a secure message center.

What customers say

Amex is a well-known brand with a solid reputation, especially for its high-yield savings accounts. Customers frequently praise its competitive interest rates and lack of fees. However, it's not all five-star reviews -- according to J.D. Power's 2024 Direct Banking Satisfaction Study, Amex ranked below average among online banks for checking and savings providers.

The biggest complaint? The time it takes to resolve customer service issues. While support is available 24/7, some customers report delays in getting problems fully sorted out. If quick resolutions are a top priority for you, this might be something to keep in mind.

Physical locations

American Express National Bank (Member FDIC) has no physical branches, as it operates entirely online. However, they provide access to a large nationwide ATM network, so you can easily withdraw cash at thousands of locations without incurring fees.

Security

We named Amex one of the safest national banks because of its long history of reliable security services. For starters, it's FDIC insured, meaning your deposits are protected up to $250,000 per account ownership category. But beyond that, Amex takes security seriously with two-factor authentication, real-time transaction alerts, and a fraud center to help you resolve any issues quickly. If safety is a top concern, Amex checks all the right boxes.

How American Express National Bank (Member FDIC) compares

Bank of America vs. American Express National Bank (Member FDIC)

Bank of America is a full-service bank offering everything from checking accounts to loans and mortgages, making it a convenient choice for those who want all their banking in one place. Amex, while best known for its card products, also offers high-yield savings, CDs, and checking accounts but operates entirely online.

If you prefer in-person banking, Bank of America has the edge. But if you're looking for competitive savings rates and don't mind a digital-first experience, Amex is the better bet.

Capital One vs. American Express National Bank (Member FDIC)

Capital One offers a mix of digital and in-person banking, with branches, Capital One Cafes, and a full suite of financial products, including checking accounts, savings accounts, and loans. American Express National Bank (Member FDIC) is fully online, focusing on premium cards, high-yield savings, and checking.

If you're after a seamless online banking experience with high savings rates, Amex is a solid choice. But if you prefer occasional branch access and more banking features, Capital One might be the better fit.

Who American Express National Bank (Member FDIC) is best for

American Express National Bank (Member FDIC) is a great choice for those who are comfortable with online banking, appreciate a well-established brand, and want access to competitive savings rates. It's especially appealing to people who already have an Amex card or are considering getting one, as it offers a seamless experience across its financial products. Unless in-person service is a dealbreaker for you, Amex is a solid option for managing your money efficiently.

FAQs

  • Since American Express National Bank (Member FDIC) is primarily a digital bank, there are no foreign transaction fees for its savings accounts. However, if you use an Amex card, foreign transaction fees may apply, depending on the card.

  • You can deposit checks through the Amex mobile app, which allows you to take pictures of the check and deposit it directly into your account, making it easy and convenient.

  • Yes, American Express National Bank (Member FDIC) is FDIC insured, meaning deposits are protected up to $250,000 per depositor, per account ownership category. The bank also offers additional security features like two-factor authentication and fraud monitoring.