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American Express National Bank (Member FDIC) Review: Is This Online Bank Right for You?

Review Updated
Joel O'Leary
Author: Joel O'Leary
Joel O'Leary
Joel O'Leary
Full-Time Personal Finance Writer

Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.

See Full Bio

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.

When most people hear American Express, they instantly think of card products. But Amex is actually a fully licensed online bank.

American Express National Bank (Member FDIC) offers checking and savings accounts, high-yield certificates of deposit (CDs), loans, and even business banking tools.

And unlike many "big name" banks, its savings products consistently offer competitive APYs, with no monthly fees and easy to use tools.

Here's our full review of American Express National Bank (Member FDIC): what it offers, who it's best for, and where it stands out.

Offer image for
Member FDIC.

American Express National Bank (Member FDIC)

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 National Bank (Member FDIC) offers a small lineup of banking products built around strong yields, no-fee accounts, and an easy online experience.

It's an online-only bank, which means everything is designed to be managed easily online or via its mobile app.3

Here's a quick look at the products on offer.

High-yield savings accounts

In our opinion, this is the standout product and the main draw for this bank.

The American Express® High Yield Savings Account offers a competitive annual percentage yield (APY), no monthly fees, and no minimum balance requirements².

It's designed for people who want their cash to earn more than it would sitting in a traditional bank, while also staying fully liquid and easy to access.

If you already use an Amex card, it's nice having spending and saving under one login.

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

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 01, 2025

American Express® High Yield Savings Account

Open Account for American Express® High Yield Savings Account

On American Express's Secure Website.

Member FDIC.
4.80/5 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
4.80/5 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
3.40%¹ Rate info Circle with letter I in it. 3.40%¹ annual percentage yield as of December 1, 2025. Terms apply.
Min. To Earn APY
$0²
  • Competitive APY
  • No monthly account fee²
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)⁴
  • 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 open for the highest APY². It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.

Open an American Express® High Yield Savings Account Account

¹The Annual Percentage Yield (APY) as advertised is accurate as of December 1, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.

²There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.

³iOS and Android only. See app store listings for operating system info.

⁴For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.

Read Full Review

Checking accounts

Amex offers an American Express Rewards Checking account that pairs well with its card ecosystem.

You get everyday banking (like bill pay and direct deposit) plus debit card access -- without paying maintenance fees. The experience is clean and fully digital, and you can manage everything within the Amex app.

You'll also earn a decent APY on checking balances which is rare for checking accounts. That said, it's way better to have any idle cash sitting in a high-yield savings account to earn the highest APY possible.

Note that at this time only existing U.S. American Express consumer cardholders who have had their account open for at least three months are eligible to open an American Express Rewards Checking account.

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

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 01, 2025

American Express Rewards Checking

Member FDIC.
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
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
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.

Certificates of deposit (CDs)

For savers who prefer locking in a fixed rate, Amex offers a range of CDs with flexible term lengths. Like the rest of its banking lineup, CDs have no maintenance fees and fixed, predictable returns. They're a solid option for short- or medium-term savings goals when you want guaranteed growth.

Business banking accounts

Business owners can also bank with American Express, making everything more streamlined to manage cash flow, deposits, and payments.

If you're already using Amex business cards, keeping banking under the same roof simplifies everything -- rewards, spending, and saving in one dashboard.

Digital experience

Mobile app

American Express National Bank (Member FDIC) has one of the strongest digital platforms in banking, and it was recently recognized as the 2026 Best Credit Card App by Motley Fool Money.

The Amex app³ has an intuitive design, lightning-fast load times, and seamless money management. Transfers between accounts are smooth, and everything feels polished and easy.⁴

The only occasional drawback is that some advanced banking features still redirect to the website, which can break the flow on a cellphone.

Online banking features

Because Amex is a digital-first bank, its online experience is clean and straightforward. You can handle everyday tasks (like pay bills, move money, deposit checks) without any hassles.

For cardholders, the platform goes even further, integrating things like free FICO® Score access, spending insights, and Membership Rewards tracking under one login.

Fees and costs

American Express National Bank (Member FDIC) keeps its banking fees refreshingly low. There are no monthly maintenance fees, no minimum balance requirements, and no overdraft fees.2

For everyday access to cash, the American Express Rewards Checking account includes unlimited fee-free withdrawals at more than 70,000 Allpoint® and MoneyPass® ATMs nationwide.

Moving money in and out is easy, and nearly all transfers⁴ are free:

  • ACH transfers (incoming and outgoing): Free
  • Incoming domestic wires: Free
  • Outgoing domestic wires: $20 per wire (still lower than what many traditional banks charge)

In short: you keep more of your money. The only common fee you might run into is the outgoing wire fee, and that's usually only relevant for large, time-sensitive transfers.

Customer experience and reviews

Even though American Express National Bank (Member FDIC) is an online-only bank with no physical branches, customer service is surprisingly strong.

Customer support is available 24/7, and you can reach a real human anytime by calling 1-800-446-6307. If phone calls aren't your thing, you can also use live chat or send a secure message through your online dashboard or the mobile app.3

Round-the-clock help is a big advantage compared to banks that shut down support outside business hours.

Security

American Express National Bank (Member FDIC) consistently ranks as 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 person, 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.

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 Bonus Next Steps
up to 4.30%
Rate info Circle with letter I in it. Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it. Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3.75%
Rate info Circle with letter I in it. 3.75% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $5,000
Earn a bonus of up to $300 after a one-time deposit of $25,000+ Circle with letter I in it. This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms: https://www.cit.com/cit-bank/platinum-savings/PS2025
3.90%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of December 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of day account balance. *APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of November 20, 2025.

For complete list of account details and fees, see our Personal Account disclosures.

The annual percentage yield (APY) is accurate as of December 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of November 17, 2025. See the FDIC website for more information.

The bottom line

American Express National Bank (Member FDIC) is a legit bank with strong APYs, zero monthly fees, and a very user-friendly digital experience.

It's perfect for parking short term savings, locking in a CD rate, or managing day-to-day spending with a checking account.

If you're already an Amex cardholder, it's an easy upgrade. And even if you're not, this bank stands on its own as a solid, no-nonsense option for earning more on your cash.

Open an account with American Express National Bank (Member FDIC) and start earning more on your cash today.

FAQs

  • Anyone can open an American Express® High Yield Savings Account, but only existing U.S. American Express consumer cardholders who have had their account open for at least three months are eligible to open an American Express Rewards Checking account.

    That said, if you do have an Amex card, you'll have a bit more convenience seeing all your spending, saving, and rewards under one login.

  • Yes. Deposits at American Express National Bank (Member FDIC) are FDIC insured up to $250,000 per depositor, per account ownership category. This is the same federal protection you'd get at any major bank.

  • If you have an American Express Rewards Checking account, you can withdraw cash fee-free at 70,000+ Allpoint® and MoneyPass® ATMs nationwide. You can also easily do digital money transfers to other physical banks and withdraw your cash that way.⁴

  • Money moved into your American Express® High Yield Savings Account account is typically available within up to five business days, and transfers out to another bank usually arrive in one to two business days (sometimes same-day if eligible for expedited transfers)⁴.