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American Express National Bank Review: High Rates and Low Fees

Review Updated
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

You might be familiar with American Express credit cards, but not everyone knows about its FDIC-insured banking products. While its lineup isn't as robust as some other banks' products, it offers competitive rates on savings and CD accounts. Check out our American Express National Bank review (Member FDIC) for a full overview of its products so you can decide if it's the right fit for you.

Offer image for

American Express® National Bank

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.
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= Excellent
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Bottom Line

American Express doesn't offer a checking account, but it does offer 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

American Express National Bank savings accounts

American Express® High Yield Savings Account

The American Express® High Yield Savings Account is a great savings vehicle for several reasons. First, it offers one of the highest interest rates we've seen. Second, you're forced to use it as a secondary bank account since American Express National Bank does not offer a checking account.

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.

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Ratings Methodology
Rates as of Mar 28, 2024

American Express® High Yield Savings

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.
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= 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
APY
4.35% Rate info Circle with letter I in it. 4.35% annual percentage yield as of March 28, 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.

American Express National Bank CD accounts

American Express National Bank CD

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.

American Express National Bank checking accounts

American Express Rewards Checking

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.

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Ratings Methodology
Rates as of Mar 28, 2024

American Express Rewards Checking

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
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 APY (annual percentage yield) and earns rewards but those are limited to certain options.

American Express National Bank's customer service and experience

American Express as a whole is known for excellent customer service. In 2021, J.D. Power ranked American Express first in customer satisfaction for credit card customer service. Though J.D. Power didn't speak to American Express National Bank's products, it's reasonable to believe these same values define American Express National Bank, since it's run by the same company. Additionally, American Express National Bank services are consistently rated highly by customers online -- a major compliment. Customers are generally more likely to write reviews for negative experiences, so positive reviews are a strong indicator of excellent service. Though there is not an abundance of information on American Express National Bank's customer service, the little that is available points toward an excellent customer service experience.

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.

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.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. 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
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of March 28, 2024
Min. to earn: $1
N/A
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A

Bank product rating methodology

Bank products, such as savings, checking, and money market accounts, are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include the following.

1. Competitive APYs without complex qualification tiers

Accounts that offer competitively-high APYs for most users will generally earn the highest ratings. More restrictive offerings, including those with introductory rates and/or complex qualifying tiers to earn a stated APY, will not fare as well. Items assessed may include:

  • APY
  • Minimum opening deposit
  • Tiered qualifications for stated APYs
  • Presence of an introductory APY

2. Low to no fees

The low to no fee theme is even more of a focus for banking products, where the default assumption for most consumers is that they shouldn't incur fees for routine account maintenance. Items assessed may include:

  • Monthly maintenance fees
  • Overdraft fees
  • Funding and withdrawal fees

3. Ease of use

Bank accounts should give you simple and fast access to your funds. Items assessed may include:

  • Presence and quality of a bank's mobile app
  • Funding and withdrawal options

Learn more about how we rate products with our Ratings Methodology.

Our Banking Expert