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American Express National Bank Review: High Rates and Low Fees

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. 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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Steven Porrello
Reviewer: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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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. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

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.
 = 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
  • Good customer service
  • Member FDIC
Cons
  • No physical branches
  • Does not offer a checking account
  • No checks, ATM cards, or other physical withdrawal options

Our American Express National Bank ratings

We gave American Express National Bank a 4.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

American Express National Bank Accounts Motley Fool Money'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

  • 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.

Savings accounts

American Express® High Yield Savings (Member FDIC) is a great savings vehicle. It offers one of the highest interest rates we've seen with an APY of 3.80% as of December 17, 2024. There is no minimum balance or monthly maintenance fees.

While parking your savings at a separate bank might be inconvenient if you want to keep everything in-house and simplify your finances, it also has several upsides. One of these is that it can help remove the temptation to spend your money too soon. And when you do need your cash, transfers are relatively quick.

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

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024
FEATURED OFFER

American Express® High Yield Savings

Open Account for American Express® High Yield Savings

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

On American Express's Secure Website.

APY
3.80% Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 26, 2024. Terms apply. $0 Minimum to earn APY
Min. To Earn APY
$0
  • 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
  • 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

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 26, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

The American Express National Bank CD (Member FDIC) offers decent interest rates and doesn't have a minimum deposit requirement or charge any monthly fees.

While it doesn't offer the best CD rates in the industry, American Express National Bank is a solid pick for individuals who cannot meet the high minimum deposit requirements of other banks.

American Express National Bank 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 Dec. 18, 2024

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
3.75% 3.60% 3.35% 3.50% 3.00% 3.00% 3.00%

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

The American Express Rewards Checking account has no fees, offers a 1.00% annual percentage yield (APY) as of August 19, 2024, 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.

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

On American Express's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

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.

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
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Is American Express National Bank FDIC insured?

American Express National Bank is an FDIC-insured bank and deposits are insured to $250,000 per depositor, per ownership category.

Customer experience

American Express National Bank is well-known for its amazing customer service. With that in mind, let's see how customers rank its customer service and mobile app.

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 account providers. It doesn't have great reviews on third-party sites, with most clients complaining about surprise fees.

  • Better Business Bureau rating: 1.08 out of 5 stars
  • Trustpilot rating: 1.5 out of 5 stars

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, representatives are available 24 hours a day, 7 days a week at 1-800-446-6307, or via online 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 out of 5 stars
  • Google Play rating: 3.9 out of 5 stars

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

If American Express National Bank doesn't sound like a good fit for you, here are a couple of other banks to consider.

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 a lot 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.

See the Bonuses

FAQs

  • Yes, American Express National Bank is FDIC insured, meaning your money is protected up to $250,000.

  • 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.

  • Yes, American Express National Bank is an FDIC-insured online-only bank. It is headquartered in Sandy, Utah.