American Express National Bank is the 25th largest bank in the U.S. by asset size with just over $130 billion.

Known by most as a credit card company—American Express—this financial corporation was approved to become a commercial bank with the name American Express National Bank in 2008 and has been a part of the digital banking sector ever since.

Within this relatively short period of time, American Express National Bank has racked up over $78 billion in consumer deposits.

Their current deposit account suite consists of a personal high yield savings account and 7 standard term CDs (certificates of deposit).

To learn more, read our complete review of their personal savings account and certificate of deposit products below.

American Express CD Rates + Account Details

American Express’s CD (certificate of deposit) rates rose significantly in 2022 but have yet to increase this year.

All of their CDs come with no monthly maintenance fees and no minimum deposit requirements.

American Express CD Rates

To put these yields in perspective, the national average for a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively according to recent FDIC data.

American Express’s certificates of deposit still feature ascending rates with ascending terms – meaning the longer you lock up your funds, the higher the rate you will receive. While this is standard and to be expected in normal market conditions, it is not what we presently see with a number of online banks and credit unions.

As mentioned, there is no minimum deposit or balance requirement to open and maintain an American Express CD. Any positive balance will earn the fixed APY on the account and you’ll never be charged a fee. You just need to deposit funds within 30 days of being approved for an account. 

Dividends are compounded daily and credited monthly. Your interest will default to being deposited back into the certificate account, but you can choose instead to have it transferred automatically to your:

1) American Express Personal Savings account,

2) transferred automatically to a linked external account, or

3) mailed to you by check monthly, quarterly, or annually.

Partial withdrawals are not permitted. Early withdrawal policies for this bank are strict and the fees high, so do your best to wait until your certificate matures to withdraw funds or do so within the permitted window. There is a 10 day grace period within which you may deposit more money after issuance and make changes to your account after renewal. Here are all possible early withdrawal charges:

• 90 days’ interest for terms of less than 12 months
• 270 days’ interest for terms greater than 12 and less than 48 months
• 365 days’ interest for terms greater than 48 and less than 60 months
• 540 days’ interest for terms greater than 60 months

Keep in mind also that American Express reserves the right to deduct the difference from your principal if your CD does not have enough interest to pay the early withdrawal fee.

Personal Savings Account Details + APY

The personal high yield savings account by American Express National Bank comes with zero monthly maintenance fees, and no minimum balance or deposit requirements. American Express Bank is member FDIC and all consumer deposits are federally insured up to the applicable limits.

American Express Personal Savings Account APY

To put this offer in perspective, the current national average for savings accounts sits at just 0.33% APY, however, a number of FDIC-insured online banks are now offering rates above 4.00% APY.

This is a variable rate account that can change at any time and without notice.

Fees, Minimum Balance Requirements, and Compounding Interest

The American Express Personal Savings account does not charge monthly maintenance fees nor does it require an average daily minimum balance. To earn the advertised interest rate and APY, you just need to maintain a balance of $1 or more.

There is no minimum opening deposit required either, but accounts that remain with a $0 balance for 180 days will be closed. These flexible terms put this savings product within reach of just about anyone, regardless of net worth or income.

Dividends on this high-yield account are compounded daily and credited monthly to your account.

You can make no more than 6 withdrawals or deposits into this account per month, per federal regulation D.

How to Open a Savings Account

The account opening process is simple and straightforward. To get started, navigate to the high yield savings account page on the American Express Bank website (link above).

From here you will click on the blue “Apply” button, then it is a four step process that can be completed in minutes. If you have already begun the process you will also be able to access your saved application here.

The steps are:

1. Account set up.
2. Going through the terms and conditions.
3. Funding the account.
4. Online access set up.

For step 1, you will need the following information:

1. Full name and date of birth (drivers license)
2. Address
3. Phone number
4. Email
5. Social security number

Once you arrive at step 3 you will need a few pieces of information from the bank in which you will be funding the savings account.

This information includes:

1. Routing number of bank
2. Your account number

Once your account is activated and funded you’ll be ready to start earning interest on your balance. As time goes on you will likely need access to these funds. You can learn more about your account access and monitoring your funds below.

Accessing and Monitoring your Funds

American Express is currently in the testing phase of offering access to American Express Savings accounts in the Amex App (for credit cards). Access is limited to customers who have both an American Express Savings account (High Yield Savings or CD) and an American Express Card Account who have successfully connected their accounts for one-click access. If you’d like instructions to set this up go here.

For moving funds through their online website, you’ll want to link an external bank account. American Express allows you to link up to 3 external bank accounts. If you initiate this through American Express, this will take 3 or more business days. If you initiate this through the bank from which funds are being pulled, this will take just 1 or 2 business days.

A standard verification process will take place where American Express will send you small micro payments (typically two) in which you will then confirm to complete the syncing of your accounts. After this is completed, you’ll be able to transfer or deposit funds from or into your American Express savings account. Just keep in mind it generally takes one to three business days for new funds to be reflected in your account.

Banking Experience + Customer Satisfaction

You won’t be able to withdraw or deposit savings account funds at in-network ATMs because an American Express Personal Savings account does not come with an ATM card and there is no Amex checking account. So really, these ATMs are for credit card users only. 

The digital bank’s customer satisfaction is rather high. Out of 266 reviews on DepositAccounts, American Express Bank scored a rating of 4. Many reviewers go out of their way to mention the superior customer service—helpful representatives, reasonably short wait times, easy process, etc.—they have received with this bank and express their appreciation for the user-friendly online banking platform. Most have only good feedback for the company.

To contact customer service—available 24 hours a day, 7 days a week—call 1-(800)446-6307, fax 1-(800)-542-0779, or send checks/correspondence to the below address: American Express National Bank P.O. Box 30384 Salt Lake City, Utah 84130

Questions and Answers

Still have questions regarding American Express’s deposit accounts?

Here are some commonly asked questions as well as our answers from consumers around the web.

Does Amex have a money market account?

No, American Express does not offer a money market account at this time.

They do, however, have an online savings account which is similar in many ways.

Is American Express FDIC-insured?

Yes. American Express is federally insured by the FDIC (certificate #27471).

Consumer deposits held at American Express are federally insured up to $250,000 per depositor and $500,000 for joint accounts.