American Express National Bank has competitive APYs on CDs and high-yield savings accounts, but checking is only available to cardholders (2024)

American Express National Bank has competitively high interest rates, currently offering an annual percentage yield (APY) of 4.25% for a savings account and up to 4.35% on a certificate of deposit (CD). The bank also has consumer and commercial banking products, such as personal loans, travel benefits, and business checking accounts.

All rates and fees are current as of April 18, 2024, and are subject to change.

American Express National Bank rates and products

American Express National Bank offers very straightforward savings, checking, and CD accounts online. There’s one high-yield savings and checking account with no minimum balance or monthly fees. Then, there are seven CD products with different term lengths. American Express also has a handful of individual retirement accounts (IRAs) in the form of high-yield savings accounts and CD products.

Checking account

American Express National Bank has one free checking account with a 1% APY, which is above the national average. There’s no monthly fee or charge to open the account, and there’s no minimum balance requirement. The checking account also comes with a debit card rewards program where you can build points that can be converted into cash in your checking account. This gives American Express a competitive edge over the other best checking accounts with bonuses nationwide.

After you sign up for the checking account, you can fund your account via online transfer, direct deposit, or mobile check deposit—but not cash deposit.

Membership Rewards can also be redeemed for flights, gift cards, a statement credit, and more. If you’re already an Amex cardholder, using the debit card in conjunction with the credit card could help you accrue points faster.

Savings account

American Express National Bank offers one high-yield savings account online with a 4.25%% APY, which places it close to the top-yielding savings accounts nationwide. This is an extremely low-cost account as there are no fees to open it, no monthly maintenance charges, and no minimum balance requirements.

Since the high-yield savings account isn’t for everyday spending, you won’t receive checks or a debit card. When you want to access your money, you’ll have to do so via electronic transfer.

American Express National Bank savings rates compared to current top rates*

While American Express National Bank is a great option for chasing high yields to earn more with your savings, there are a few institutions that offer higher interest rates. Compare the rates above to this list of competitors:

American Express National Bank certificates of deposit

American Express National Bank offers traditional CDs with rates as high as 4.35% for a 12-month CD. The yields are slightly lower than the best CD rates in the market, but still above the national average. There are seven different term lengths, ranging from 11–60 months.

There’s no minimum balance requirement to open the account or monthly fee. However, you will need to add funds to the CD within 60 days of approval to avoid the bank closing your account. Once you’ve added the initial funds, you cannot keep adding more deposits during the term. Also, withdrawing the funds before the term ends could cause you to pay an early withdrawal penalty fee.

American Express National Bank IRAs

American Express National Bank also offers CDs and a high-yield savings account through IRA plans that give a tax benefit if you’re saving for retirement. These accounts are also FDIC-insured and come in the form of a Traditional or Roth IRA Plan. The funds can be deposited into an IRA high-yield savings account or one of the IRA CDs. The yields on the IRA CDs reach up to 4% APY for a 12- or 24-month term.

All accounts classified as IRAs are subject to annual contribution limits established by the IRS.

Other services American Express National Bank offers

Aside from online personal savings and checking accounts, American Express National Bank offers other helpful products, including:

• Personal loans: These loans are only available to Amex cardholders. Personal loans range from $3,500 to $40,000 and interest rates vary. There are no origination fees or pre-payment penalties, but there are late payment fees.
• Business checking account: A business checking account is available to business owners and offers a 1.30% APY on balances up to $500,000. There are no monthly maintenance fees.
• Business line of credit: Terms range from 6–24 months. Fees vary based on the term length and amount you borrow. You must link your business bank account to the application.
• Online banking: American Express National Bank only offers savings and checking accounts online or through its app. It has no physical branches, but there are more than 37,000 ATMs in the American Express network.

American Express National Bank platform and customer support

You can access your American Express account either online or via the app, which is available in the Google Play Store and the Apple App Store. You can make mobile check deposits, digitally transfer money, and check your account balance through the website or app.

Customer service for consumer savings and checking accounts is available 24/7 via phone call. For personal loans, help is available Monday through Friday from 9 a.m. to 8 p.m. Eastern Time (ET).

Is American Express National Bank secure?

American Express National Bank offers several layers of protection to its customers, such as two-factor authentication (2FA) for logging in online; and FDIC insurance for up to $250,000 per depositor and ownership category. However, American Express Co. reported in March 2024 that there was a hack by one of its third-party providers that may have exposed some cardholder data.

Any time you see a suspicious transaction on your account, you should immediately contact your financial provider.

American Express National Bank user reviews

Reviews about American Express’ banking products are positive, particularly for the ease of applying online and the free checking account. Most of the complaints about American Express are related to problems with its credit card and travel rewards programs.

Compare American Express National Bank alternatives

American Express National Bank	Ally Bank	Everbank
Checking APY	Checking APY	Checking APY
1%	0.25%	0.45%
Savings APY	Savings APY	Savings APY
4.25%	4.20%	5.05%
Monthly account fees	Monthly account fees	Monthly account fees
0	0	0
View offer	View offer	Read review

Is American Express National Bank right for you?

If you’re looking for a free checking, savings, or CD account with fairly strong yields, then American Express National Bank is a good option. Keep in mind that, to open a checking account, you must first have an Amex card for several months.

If you don’t have an Amex card, you can still sign up for their high-yield savings account and CDs, and take advantage of their competitive interest rates.

Frequently asked questions