American Express National Bank Review 2024 (2024)

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Overall Bank Rating

Pros and cons

American Express Savings Rates

The American Express savings rate is 4.25% (as of 4/25/24), which is much higher than the average savings account. There's no required opening deposit or minimum account balance, but you must make a deposit within the first 60 days or the bank will close your account.

Read our guides on the best high-yield savings accounts »

American Express Checking Rates

If you're eligible to open an American Express® Rewards Checking Account, it's a good online option worth considering. The account doesn't charge monthly service fees or overdraft fees.

You also may earn rewards on eligible debit card purchases, which may be used to book travel, obtain gift cards, or donate.

American Express CD Rates

Many banks require hundreds or thousands of dollars to open a CD, but American Express CDs do not require an opening deposit. You'll earn a pretty competitive interest rate, regardless of the term.

How American Express National Bank Works

American Express National Bank (Member FDIC) is an online-only bank that doesn't require an opening deposit or minimum account balance for any of its accounts. American Express National Bank also doesn't charge monthly bank maintenance fees.

The American Express National Bank website is easy to use, but the bank doesn't have a mobile app. The American Express app is just for credit card customers. If you have an American Express High Yield Savings Account or CD but you don't have an American Express Card, you won't be able to access your account through the Amex mobile app.

American Express National Bank offers 24/7 customer support by phone, but unlike many competing banks, it doesn't have live chat online with representatives.

Your American Express National Bank accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.

American Express National Bank Trustworthiness and BBB Rating

The Better Business Bureau gives American Express National Bank (Member FDIC) an NR (No Rating) because American Express Natioanl Bank is in the process of responding to customer complaints that had previously been closed.

The BBB grades businesses based on factors like how they respond to customer complaints, honesty in advertising, and transparency about business practices.

American Express National Bank has been involved in one recent public controversy.

In 2022, American Express paid $430,500 in a settlement with the United States Department of the Treasury's Office of Foreign Assets Control (OFAC). In the settlement, OFAC accused the bank of processing transactions on an account where the supplemental card holder was linked to illegal drug distribution and money laundering.

How American Express National Bank Compares

We've compared American Express National Bank (Member FDIC) with two other online banks with no minimum opening deposits: Ally and Capital One 360.

Capital One pays the most competitive rates on savings accounts and CDs. Keep in mind rates can fluctuate, so this may change in the future.

Although Capital One 360 is an online bank, it does have branches in several states. You may find this useful if you ever want to speak with a banker in person. With Ally or American Express National Bank, you'll have to be comfortable with an online-only banking experience.

If you'd like a bank with a mobile app, you'll prefer Capital One or Ally over American Express National Bank. American express National Bank only has a mobile app for credit card customers. If you have opened only a savings account or CD, you won't be able to access your account through the app.

American Express Bank Frequently Asked Questions (FAQ)