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Founded in 1976, the company has a long history of helping people make smart financial choices. We’ve maintained that reputation for over four decades, demystifying the financial decision-making process and giving people confidence in their next steps.

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American Express High Yield Savings Account Review

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American Express National Bank offers several options for Certificates of Deposits (CDs) that require no minimum deposit and have 24/7 customer service. CD duration ranges from 11 months to five years. Interest is compounded daily during the term of the CD, allowing you to continually watch your money grow over time.

With an American Express CD, customers can either withdraw interest payments without penalty or keep the earnings in the account to continue earning interest. However, taking interest payments lowers the APY because the initial rate assumes that interest payments are held in the account until maturity. As with CDs, there is a penalty for withdrawing principal before the end of the term.

The AmEx CD is an easy way to lock in a fixed interest rate on your savings. Here are some popular terms offered by American Express National Bank.

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Note. Annual Percentage Rate (APY) displayed was last revised on December 14, 2023 and may vary by region.

AmEx’s CD rates are lower than some of the other banks that offer the highest-earning CDs. Some online banks, such as Marcus by Goldman Sachs, also offer penalty-free CDs that allow you to withdraw principal for free, while AmEx does not.

AmEx accounts have the benefit of no minimum deposit, while Marcus requires a minimum of $500 to open a CD.

American Express Central Bank offers more than just certificates of deposit to hold your savings. The High Yield Savings Account offers greater flexibility and has no fees or minimum balance requirements. The High Yield Savings Account also allows up to nine withdrawals and/or transfers per transaction cycle, more than many competitors, but does not offer ATM access.

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American Express National Bank began offering a checking account in February 2022. However, only AmEx customers who have had a personal account for at least three months can open a checking account.

American Express Central is an online-only bank, so it may not be suitable for those who value branch banking. However, account holders can contact American Express customer support 24/7.

Marcos Cabello is a banking writer at a company dedicated to helping readers make the best decisions about their finances. Previously, Marcos wrote about money for CNET and NextAdvisor, covering personal finance topics including US economic policy and cryptocurrencies.

Edited by Matthew Goldberg Edited by Matthew GoldbergArrow Right Consumer Banking Reporter Matthew Goldberg is a consumer banking reporter at . Matthew has worked in financial services for over ten years, in banking and insurance. Connect with Matthew Goldberg on Twitter Connect with Matthew Goldberg on LinkedIn Linkedin Connect with Matthew Goldberg via Email Matthew Goldberg’s Consumer Banking Report You probably know about American Express because of their credit cards, but did you know that they have a banking division — American Express State Bank — that offers a competitive APR (APY ) bank accounts?

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Founded in 1850, American Express is a financial services company headquartered in New York. Their banking division is an online-only bank based in Utah with no physical branches. In addition to everyday bank accounts, the bank offers consumer and commercial banking products, such as personal loans on current accounts. All bank deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC).

American Express National Bank offers three deposit accounts: checking, savings and certificates of deposit (CDs). They offer savings accounts for retirement savings, including CD IRAs and high yield IRA savings accounts.

American Express National Bank checking accounts are only available to existing Amex credit cardholders. To get a checking account, you must have had your American Express credit card for at least three months.

While many banks offer low or no interest on checking accounts, the American Express National Bank Checking Account offers a fixed 1.00% APY with no monthly maintenance fee or minimum opening deposit requirements.

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After registering for a checking account, you can fund your account by bank transfer, direct deposit, or mobile check deposit, but not by cash deposit. A checking account also comes with a Rewards debit card and check writing privileges.

You can use your Rewards Debit Card to withdraw cash from ATMs and make purchases online and in-store. You earn one Membership Rewards point for every $2 debit card purchase. Membership Rewards can be redeemed for flights, gift cards, statement cards and more. If you’re already an Amex cardholder, using a debit card with a credit card can help you earn points faster.

If you want to withdraw cash, Amex has a network of 37,000 MoneyPass® ATMs across the country that you can access for free. However, if you decide to use ATM no

In their network, the ATM provider may charge you because Amex does not offer an ATM reimbursement fee.

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The National Bank High Yield Savings Account from American Express has a generous APY and no fees or minimums.

You can open this savings account online with no minimum deposit. This account is a great option if you’re just starting to accumulate savings. Since the High Yield Savings Account is not designed for everyday spending, you will not receive checks or a debit card.

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