American Express®
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Overview
American Express (Amex) is one of the best-known card providers in the world today, also offering a wide range of different banking services. It has been around since the 19th century and has more than 54 million cards active across the United States today.
Some of its available products include high-yield CDs and savings accounts, with the online-only offering suiting a lot of people down to the ground. This Amex Bank review will take a look at all of the core aspects of banking with this respected institution.
- Some of the best APY rates around
- No minimum deposits required
- No monthly fees to worry about
Amex Bank Account Types
With Amex Bank being one of the major institutions in the country, it will not surprise you to learn that there is a great range of different account types on offer. However, it does not really offer traditional types of checking accounts. The other account options will cover a variety of different needs that relate to savings. Here is a list of the most popular Amex Bank account options that are on offer today:
High-Yield Savings Account
Amex Bank offers a high yield savings account. The APY is 0.40% and there are no monthly fees in place that you need to worry about.
You also will not have to deal with any minimum opening deposits or have the need to make sure that a certain minimum amount is always kept in this FDIC-insured account. There is also the ability to make as many as nine withdrawals or transfers each month without facing any charges. It is a wonderful option for a savings account only available on the market today.
| Account Type | Key Features |
| High-Yield Savings Account | No minimum deposit required |
| APY rate of 0.40% | |
| No monthly fee |
Amex Bank Certificate of Deposits (CDs)
Amex Bank also offers great rates for CD products that are on the market today in the United States, You have access to CD term lengths of between six months and five years, with the rate being locked in for this entire time period. There is no minimum necessary with your CD account and you also will not have to pay any sort of monthly fees.
The funds are FDIC-insured and the APY will increase over time. For example, a six-month CD will have an APY of 0.10%, with this rising to an APY of 0.55% for a 60-month term. Your interest will be compounding on a daily basis and deposited in the account each month.
| Account Type | Key Features |
| Amex Bank CDs | No minimum deposit required |
| Terms range between 6 months and 5 years | |
| No monthly fee |
Amex Bank APY
After conducting this Amex Bank savings accounts review, we concluded that the APY rates on offer are attractive. Here is a quick breakdown of what you can expect:
| Account | 1 Year | 3 Years | 5 Years |
| High-Yield Savings Account | 0.40% | 0.40% | 0.40% |
| Certificate of Deposit | 0.20% | 0.40% | 0.55% |
What is an Amex Bank account best for?
Amex Bank is going to be a good fit for those people who are looking for savings products that have good rates of return compared to most competitors, as well as few barriers to entry. With both the CDs and the high-yield savings account at Amex Bank, you do not have to worry about any monthly fees, minimum opening balances, or maintaining a specific balance on a regular basis. You will also be able to access each of these accounts around the clock, with online banking being top-quality.
Overdraft Fees
As there is no checking account available on Amex Bank, there is no consideration for overdraft fees. For the likes of the high-yield savings account, it is not an account that is designed for everyday spending. Therefore, you will not get a debit card or checks with this account type or have the ability to withdraw cash through ATMs.
Opening an account at Amex Bank
Amex Bank allows people to quickly set up a new savings or CD account online. The process of opening any of these accounts will take just a few minutes. You will need to provide the usual types of personal info. Amex Bank will then verify this information through public records without needing to conduct any sort of check that will have an impact on your credit.
You should then get an email confirming your new account after a few minutes and you can register for your new savings account. To add funds, you can link a checking account or send a check via mail. Linking an account can take a day or two, with transfers thereafter requiring less than 24 hours.
Pros and Cons
If you are looking for a bank that offers you top-tier APY rates on its savings account and CDs, then Amex Bank is for you. While there is just a single savings account option, this is a high-yield offering that has no minimum required deposit and no need to maintain a certain level of funds. What’s more, is that no monthly fees are required. Amex Bank has a reputation as one of the safest institutions around, so you know that your money is safe here.
The CDs also offer plenty of great rates and term lengths, with your APY locking in once you commit to a given CD. Once again, there is no minimum investment required and your interest will compound on a daily basis.
There are very few drawbacks in relation to Amex Bank. The lack of a checking account and no physical branches may be an issue for some people. Otherwise, there is not really anything else to complain about.
| Pros | Cons |
| No monthly fees | No checking account |
| Very good APY rates | Limited options |
| Well-trusted institution | No physical branches |
Comparison to similar bank accounts
| Amex | Chase | HSBC |
| Link to review | Link to review | Link to review |
| APY: Up to 0.4% | APY: Up to 0.15% | APY: Up to 0.15% |
| Minimum balance: $0 | Minimum balance: $0 | Minimum balance: $1 |
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Disclaimer: “The Annual Percentage Yield (APY) as advertised is accurate as of 04/07/2021. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.”