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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

American Express®

Andrew Omalley Andrew Omalley Last update:

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

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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.

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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
Benefits:

  • No monthly fees.
  • No minimum balance.
  • Great APY rates.
Benefits:

  • Monthly fees avoidable.
  • Various account options.
  • 16,000 No-fee ATMs.
Benefits:

  • Various accounts.
  • M. Fees easily waived.
  • Variety of CD options.

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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.”

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.