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American Express Reviews

Savings products with competitive interest rates

Written by Lauren Le-Hair

About American Express | Read More

LS Score

Credibility

Support

Accessibility

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Opening Hours

Mon-Sun 24/7

Contact Information

(800) 528-4800
Headquarters: PO Box 30384, Salt Lake City, Utah

Social Media

LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Sun 24/7

Contact Information

(800) 528-4800
Headquarters: PO Box 30384, Salt Lake City, Utah

Social Media

American Express Business Loans Review

American Express Business Blueprint™ offers business lines of credit of between $2,000 and $250,000 to small businesses with fair and above credit. The online application is entirely online, and loans can be used for all sorts of working capital items such as inventory, salaries, or unbudgeted business expenses. American Express Business Blueprint™ provides lines of credit for 6, 12, and 18 months, with full terms of the lines of credit.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

American Express Business Loans Highlight

660

Min Credit Score

Min 2%

APR. Fixed Rate

$2K-$250K

Loan Amount

6, 12, or 18 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

$36K

Annual Revenue

12+ Months

Time in Business

Pros & Cons

Straightforward application process
No origination fees or prepayment penalties
Fair credit score requirements
Transparent fee structure

Majority of the fees are within the first few months, no incentive to repay loan early

Business Loan Types

Business Line of Credit

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American Express Business Loans Terms & Requirements

The terms for lines of credit are fixed and are as follows:

Lines of credit available for between $2,000 and $250,000
Repayment periods of 6, 12, or 18 months are available
6-month lines of credit charged at between 3% and 9%
12-month lines of credit charged at between 6% and 18%
18-month lines of credit charged at between 9% and 27%
Your business must generate average monthly revenue of at least $3,000
Your personal credit score must be greater than 660*
Your business must be at least one year old

The monthly fees charged by American Express Business Blueprint™ are higher than average, but this is the price paid for funding for fair credit rating holders. The fact that American Express Business Blueprint™ requires monthly payments instead of daily or weekly payments is a bonus and may help with managing cash flow.

* All businesses are unique and are subject to approval and review.

How to Apply

All applications for American Express Business Blueprint™ are made through the American Express website. The American Express website is clear and makes the application process straightforward.

If you are an existing American Express customer, you can log into your account to proceed. As we are new customers, we chose the option to create a new account.

American Express Business BlueprintTM application step 2

Once we had finished creating our American Express account, we were able to start with the American Express Business Blueprint™ application.

After completing the American Express Business Blueprint™ login, the remaining application process was straightforward and speedy. We simply had to enter our business and personal information alongside attaching a bank account or a PayPal account. We then entered how much we required for a line of credit and what period we wanted the line of credit for.

Doing so triggered the American Express Business Blueprint™ Smart Box, which detailed the full terms of the line of credit and how much we would be charged. We selected that we were happy with the charges and applied. The application was accepted almost immediately, and we received the funds the same day.

The application process started slowly as we had to register for two new accounts. Once we had done this, the actual application process was super simple and quick. If you need a line of credit, it is worth investigating what American Express Business Blueprint™ has to offer.

Qualification Requirements

If you are interested in a line of credit from American Express Business Blueprint™, you will need to meet the following requirements:

Be operating for at least one year
Average monthly revenue: at least $3,000
Have a personal credit score of greater than 660*
US citizen or permanent resident

* All businesses are unique and are subject to approval and review.

Required Information

You will need to provide the following information during the application process for an American Express Business Blueprint™ line of credit:

Proof of ID
Proof of address
Social Security Number
Date of birth
Required funding amount
Business details:
- Type of industry
- Company structure
- Incorporation date
- Tax ID number
- Annual revenue
- Up-to-date financials
- Checking account statements
Proof of business ownership

That being said, all businesses are unique and are subject to approval and review by American Express.

Application Steps & Time Frames

After creating an account with both American Express, the application for a line of credit took minutes. This included linking our bank account, which can take some time with certain business loan providers. Funding would usually take place within 1-3 business days, but times may differ and are subject to approval and review by American Express.

State Availability

- Available in all states

American Express Online Banking Review

American Express National Bank offers savings accounts and CDs to its US customers, both of which offer competitive rates compared with other online banks. Unlike most other online banks, there is no standard checking account option. A checking account is available for American Express credit card holders who have had their account for at least three months.

While this checking account offers a very competitive APR, it does not allow you to deposit cash. Also, there are no physical branches available, with all services provided being online only.

American Express Online Banking Highlight

No minimum

Min Deposit

16,000

ATM Network

Yes

Other Fees

Online Banking Savings

No minimum

Min Deposit

Min 4.15%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

Min 1%

Min APY Checking

Pros & Cons

No monthly fees.
Very good APY rates.
Well trusted institution

Low variety of accounts.
Limited options.
No physical branches.

Account types

Checking
Savings
Certificates of Deposit (CD)

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APY's

Account	1 Year	3 Years	5 Years
Rewards Checking	1%	1%	1%
High Yield Savings	4.15%	4.15%	4.15%
CDs	4%	1.15%	4.25%

Features Benefits & Rewards

No monthly fees
No minimum balance requirement

Account Types

Given the size of American Express, you would expect a large number of account options. However, there are only a few options available. Still, the options that are available to customers are excellent, with an emphasis on quality over quantity. The following options are available with American Express National Bank.

Rewards Checking Account

It’s important to note that the Rewards Checking account is only available to existing American Express consumer card customers that have held a card for 3 months or longer.

The Rewards Checking account is an excellent checking account if you are eligible to apply for it. You can earn 1% APY, which is very high for a checking account. As with all other American Express accounts, there are no monthly fees payable and no minimum balance required. You can also earn rewards for spending through your checking account.

High Yield Savings Account

Another account with no fees and minimum requirements, the High Yield Savings Account, offers an excellent 4.15% APY that rivals or exceeds most online savings accounts. The account does not come with a debit card as it is not meant to be a daily-use account, but you can make nine transfers in and out of the account each month.

CDs

American Express National Bank offers CDs with APYs of up to a whopping 4.25%. CDs are a fantastic option for people who want to lock in a fixed rate for a fixed period with funds that they will not require access to. CDs are available for between 6 and 60 months will the following APYs available:

6 months – 0.10%
12 months – 4%
18 months – 1%
24 months – 4.1%
36 months – 1.15%
48 months – 1.2%
60 months – 4.25%

No minimum deposit is required for a CD account, and interest accrues daily and is deposited monthly into the CD. As is standard with CDs, you can only access your capital deposited by paying the penalty.

Account Name	Key Features
Rewards Checking Account	Only available to existing card holders Excellent 1% APY for a checking account No fees associated with the account
High Yield Savings Account	4.15% APY available No minimum deposit requirement Up to nine transfers in and out of the account per month
CDs	APYs of over 4% available Interest is accrued and compounds daily FDIC for up to $250,000

Opening an Account With American Express

After reviewing the products available, we decided to apply for a 1-year CD with American Express National Bank due to the excellent 4% rate available for a 1-year deposit. We started by heading to the “Savings” section of the American Express website and navigated to the CDs page.

We selected “Open an Account” and were taken to the following page, which outlined the requirements of applying for a savings account with American Express.

After beginning the application process, the first thing to do was select the CD we wanted. Because of the high rate available, we chose the 12-month option.

After confirming that this was an individual account, we were invited to enter our personal information, including name, date of birth, and SSN. This step was followed by another form requesting our contact details, such as email address, phone number, and our preferred communication method for bank statements.

We then entered our home address and employment status and confirmed our W-9 Tax withholding status. At this stage, we were invited to review the terms and conditions of the CD before submitting our application. We were happy with the terms and applied for the CD. Once the application was reviewed and accepted, we uploaded our proof of identity and linked our bank account to fund the CD.

It took us 10 minutes to open a CD with American Express as a new customer. Overall, it was relatively quick to open an account. Plus, this, coupled with the excellent CD, meant that we would recommend American Express to anyone looking for a new savings product.

State Availability

- Available in all states

Written by Lauren Le-Hair

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

FAQ’s

Does American Express National Bank offer checking accounts as well as savings accounts?

Yes, but they are only available to American Express credit card customers that have held a credit card for at least three months.

Can I withdraw money from my savings account as cash?

You cannot. The savings account does not come with a debit card, and you cannot withdraw cash. You can make up to nine monthly transfers in and out of the account.

Are there any fees associated with the savings account?

No, there are no monthly maintenance fees payable with an American Express savings account.

Customer Support

American Express has a customer support line available, but the company also has a comprehensive FAQ section that should answer any query you may have. If you are an American Express customer, you can also log in to your account and start a live chat with a friendly yet professional customer care representative.

We called up the American Express helpline as we wanted to speak to a real person. As you might expect, with such a large institution, it took a few minutes to go through menu options, and we were put on hold more than once. When we got to speak to an agent, we were dealt with professionally, but the level of information provided was nothing more than what was available on the FAQ page. Therefore, due to the time is taken, the FAQ section should be your first port of call.

Privacy & Security

American Express has been in business since 1850 and has grown to become one of America’s most trustworthy and respected financial brands. Its website has a comprehensive Privacy Center, which gives information on its privacy policy and educates users about how its personal data is stored and maintained. There is also guidance for what to do if you want to opt-out of your personal data being used. This comprehensive approach to privacy and security is what you would expect from a company of the standing of American Express.

In Conclusion

American Express National Bank has some great products that fly under the radar compared with its world-famous credit card offering. The savings accounts and CDs offer very competitive rates, with the savings account, in particular, being very attractive with no monthly fees and no minimum balance requirement. Ultimately, we recommend looking into American Express if you are looking for a savings account, especially given how easy and quickly a new account can be set up.

Brand Disclaimer

If eligible, you can be approved in minutes for a line of credit from $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision. American Express® Business Line of Credit offers access to a commercial line of credit between $2,000 to $250,000. Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. Monthly fees range from 3-9% for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, and are subject to change for future loans drawn under the available line of credit. Not all customers will be eligible for the lowest fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees and return payment fees may be assessed. Loans are issued by American Express National Bank.

*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
**All businesses are unique and are subject to approval and review.