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 0.60% 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 3% 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 0.6% APY for a checking account
- No fees associated with the account
|
| High Yield Savings Account |
- 3% 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
|
