American Express® Review
8.2
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American Express® Reviews

8.2
Lauren Le-Hair

WRITTEN BY

Lauren Le-Hair

Savings products with competitive interest rates
Savings products with competitive interest rates
About American Express®

The name American Express is synonymous with its credit card offering. American Express credit cards are issued and accepted worldwide and have made American Express one of the most famous brands in the world. However, there is a lot more to American Express than just credit cards. 

American Express National Bank offers savings accounts, certificates of deposit (CDs), and personal loans, amongst many other things. The bank is headquartered in Salt Lake City, Utah, and offers very competitive savings products. Ultimately, this shows that American Express is more than just a credit card company.

8.0

LS SCORE

10

CREDIBILITY

6.0

SUPPORT

8.0

ACCESSIBILITY

American Express Business Blueprint™ Review

American Express Business Blueprint™ (formerly Kabbage) 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.

American Express® Business Loans Highlights

LOAN AMOUNT

$2,000 - $250,000

LOAN REPAYMENT TERM

6, 12, or 18 months

FUNDING TIME

24 hours

TIME IN BUSINESS

12 months

ANNUAL REVENUE

$36,000

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

None

MIN CREDIT SCORE

640

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

  • Quick business funding via a fully automated online application
  • Available to people with a fair credit rating or above
  • Lines of credit for up to $250,000 are available, which is higher than average
  • Monthly repayments, where most providers of lines of credit require daily or weekly repayments
  • Requires a personal guarantee
  • A complex fee structure that is difficult to compare like for like with standard business loans
  • Does not contribute to building up business credit
  • Rates are higher than average

Business Loans Type

  • Business Line of Credit

American Express® Business Loans Terms & Requirements

American Express Business Blueprint™ offers a product called, its American Express® Business Line of Credit. 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 2% and 9%
    • 12-month lines of credit charged at between 7.5% and 18%
    • 18-month lines of credit charged at between 15.75% and 27%
  • Your business must generate revenue greater than $3,000 per month
  • Your personal credit score must be greater than 640
  • 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 quick credit 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.

How to Apply

All applications for American Express® Business Line of Credit 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 1
Step 1

Get started

Once we had finished creating our American Express account, we were able to start with the American Express® Business Line of Credit 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
  • Have over $3,000 in revenue per month
  • Have a personal credit score of greater than 640
  • US citizen or permanent resident

Required Information

You will need to provide the following information during the application process for a American Express® Business Line of Credit 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

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 takes place within a day if the requested amount is less than $100,000 and up to 3 days if the amount is more than $100,000.

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 Highlights

APY SAVINGS

3% - 3%

APY CHECKINGS

Min 0.6%

ATM NETWORK

16,000

MIN CREDIT SCORE

670

OTHER FEES

Yes

Pros & Cons

  • Very competitive APYs on all accounts
  • No maintenance fees or minimum balance requirements
  • Well-regarded and FDIC-insured institution
  • 24/7 customer support is available
  • Checking accounts only available under certain conditions
  • No physical branches and no cash depositing facilities
  • A debit card is not available for savings accounts

Account Type

  • Checking
  • Savings
  • Certificates of Deposit (CD)

American Express® Checking Highlights

DEPOSIT AMOUNT

No minimum

APY

Min 0.6%

American Express® Savings Highlights

DEPOSIT AMOUNT

No minimum

APY

3% to 3%

Pros & Cons

  • No maintenance fees/minimum balance requirements
  • Very good APY rates
  • Well-regarded and FDIC-insured institution
  • No physical branches and no cash depositing facilities
  • A debit card is not available for savings accounts

APYs

Account 1 Year 3 Years 5 Years
Rewards Checking 0.6% 0.6% 0.6%
High Yield Savings 3% 3% 3%
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 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

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.

Screen 1

Welcome screen

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

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.

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.

Phone Support
(800) 528-4800
Mon-Sun
24/7

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.

FAQ

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.

American Express® Disclaimer

As advertised, the Annual Percentage Yield (APY) is accurate as of 11/17/2022. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
For a CD account, rates are subject to change at any time without notice before the account is opened. Your rate will be fixed on the business day we receive your completed application, provided we receive your deposit within 30 days after your application is approved.
After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties, which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.

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.

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. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.