American Express National Bank
American Express National Bank
American Express is one of the most recognized brand names if the world for credit cards. American Express National bank is a personal banking solution for customers with their online savings and CD options. Recently Amex launched its rewards checking account. You can earn high-yield potential with personal savings accounts as well as your account balance.
American Express Personal Savings offers an online-only bank where you can store your savings at a competitive rate without any complicated features or maintenance fees. To use your savings account all you need to do is apply and once it is operational you can move your funds in and out through an electronic transfer. The checking account has no monthly fees and powerful benefits.
You can link any major United States bank account to an American Express Personal Savings account using your account or routing numbers. There are no monthly service fees or minimum balance requirements to avoid a charge. Because there is no debit or ATM card, there are also no ATM or overdraft fees. The only fee you can accumulate is a five-dollar fee for a returned deposit.
American Express can be a perfect fit if:
- You are looking for good savings rates
- You want access to far more credit card options to better tailor your choice to your spending preferences.
- You want incentives for taking on a longer term CD
- You alreay carry Amex credit cards
- Combine Rewards Points
- Transfer Points to Travel Partners
- Mobile Check Deposit
- Purchase Protection
- Large ATM Network
- No Promotion
- No Incentive for Higher Balances
- No Cash Deposit
- Queries About Debit Card Acceptance
How can I get Membership Rewards points?
One Amex Membership Rewards point can be earned with Amex Rewards Checking for every $2 spent with an approved Debit Card. There is no cap on the number of points you can earn when redeeming them for deposits into your Amex Rewards Checking account.
Can anyone open a checking account with American Express Rewards?
To open an American Express Rewards Checking account, you must be an American Express® Card Member with a Consumer Card.
Prior to applying, you must be the principal cardholder and have had your card for at least three months. Amex Rewards Checking accounts can currently only be set up for individual account holders.
It takes only a few minutes to apply for an American Express Rewards Checking account.
Can a check be deposited into an Amex checking account?
Yes, that's possible! Use your smartphone to capture images to make mobile deposits easy with the Amex® App.
How quickly should I make a transfer and how to do it?
You must fund your account within 60 days after account creation in order to keep it open. You have the following choices:
- Online Transfer: Online transfer into your Amex Rewards Checking account is possible once you've connected one of your other bank accounts.
- Direct deposit setup: To set up direct deposit into your checking account, use the routing and account numbers provided on the home page of your Amex Rewards Checking account.
- Mobile check deposit: By utilizing the American Express App, you can easily deposit a check from your mobile device. only accessible on iOS and Android. Rates for mobile data may apply.
American Express National Bank Review
Money Market Account
American Express provides 24/7 customer service online or by phone, so if you have a question or require assistance, you can easily contact the customer service team. The AMEX app is available for iOS and Android, with ratings of 4.9/5 and 4.5/5 on the Apple Store and Google Play, respectively.
The AMEX app gives you more control over your account, allowing you to manage your transactions, make transfers, lock your card, and receive notifications 24 hours a day, seven days a week.
American Express website is very useful and improve the digital experience of customers. If you're not sure which option is best for you, you can browse the available products and compare them.
App Rating (iOS)
App Rating (Android)
BBB Rating (A-F)
WalletHub (+1,000 reviews)
Consumer Affairs (+1,000 reviews)
American Express Savings Account
American Express Savings Account
The High Yield Savings Accounts offered through American Express National Bank include competitive interest rates, no minimum balance, or monthly fees. This is easy-to-access savings account that you can monitor and link with any other banking account.
The benefit of having a savings account through American Express is a simple way to open and maintain your savings account. It is easy to navigate and organize your savings plans that offer a high-end rate that is one of the highest available from online banks.
Another great benefit of opening a savings account with American Express is accessibility. You can access your account 24 hours a day, seven days a week through online access or by calling customer service. American Express personal savings accounts are a great place to keep or open an emergency fund or grow your financial portfolio.
Before committing yourself long-term to American Express National Bank you should compare the interest rates by evaluating the higher rates that may be found at competing banks. It is important to remember that savings account interest rates fluctuate (but CD rates remain the same).
American Express Checking Account
American Express Checking Account
After listening to input from its current cardholders about qualities of the ideal checking account, American Express has launched its Rewards Checking account.
The Rewards Checking account aims to deliver more value for Amex members with the “powerful and trusted” backing of the American Express brand. This account is a great example of an innovative digital banking product. There are no monthly fees and you can manage your account using an app and your debit card.
However, unlike other online checking accounts, you can earn American Express rewards that you can redeem for travel, gift cards or experiences.
The Rewards Checking account is not currently available to everyone. To qualify, you need to have held an American Express personal credit card for a minimum of three months. Once your Rewards Checking account is opened, you’ll not only earn interest on your balance, but each time you make eligible purchases using your debit card, you’ll earn one Amex Membership Reward points for each $2.
There is no cap on the rewards you can earn using your debit card and your purchases are covered with 90 days of purchase protection against theft or damage.
Amex Checking Account Pros & Cons
No Incentive for Higher Balances
Large ATM Network
No Banking Promotions
No Cash Deposit
Mobile Check Deposit
Queries About Debit Card Acceptance
Combine Rewards Points
Transfer Points to Travel Partners
While the reward points you can earn with your Rewards Checking debit card are less than many Amex credit cards, one interesting feature is that you can combine the rewards points you earn across all your American Express products.
Although you can redeem your reward points for gift cards, one of the best ways to use your points is on travel.
You can transfer your points to Amex travel partners, as you can with your Amex credit card to get the best value rewards.
As with some of the leading checking accounts, Rewards Checking supports mobile check deposit. If you’re using the app, you can simply click “Deposit Check” and enter the amount.
The app will prompt you to take photos of the check and then click submit. This is a really nice feature since many online banks do not support banking checks.
When you pay for eligible items using your debit card, your purchases will have 90 days of protection against theft or accidental damage. There is a coverage cap of $1,000 per claim and up to $50,000 per calendar year.
As a Rewards Checking account holder, you can use the MoneyPass network, which has over 37,000 machines. You can find your nearest fee free ATM using the app, with its ATM locator. Just be sure to engage the MoneyPass ATM filter, as the app will automatically display all nearby ATMs.
While you can earn interest on your balance, there is no incentive for keeping a higher balance in the account. Whether you have $10 or $10,000 in your account, you’ll earn the same rate.
Many other banks offers promotions and bonuses for new customers, but this is not offered with the new Amex Rewards Checking account.
Although Rewards Checking does support check deposits, it is not possible to deposit cash.
If you do have cash you want to put into your account, you’ll need to pay it into another bank account and either issue a check or initiate a transfer.
Since the account is so new, there is no way to predict how widespread the acceptance will be of the Amex debit card.
If the Amex debit card is only accepted in locations that accept the Amex credit card, you may struggle to find merchants, particularly outside of the US.
American Express CDs
American Express CDs
A certificate of deposits or CDs offer terms that range from six months and finish out at five years. There is no minimum deposit requirement or transaction fees, making this a great option if you are looking to expand your financial portfolio for the short or long term.
Opening an American Express National Bank CDs is a smart option financially because there is no minimum amount required to participate and no monthly fees. There is also a wide selection of terms you can select from. You can either begin with a short-term six-month CD or a longer-term 60-month CD.
Both plans earn a significant high-yielding APY with no minimum deposit required or maintenance fee, which is a great way to save money and grow your finances.
American Express CDs are automatically renewed on the maturity date, although you can opt out of automatic renewal by calling customer service. There are penalties for early withdrawal of principal funds before maturity dates. Penalties are a certain number of days' interest earnings based on the term lengths of your CD.
The difference will be deducted from your principal funds if the penalty exceeds your total interest earned.
Early Withdrawal Penalty
270 days interest
270 days interest
270 days interest
270 days interest
365 days interest
540 days interest
Does Amex Offer Money Market Account?
There are no money market accounts with this banking system.
There are other beneficial features you can use American Express National Bank for. You can easily access this banking system through their web-based system or phone support.
Both are available at all times of the day where you can access your funds and monitor your growth and savings.
Amex Credit Card Options
American Express established its reputation as a credit card provider, so the bank continues to provide an impressive range of Amex card options.
There are several reward card options. The premiums cards are Platinum, Gold, and green. The Platinum Card® from American Express is one of the best travel cards available including exclusive benefits for cardmembers. If you spend more on day-to-day products, the American Express® Gold Card benefits may be relevant for you. for example, offers 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases. Terms Apply.
The second tier of cards includes other reward card options, such as Amex EveryDay or the Blue Cash Preferred® Card from American Express, which offers 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases .
The Blue Cash Everyday from American Express is a very good option among rewards cards for individuals that rank up spending at the grocery checkout and gas pump. The Blue Cash Everyday® Card from American Express offers 3% Cash Back at U.S. supermarkets / U.S. online retail purchases/ U.S. gas stations on up to $6,000 per year in purchases, then 1%.
The bank also offers hotels and a series of Delta SkyMiles cards for frequent flyers. Lastly, Amex also offers a prepaid Serve card is ideal for those with less-than-perfect credit.
How to Open a Bank Account on Amex Website
Visit the American Express National Bank homepage and click “Open a new account.”
Next, fill in your personal and contact info and then click “Continue.” On the next page, fill in your home address, zip code, city and state.
After this, indicate if it’s going to be a joint account.
Next, go through all the terms and conditions, and then click “Accept all and continue.”
Lastly, fund your account and your account is set up.
Does American Express Offers Promotions For New Accounts?
At this moment, there are no special banking promotions for personal accounts. However, American Express promotions are mainly focused on credit cards – where you can different levels of welcome bonuses, depending on your new Amex card.
Is American Express National Bank trustworthy?
American Express National Bank is owned by the famous credit card company and it offers savings accounts with no minimums and high rates.
In addition to this stellar reputation, all accounts through American Express National Bank have FDIC insurance for up to $250,000.
Is American Express good for online banking?
American Express National Bank is an online bank that offers both checking and savings accounts with no balance requirements or monthly fees in addition to competitive rates on its savings products.
Additionally, the online platform is easy to use and allows you to access functionality for your account management. So, if you’re looking for a solid online banking platform, American Express is worth considering, but make sure to compare bank accounts before apply.
Is American Express National Bank a good bank overall?
American Express has a history dating back to 1850 and it is considered a household name for credit cards. As a national bank, this online-only platform offers some great features.
You can earn competitive rates on your savings with no minimum deposit requirements or monthly fees. Also, Amex checking account has no fees and an impressive rate on your balance. Overall, American Express National Bank is a good choice.
Which is better: American Express checking or Capital One 360?
Capital One 360 offers various banking services, including checking accounts and accounts for teens and kids. This makes it more accessible than American Express, which only offers savings and some investment accounts.
However, to access the highest rates with Capital One 360, you will need more significant fund amounts, while American Express does offer competitive rates across the board. Just be aware that you need to link another bank account with American Express, and transfers are a little slow.
Is American Express checking better than SoFi Money?
SoFi hybrid account is less premium than American Express but offers higher rates on some products. SoFi combines all your funds into one account, and you’ll receive 4.00% on all your funds. This means you don’t need to mess around transferring funds from your savings to checking and back again.
So, if you’re looking for a convenient and easy-to-use account, SoFi does have the edge over American Express.
Alternatives For Savings Accounts
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
3.75% – 4.50%
Checking Account Fee The monthly fee on checking account
Checking Minimum Deposit
Mobile App Rating
4.7/5 on iOS, 4.1/5 on Android
4.9/5 on iOS, 4.2/5 on Android
4.9/5 on iOS, 4.3/5 on Android
Alliant Credit Union
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American Express vs Discover
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
American Express vs Capital One
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
American Express vs Chase
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
American Express vs Citi
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?