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American Express Personal Savings CDs review

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Choose a CD term between six and 60 months to earn competitive annual percentage yields (APYs) on your deposit.

Saving can be tough, especially if you have a tendency to make more withdrawals than you need to. Certificates of deposit can help you keep your money out of reach for a set period of time, plus earn more interest than you would with a savings account.


1-year APY


3-year APY


5-year APY


Minimum deposit to open$1
Interest compoundingDaily
6-month APY0.1%
1-year APY0.2%
18-month APY0.3%
2-year APY0.4%
3-year APY0.45%
4-year APY0.5%
5-year APY0.55%
Early withdrawal penalty90 days interest for terms of 1 to 11 months
270 days interest for terms of 12 to 47 months
365 days interest for terms of 48 to 59 months
540 days interest for terms of 60 + months

Expert review

Peter Carleton

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

American Express Personal Savings CDs are best for those looking to get started with as little as $1. The longer the term the higher the rate. Rates are compounded daily, so your savings will grow faster.

But you can’t make partial withdrawals and CD are only available online, so you can’t visit a branch for assistance.

What are the benefits of American Express CDs?

Regardless of which term you choose, American Express Personal Savings CDs offer these benefits:

  • Compound interest. Interest compounds daily and posts monthly, allowing your savings to grow faster.
  • No fees. There are no fees to open or maintain this account, so you’ll can save more of your money.
  • Interest options. When your interest earnings are credited to your account, you’ll have the option to have them transferred to your savings account, a different linked account or have a check mailed to you.
  • No minimum deposit. You can open an American Express CD with as little as $1.
  • Competitive rates. Amex has paid higher interest rates than most banks and credit unions are willing to offer.
  • Many terms available. Choose between 6-, 12-, 18-, 24-, 36-, 48- or 60-month terms.

What should I look out for?

Though there are plenty of benefits to opening an Amex CD, it’s not without potential drawbacks:

  • No branches. American Express CDs are all done online, so you can’t visit a branch for questions or assistance.
  • High withdrawal fees. American Express charges higher early withdrawal fees than other banks and credit unions.
  • No partial withdrawals. You can only withdraw the full amount of your CD, and then your account will be closed.
  • No checking accounts. Unlike many major banks and credit unions, Amex doesn’t offer checking accounts.

If you prefer short-term CDs with higher rates, you’ll want to keep looking. As always, compare your options when choosing a CD.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
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How do I open an American Express CD?

You can open an American Express CD online or by phone:

How to open an American Express CD online:

  1. Visit the American Express website and click My account then Savings accounts and CDs.
  2. Click CD.
  3. Click Apply for a Certificate of Deposit.
  4. Click Open a New Account.
  5. Ensure you meet the eligibility requirements, then click Confirm & Proceed.
  6. Choose whether you’d like a single owner or joint account.
  7. Enter your email, date of birth and Social Security number.
  8. Choose which accounts you’d like to open.
  9. Proceed through each step and enter all information as requested.
  10. Fund your account.
  11. Once your account has been confirmed, you’ll be able to log in.

How to open an American Express CD by phone:

You can also call 800-446-6307 to speak with a representative and open an account.


To open an American Express CD, you’ll need to meet the eligibility requirements:

  • Be at least 18 years old.
  • Use the account primarily for personal, family or household purposes.
  • Be a US citizen or resident alien with a valid Social Security number or Taxpayer ID.
  • Have a valid US home address.

Required information

During the application process, you’ll be asked for the following information:

  • Social Security number or taxpayer ID.
  • Name, address and date of birth.
  • Account and routing numbers.
  • Email address and phone number.

Funding options

During or after your application, fund the account using one of the following methods:

  • Mail a check.
  • Make a transfer from another bank account.

How do I cash in a CD?

Once your CD reaches maturity, you’ll have a 10-day grace period to choose between the following options:

  1. Let it automatically renew at the same rate and term.
  2. Withdraw all funds without penalty.

If you don’t make a decision, your CD will automatically renew at the end of the grace period and you’ll face a penalty if you want to withdraw your money.

American Express CD early withdrawal penalties

If you withdraw your money before the maturity date, you’ll be charged an early withdrawal penalty depending on the term:

  • 1–11 months: 90 days of interest.
  • 12 to 47 months: 270 days of interest.
  • 48 to 59 months: 365 days of interest.
  • 60 months or more: 540 days of interest.

How can I get in touch with customer service?

  • By phone: American Express Personal Savings customer service is available 24/7 and can be reached at 800-446-6307
  • Chat: Log into your account to start a live chat session
  • Mail:
    American Express
    PO Box 981535
    El Paso, TX 79998-1535

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