Learn more about American Express CDs | finder.com

American Express Personal Savings CDs review December 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

American Express Personal Savings CDs
  • Lock in your rate
  • Select from seven CD terms
  • Open a CD easily online
Find out more Go to site

Choose a CD term between six and 60 months to earn up to a 3.1% APY 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.

American Express offers competitive rates on a range of CDs, putting your money to work to help you reach your savings goals.

Minimum deposit to open$1
Interest compoundingDaily
6-month APY0.4%
1-year APY0.55%
18-month APY2.6%
2-year APY2.7%
3-year APY2.75%
4-year APY2.8%
5-year APY3.1%

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 pays between 0.4% and 3.1% interest on its CDs, which is higher 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.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
0.55%
2.6%
2.7%
2.75%
3.1%
Barclays Online CD
Barclays Online CD
2.65%
2.65%
2.7%
2.75%
3.1%
Discover CDs
Discover CDs
2.6%
2.6%
2.65%
2.7%
3%
2.5%
2.7% on CDs of $25,000+

2.65% on CDs of $5,000 to $24,999

2.5% on CDs of $0 to $4,999
2.75% on CDs of $25,000+

2.7% on CDs of $5,000 to $24,999

2.6% on CDs of $0 to $4,999
3%
2.2%
2.5%
1.4%
1.3%
1.7%
1.85%
2.1%
2.25%

Compare up to 4 providers

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.

Eligibility

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:

  • 6 months: 90 days of interest.
  • 12 to 36 months: 270 days of interest.
  • 48 to 60 months: 365 days of interest.
  • 61 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

Bottom line

American Express offers competitive rates on a range of CD terms. You won’t pay any fees to open or maintain the account and can get started with as little as $1. With so many institutions and products available, it’s important to compare your options to find an account that works for you.

Frequently asked questions

Peter Carleton

Peter Carleton is a writer at finder.com who specializes in credit cards, life insurance, mortgages and more. In his free time, you can find him cooking, writing or honing his skills in WordPress development.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site