American Express CD rates review
- 1-year APY
- 4.25%
- 3-year APY
- 1.15%
- 5-year APY
- 3.00%
Get high APYs, but only three terms are competitive.
finder.com's rating: 3.7 / 5.0
★★★★★
American Express CDs offer competitive rates on specific terms, earning the highest rates on 11 months. You can even open the account with $0 on hand, though you’ll need to fund it within 30 days of getting approved. American Express CDs are best if you’re looking for a combination of high rates and no opening deposit and longer term rates.
Details
Features
| Star rate | 4.3 |
| 6-month APY | 0.10% |
| 11-month APY | 5.00% |
| 1-year APY | 4.25% |
| 18-month APY | 1.00% |
| 2-year APY | 4.75% |
| 3-year APY | 1.15% |
| 4-year APY | 1.20% |
| 5-year APY | 3.00% |
| Early withdrawal penalty | 90 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 |
| Minimum deposit to open | $0 |
| Interest compounding | Daily |
Overview of American Express certificate rates
While American Express offers its highest rate on five-year CDs, you can lock in competitive, fixed rates on terms shorter than five years.
| CD term | APY | Minimum deposit |
|---|---|---|
| 6 months | 0.1% | $0 |
| 11 months | 5% | $0 |
| 1 year | 4.25% | $0 |
| 18 months | 1% | $0 |
| 2 years | 4.75% | $0 |
| 3 years | 1.15% | $0 |
| 4 years | 1.2% | $0 |
| 5 years | 3% | $0 |
More about American Express CDs
Get the rundown about key details of American Express CDs before you open an account.
| Type of detail | Details | How it compares to the market |
|---|---|---|
| Minimum opening deposit | $0 | This is much lower than most CDs. Many CDs like those from Chase require at least $1,000 to open. |
| Term range | 6 months to 5 years | Other banks offer terms shorter than 6 months. |
| Compounding | Daily | Most CDs compound on a daily basis. |
| Early withdrawal penalties |
| Higher early withdrawal penalties than competitors. For example, Capital One charges 6 months’ interest on terms of 12+ months. |
| Grace period | 10 days | Typical of most CD, including Capital One and Chase |
| How to cash out | Call customer service at 800-446-6307 before the maturity date or submit a written notice within the grace period. You can also choose to get interest paid out via monthly bank transfers or by check monthly, quarterly or annually. But doing so will negatively affect the APY. | Most banks require you to contact them about withdrawing your cash. |
| How to roll over | Your funds roll over automatically, unless you contact the bank. | Most CDs roll over automatically. |
How American Express’s interest rates compare
American Express’s CD APYs are surprisingly competitive for a major bank with rates as high as 5% APY. You also won’t have to meet a minimum dollar amount to open a CD.
However, you’ll have to stick to the standard 11 months, one- and two-year terms to get the best rates. To put the compound interest in perspective, compare your earnings across different American Express CDs.
| Term | Amount deposited | APY | Earnings after one year | Total interest earned |
|---|---|---|---|---|
| 1 year | $1,000 | 4.25% | $42.50 | $42.50 |
| 2 years | $1,000 | 4.75% | $42.50 | $86.81 |
| 3 years | $1,000 | 1.15% | $11.50 | $34.90 |
| 5 years | $1,000 | 3% | $30.00 | $159.27 |
Other accounts like Synchrony Bank or Marcus by Goldman Sachs give competitive interest on less common terms of six, nine or 18 months. For example, both Marcus and Synchrony offer a 2.00% APY for their six-month CDs.
Overall, Amex is a great choice if you’re looking for a longer term CD, but you’ll get the highest rates when you stick to its one, two or five-year terms. If you’re not sure that an American Express CD is for you, check out these top CDs available with high interest.
Compare American Express to competitors’ CD rates
Choose Compare to see up to four CD accounts side by side, checking out their APYs and minimum deposits to find the right fit for you.
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We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
American Express CD is not currently available on Finder
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