American Express vs. Chase

American Express and Chase are two of the biggest names in the financial space, but there are key differences between the two. Knowing your options will help you decide which bank’s products and services are right for you.

What’s in this guide?

• Pros and cons of American Express
• Pros and cons of Chase
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

Pros and cons of American Express

Pros

• Higher APY rates. American Express current interest rate is 1.0% compared to the national average of 0.07%.
• Better CDs. Amex’s CDs have 6- to 60-month terms and competitive interest ranges.
• No fees. There are no monthly maintenance fees with Amex’s savings account options.
• No minimum balance. Open a savings account or CD with Amex for $0.

Cons

• No checking account options. Amex only offers savings accounts and CDs.
• No debit card. None of Amex’s banking options come with checks or a debit card.
• No branch locations. Amex customers don’t have the option of in-person banking.
• Limited transactions. All banking transactions are capped at six every month.

Pros and cons of Chase

Pros

• Checking account options. Chase offers several checking account options for high school and college students, working professionals, and more.
• More savings options. Chase offers more savings account options than American Express.
• Digital platform. Chase has mobile banking with a cardless ATM access feature.
• Signup bonuses. Earn a bonus when you open a qualifying Chase account.

Cons

• Lower interest rates. Chase doesn’t offer any rates higher than 0.05%.
• Branches in 28 states. Chase has more locations than Amex, but face-to-face banking options are limited depending on your location.
• Monthly service fees. All accounts except the Chase High School Checking account have a monthly service fee ranging from $6 to $25. But you can waive the fee if you meet certain requirements.
• Higher minimum deposits. A $1,000 minimum deposit is required to open a CD with Chase.

American Express vs. Chase savings accounts

Considering Chase doesn’t have a single savings account above 0.01% APY, American Express wins in terms of savings rates.

Winner: American Express

American Express vs. Chase checking accounts

American Express doesn’t offer any checking accounts, so Chase is the clear winner.

Winner: Chase

American Express vs. Chase certificates of deposit

Amex has higher APYs and lower monthly fees than Chase, making it the clear winner in the CD category.

Winner: American Express

American Express vs. Chase other products

Both institutions offer a long list of products, but Chase offers a wider selection than American Express.

American Express vs. Chase branches and ATMs

Chase has nearly 4,900 branch locations and 16,000 ATMs. American Express has no branch locations or ATMs, making Chase the clear winner.

	American Express	Chase
Branches	0	Nearly 4,900
ATMs	0	16,000
Customer service	Phone 24/7 Social media Live chat	Phone 24/7 Social media Live chat

Winner: Chase

American Express vs. Chase special features

American Express beats Chase if you want a high interest-bearing savings account or CD. But Chase wins if you’re looking for a checking account.

American Express

• Higher interest rates
• Better savings and CD options
• No monthly fees

Chase

• Checking account options
• Multiple signup bonuses
• ATM locations

Winner: Tie

Bottom line

Chase offers a traditional checking account, while American Express has better rates on its savings accounts. They’re both good options depending on your needs, but you may want to shop around for other bank accounts that may offer better features and even higher interest rates.

Frequently asked questions

• How do I deposit a check with American Express?

  American Express doesn’t have any physical branch locations. You can deposit a check by mailing it to:

  • American Express National Bank

  • P.O. Box 30384

  Salt Lake City, Utah 84130

• Does Chase offer online or mobile banking?

  Yes. Chase has an easy-to-navigate online banking platform and mobile app. Download the official Chase mobile app by visiting the app store or going to the Chase website.

• Can I open a bank account with American Express?

  Yes. You can open either a high yield savings account or a CD with American Express.

• Can I get new account bonuses if I’m already a Chase customer?

  No. Most signup bonuses are limited to new Chase customers only. Current customers can still enjoy the unique features of a Chase account, but you’ll likely be ineligible for any bonuses.