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American Express vs. Chase

One bank has higher interest rates, while the other has a broader selection of products.

American Express National Bank (Member FDIC) 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.

Pros and cons of American Express

Pros

  • Higher APY rates. American Express® High Yield Savings Account current interest rate is 4.30% compared to the national average of 0.45% .
  • Better CDs. American Express’ CDs have 6- to 60-month terms and competitive interest ranges.
  • No fees. There are no monthly maintenance fees with American Express’s savings account options.
  • No minimum balance. Open a savings account or CD with American Express for $0.

Cons

  • No checking account options. American Express only offers savings accounts and CDs.
  • No debit card. None of American Express’s banking options come with checks or a debit card.
  • No branch locations. American Express customers don’t have the option of in-person banking.

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 0.02%.
  • Branches in 28 states. Chase has more locations than American Express, 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.

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Winner: American Express

1 - 3 of 3
$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.30%

Up to $250,000
$1
$0
$1,043
Chase Savings
Finder Rating: 3.3 / 5: ★★★★★
Bonus
Chase Savings

0.01%

$0.01
$0
Earn a $150 bonus when you open a new Chase Savings account, deposit at least $10,000 in the first 20 days and maintain a balance of $10,000 for 90 days
$1,000.10
Chase Premier Savings
Finder Rating: 2.7 / 5: ★★★★★
Bonus
Chase Premier Savings

0.01%

0.02%

$0
$25
Earn $150 when you open this account and deposit $10,000 of new money within 20 business days and maintain that balance for 90 days.
$1,000.10
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American Express vs. Chase checking accounts

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

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Winner: Chase

1 - 3 of 3
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chase Total Checking®
Finder Rating: 3 / 5: ★★★★★
Bonus
Chase Total Checking®
$12 per month
(can be waived)
$0
N/A
New Chase checking customers enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.
Chase Total Checking® is easy to use and gives you access to more than 15,000 Chase ATMs and more than 4,700 branches. It offers a $200 signup bonus to new Chase customers. Member FDIC.
Chase Premier Plus Checking
Finder Rating: 2.5 / 5: ★★★★★
Chase Premier Plus Checking
$25 per month
(can be waived)
$0
0.01%
Chase Private Client
Finder Rating: 3.9 / 5: ★★★★★
Bonus
Chase Private Client
$35 per month
(can be waived)
$150,000
0.01%
Enjoy up to a $3,000 welcome bonus. Open a new Chase Private Client account; earn $1,000 when you deposit $150,000+, $2,000 when you deposit $250,000+ or $3,000 when you deposit $500,000+ in qualifying new money within 45 days of joining and maintain the balance for at least 90 days.
Get the most out of everything you’ve earned with banking, credit cards, lending and investing strategies designed for you. Member FDIC.
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American Express vs. Chase certificates of deposit

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

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Winner: American Express

1 - 2 of 2
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Chase CD Relationship
Finder Rating: 1.6 / 5: ★★★★★
Chase CD Relationship
0.02%
3.00%
1.51%
$1,000
Chase CD
Finder Rating: 1.6 / 5: ★★★★★
Chase CD
0.01%
0.01%
0.01%
$1,000
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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

  • CDs
  • Personal and business credit cards
  • Personal and business loans
  • Insurance

Chase

  • CDs
  • College 529 plans
  • IRAs
  • Mutual funds
  • Auto loans
  • Personal and business credit cards
  • Mortgages
  • Commercial banking

American Express vs. Chase branches and ATMs

Chase has access to more than 15,000 Chase ATMs and more than 4,700 branches. American Express has no branch locations or ATMs, making Chase the clear winner.
American ExpressChase
Branches0More than 4,700
ATMs0More than 15,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • Live chat

Trophy icon
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

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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

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