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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.
Higher interest rates. Amex’s current interest rate is 0.5% compared to the national average of 0.09%.
Better CDs. Amex’s CDs have 18- to 60-month terms and interest ranges from 1.90% to 2.15%.
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 up to $350 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
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 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
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
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.
Yes. You can open either a high-yield savings account or a CD with American Express.
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.
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
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