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American Express vs. Chase

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

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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.

Pros and cons of American Express

Pros

  • Higher interest rates. Amex’s current interest rate is 0.6% 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.

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Winner: American Express

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Chase Premier Savings

0.01% on $0+ or higher with qualifying checking activity
$25 per month
(can be waived)
$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.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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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

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase Sapphire Checking
$0
Free to use anywhere worldwide
$0
Get a $1000 welcome bonus when you join Sapphire Banking. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Chase Premier Plus Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Chase Private Client
$250,000
$2,000 welcome bonus when you join and transfer a total of $250,000 or more in the first 45 days in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts, (excludes any You Invest, J.P. Morgan retirement accounts and CDs), and maintain that balance for 90 days. Offer available to existing Chase customers only.
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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.

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Winner: American Express

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
American Express CDs
0.2%
0.3%
0.4%
0.45%
0.55%
Chase CD Relationship
0.05% on CDs of $10,000+

0.02% on CDs of $1,000 to $9,000
0.05% on CDs of $10,000+

0.02% on CDs of $1,000 to $9,999
Chase CD
0.01% on CDs of $10,000+

0.01% on CDs of $0 to $99,999
0.05% on CDs of $1,000+

0.01% on CDs of $0 to $99,999
0.01%
0.01% on CDs of $10,000+

0.01% on CDs of $0 to $99,999
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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 nearly 4,900 branch locations and 16,000 ATMs. American Express has no branch locations or ATMs, making Chase the clear winner.
American ExpressChase
Branches0Nearly 4,900
ATMs016,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • Live chat

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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.

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