You likely associate American Express with its credit cards, but it also offers several high-yield savings products. While these accounts don’t come with personal checks or debit cards, no monthly fees and competitive interest rates may outweigh the limited access to funds.
What banking products does American Express offer?
Savings. The American Express high-yield savings account comes with a
APY, no monthly fees and no minimum balance requirement.
Personal credit cards. American Express has a number of credit cards to choose from, including the Amex EveryDay® Credit Card, The Platinum Card® from American Express, the American Express® Gold Card and the American Express® Green Card.
Business credit cards. Amex has many credit cards for businesses, including the American Express Blue Business Cash™ Card, The Business Platinum Card® from American Express, The Plum Card® from American Express and the Delta SkyMiles® Platinum Business American Express Card.
American Express ranks 29th on the list of the top 50 bank holding companies by deposits in the US. With over $67 million in customer deposits, it’s flanked by BBVA with $70 million and Discover Financial with $63 million.
While Amex certainly holds its own on the list, it doesn’t quite compare to the nation’s leading financial provider, Bank of America, with over $1 billion in customer deposits and more than 4,000 branches nationwide.
High APY. Amex’s savings account has a 1% APY, which is much higher than the current national average.
No monthly fee. There are no monthly service fees associated with the American Express® Personal Savings High Yield Savings account.
No minimum deposit requirements. You can open an Amex savings account with as little or as much money as you’d like.
No ATM access. The American Express savings account doesn’t come with personal checks or an ATM card.
Few ways to access your money. American Express doesn’t have any retail locations, so the only way to access your money is by transferring it to an external account first.
Only one savings account. American Express doesn’t offer any other savings accounts besides its Personal Savings High Yield Savings account.
Accessible interest. You can have your interest transferred to your savings account, a different linked account or sent to you via US mail before your CD reaches maturity.
Low opening deposits. While some banks require opening CDs as high as $10,000, Amex lets you get started with as little as $1.
Many terms. American Express has CD terms that range from six months to six years.
Low APYs on short-term CDs. Six-month CDs earn a low 0.25% APY and one-year CDs earn 0.35%.
No partial withdrawals. If you need to tap into your CD before it matures, you’ll have to withdraw your full account balance.
High withdrawal fees. Amex charges higher early withdrawal fees than other banks, so be prepared to pay a hefty fee if you need to withdraw funds early.
Competitive APY. With a
APY on its savings account and even better APYs on its long-term CDs, American Express offers competitive rates on its savings products.
Online banking. Monitor your funds and make transfers from your computer or mobile device using the American Express online banking platform.
24/7 customer service. Amex customer support can be reached 24 hours a day, seven days a week by phone and email.
No checking accounts. Amex’s personal banking products are limited to a high-yield savings account and CDs.
No in-person support. American Express is headquartered in New York City and has no other bank branches, so customer service is limited to phone and email support.
What do regulators and customers say?
American Express is an accredited business with the Better Business Bureau, from which it receives an A+ rating. It’s also insured by the FDIC, from which it receives an Outstanding rating from the CRA.
Unfortunately, American Express doesn’t receive a review from Trustpilot. It has a TrustScore of 3.1 out of 10, based on 225 customer reviews. Customers said that charge disputes were handled professionally but complained of long wait times to speak with customer service.
At the Consumer Financial Protection Bureau, a whopping 6,845 complaints were targeted at American Express’ credit cards. Only 60 complaints came in about Amex’s savings account and CDs, most of which came from customers saying their accounts had been closed without requesting it.
Compare American Express to the competition
If you’re looking for a bank that offers checking and savings accounts, use the table to compare your options.
Opening an account with American Express comes with several perks, including no monthly fees, high interest rates and online banking. But be prepared for no ATM access, limited transactions and no in-person customer support. Before you make a decision about your next savings account, compare your online options.
Common questions about American Express
American Express’ routing number is 124085066 and its SWIFT code is AETCUS55.
With no branch locations, the only option you have for a physical check is to deposit it by mail, making it payable to American Express National Bank and mailing it to: American Express National Bank, PO Box 30384, Salt Lake City, Utah 84130.
Apply for an American Express account online or over the phone. Have the following information ready when you apply:
Social Security number
Date of birth
Valid email address
Primary home address
Valid phone number
US driver’s license or valid state ID
Bank account number and routing number of the account you plan to use to fund your account
Fill out an online form to receive an email response from your American Express online account. Or call 800-446-6307 to speak with an American Express representative 24/7.
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
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