Go beyond credit cards with CDs and high-yield savings accounts from Amex.
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 2% APY, no monthly fees and no minimum balance requirement.
- CDs. American Express offers CDs with terms between six and 60 months and an APY of up to 3.1%.
- Personal credit cards. American Express has a number of credit cards to choose from, including the Amex Everyday Credit Card, the Platinum Card, the Premier Rewards Gold Card and the American Express Green Card.
- Business credit cards. Amex has many credit cards for businesses, including the SimplyCash Plus Business Credit Card, the Business Platinum Card, the Plum Card and the Platinum Delta SkyMiles Business Credit Card.
- Personal loans. Secure a personal loan with American Express of up to $40,000 with APRs from 6.98%.
- Business loans. Borrow up to $50,000 with an Amex business loan, with terms of up to three years and APRs from 6.98% to 19.97%.
How does American Express compare to other banks?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.
Why should I open an account at American Express?
- Competitive APY. With a 2% APY on its savings account and up to 3.1% APY on its CDs, American Express offers competitive rates on its savings products.
- No fees. There are no monthly fees associated with the Amex high-interest savings account.
- 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.
What should I look out for?
- No ATM access. The American Express savings account doesn’t come with personal checks or an ATM card.
- 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.
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.