With competitive rates, no fees on its deposit accounts and its famous credit cards, American Express (Amex) has turned itself into a bank you can go to for all your basic banking needs. However, Amex is known for requiring good credit to qualify for its credit cards, and you’ll need an Amex credit card to get the checking account. It’s also an exclusively online bank, so you’ll have to be comfortable with no branch access.
Best for: Those with good credit who are comfortable banking online.
Between 2014 and 2017, Amex was found to have misrepresented credit card rewards and fees, conducted credit checks without customers’ consent and submitted false financial information for prospective clients. From 2018 to 2021, Amex was also accused of misleading customers about the tax benefits of its wire transfer products, including Payroll Rewards and Premium Wire.
The bank was ordered to pay approximately $230 million to settle these issues.
American Express® High Yield Savings Account
Enjoy $0 monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
American Express is best for people with good credit who want a fully online banking experience with high-yield savings, an interest-earning checking account, solid certificates of deposit and access to top-tier credit cards.
That said, Amex’s banking products are only available to existing Amex cardholders, and there are no physical branches. If these are dealbreakers for you, look elsewhere.
American Express has been around for over 150 years and has earned its reputation as a trusted name in the credit card space. Though it doesn’t offer the same breadth of products as traditional banks, it makes up for it with competitive rates and zero monthly fees.
Amex offers a pretty solid online banking experience with high-yield savings, interest-earning checking, competitive CD rates and no-fee accounts.
Amex isn’t perfect. Here’s what to watch out for:
American Express is best known for its credit cards, but it also offers a single online checking account called the American Express Rewards Checking.
With $0 monthly fees, $0 opening deposit requirement and a 1.00% APY, Amex’s deposit account is worth considering if you’re an Amex customer. To get the American Express Rewards Checking, you must have an existing Amex consumer credit card, but it has a variety of perks that can make it well worth it.
The rewards program lets you earn one point for every $2 spent on eligible purchases made with the debit card, which is about $0.08 per point earned. You can redeem points for select rewards, which include things like gift cards for stores, New York City cab fares, Amex’s travel program and more.
American Express also offers a high-yield savings account through its online banking platform. It’s designed for those who want to grow their savings with competitive rates and no hidden fees.
The American Express® High Yield Savings Account is highly competitive, offering a high 3.60% Annual Percentage Yield (APY). Only a handful of savings accounts beat this rate, and it’s only by a percent. Interest is compounded daily and deposited monthly, and the account has no minimum balance requirements and no monthly fees.
Amex’s CDs are very competitive. Its terms max out at five years, while most banks offer CDs up to 10 years.
Amex offers high rates of up to 4% APY for a 14-month certificate, with a $0 minimum deposit requirement. Most banks require around $1,000 when you open a CD. Combine the high rates and lack of opening deposit requirement, and Amex’s CDs are frontrunners among the competition. However, rates may vary by exact location.
| Term | APY | Minimum deposit |
|---|---|---|
11 months | 3.50% | $0 |
12 months | 3.50% | $0 |
14 months | 4.00% | $0 |
18 months | 3.85% | $0 |
22 months | 4.00% | $0 |
24 months | 3.85% | $0 |
36 months | 3.60% | $0 |
48 months | 3.60% | $0 |
60 months | 3.75% | $0 |
Amex doesn’t just offer checking and savings accounts. You can also find the following products at the bank:
| BBB accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1.1 out of 5 stars, based on 535 customer reviews |
| Trustpilot score | 1.4 out of 5 stars, based on 4,766 customer reviews |
| Apple App Store Score | 4.9 out of 5 stars, based on 4,000,000 customer reviews |
| Google Play Score | 3.9 out of 5 stars, based on 43,300 customer reviews |
| Customer reviews verified as of | 24 June 2025 |
As a long-standing bank with over 150 years in business, American Express has a lot of customer feedback. There are around 5,000 complaints on its Better Business Bureau (BBB) profile, and most are about its credit cards, locked accounts, troubles getting refunded for fraudulent charges or disappointment with not being approved for a card.
Plus, American Express has an F rating from the BBB since it hasn’t responded to 30 complaints, multiple unresolved complaints and government actions related to deceptive marketing practices.
Like most banks, Amex doesn’t do well on Trustpilot, holding a poor rating out of thousands of reviews. Similar to its BBB complaints, most negative reviews have to do with credit cards. And while Amex’s reviews aren’t great, it still has fewer than some other big banks, which often break 10,000 complaints.
Positive reviews praise Amex’s rewards programs and 24/7 customer service, and many report they’ve banked with it for years with no issues and have experienced great customer service.
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
Open an American Express CD and earn interest on your savings.
American Express’ savings account is competitive, but it’s not the highest APY available.
I am thinking of opening a savings account for my new granddaughter. I want to open it as a Uniform Transfers to Minors Act (UTMA). Is that possible via American Express?
Hi Lisa,
Thank you for getting in touch with Finder.
Kindly contact American Express about opening UTMA accounts. If you’re looking around, kindly visit this page to compare your options or use the page as a guide on opening up a kid’s savings account.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni