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American Express vs. Chase

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

American Express National Bank (Member FDIC) 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 APY rates. American Express® High Yield Savings Account current interest rate is 4.25% compared to the national average of 0.45% .
  • Better CDs. American Express’ CDs have 6- to 60-month terms and competitive interest ranges.
  • $0 fee. You’ll pay $0 on monthly maintenance fees with American Express’s savings account options.
  • $0 minimum balance. Open a savings account or CD with as little or as much money as you’d like.

Cons

  • No branch locations. American Express customers don’t have the option of in-person banking.
  • Requires credit card for checking. To qualify for Amex’s only checking account, you must have one of their consumer credit cards.
  • Known to prefer good credit. Amex famously prefers consumers with good credit, so if you have poor credit, you may not get a credit card required to open the checking account.

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 a bonus when you open a qualifying Chase account.

Cons

  • Lower interest rates. Chase doesn’t offer any rates higher than 3%.
  • Branches in 28 states. Chase has more locations than American Express, 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 $12 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

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1 - 3 of 3
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
American Express® High Yield Savings Account
Finder Score: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.25%

Up to $250,000
$1
$0
$1,042.50
Chase Savings
Finder Score: 3.7 / 5: ★★★★★
Chase Savings

0.01%

$0.01
$0
$1,000.10
Chase Premier Savings
Finder Score: 2.7 / 5: ★★★★★
Chase Premier Savings

0.01%

0.02%

$0
$25
$1,000.10
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American Express vs. Chase checking accounts

American Express only offers one checking account, in which you must have a consumer credit card to qualify. While it does earn rewards, Chase has multiple checking options suited for many lifestyles and doesn’t require you to have a credit card, so it takes the win.

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Winner: Chase

1 - 4 of 4
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chase Total Checking®
Finder Score: 3 / 5: ★★★★★
Bonus
Chase Total Checking®
$12 per month
(can be waived)
$0
N/A
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase College Checking
Finder Score: 3 / 5: ★★★★★
Bonus
Chase College Checking
$12 per month
(can be waived)
$0
N/A
New Chase customers can get a $100 signup bonus when they complete 10 qualifying transactions within 60 days of account opening.
Chase Private Client Checking℠
Finder Score: 3.9 / 5: ★★★★★
Bonus
Chase Private Client Checking℠
$35 per month
(can be waived)
$150,000
0.01%
Enjoy up to a $3,000 welcome bonus. Open a new Chase Private Client Checking℠ account; earn $1,000 when you deposit $150,000, $2,000 when you deposit $250,000 or $3,000 when you deposit $500,000 in qualifying new money within 45 days of joining and maintain the balance for at least 90 days.
Chase Premier Plus Checking
Finder Score: 2.5 / 5: ★★★★★
Chase Premier Plus Checking
$25 per month
(can be waived)
$0
0.01%
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American Express vs. Chase certificates of deposit

American Express 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

1 - 2 of 2
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Chase CD Relationship
Finder Rating: 1.6 / 5: ★★★★★
Chase CD Relationship
4.00%
3.00%
2.00%
$1,000
More Info
Chase CD
Finder Rating: 1.6 / 5: ★★★★★
Chase CD
0.01%
0.01%
0.01%
$1,000
More Info
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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 access to more than 15,000 Chase ATMs and more than 4,700 branches. American Express has no branch locations or ATMs, making Chase the clear winner.
American ExpressChase
Branches0More than 4,700
ATMs0More than 15,000
Customer service
  • Phone 24/7
  • Social media
  • Live chat
  • Phone 24/7
  • Social media
  • Live chat

Trophy icon
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
  • $0 monthly fees

Chase

  • Checking account options
  • Multiple signup bonuses
  • ATM locations

Trophy icon
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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