American Express National Bank is a strong contender for customers in search of high-yield savings options and — for those able to handle a little less liquidity — impressive certificate of deposit (CD) options. In 2022, it launched a personal checking account, too — so you now have the option to make AmEx your one-stop personal finance shop.
Known largely for the Amex credit card, American Express Bank is an FDIC-insured online bank that offers a checking account, savings account and a high-yield certificate of deposit. In addition, you can utilize American Express for personal loans, individual retirement accounts (IRAs) and a business checking account.
American Express has no physical locations. That means you’ll need to make deposits by mail or on your mobile device.
Why choose Amex over a bank with better mobile access, physical locations, or both? The high-yield APY (1% for checking, 3.30% for savings at time of publishing) may far surpass your other options.
The lack of monthly fees, lack of minimum deposit and lack of ongoing minimum balance requirements also make American Express National Bank an attractive option, but the absence of a widely available mobile app doesn’t do it any favors. Right now, it is only available as a beta add-on to the credit card app – so you need to be an Amex credit card holder to use it.
In our American Express National Bank review, we’ll specifically explore three Amex offerings (the savings account,certificate of deposit and checking account), analyze additional features
