American Express National Bank review: Earn a high interest rate on savings, and open accounts with no minimum deposits

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American Express® Personal Savings

Overall bank ratings

Feature	Insider rating (out of 5)
Savings	3.75
CD	3.5
Trustworthiness	5
Total score	4.08

Pros and cons

You might like American Express if you…	You might not like American Express if you…
Strong digital banking platform High savings APY Low minimum deposit 24/7 customer service over the phone	No mobile app Low CD interest rates No checking account Slow access to your savings

Savings

American Express® Personal Savings

American Express Personal Saving pays a competitive interest rate. There’s no required opening deposit or minimum account balance, although you must make a deposit within the first 60 days or the bank will close your account. American Express also doesn’t charge monthly service fees.

Accessing your savings can be tricky, though. American Express doesn’t have a checking account, so you can’t just transfer money to checking and spend it immediately. You’ll have to transfer funds to an external bank account, which could take a couple of business days.

CDs

American Express CDs

Many banks require hundreds or thousands of dollars to open a CD, but American Express doesn’t require an opening deposit. You might earn a decent rate, depending on the term length, but you can find a higher APY elsewhere. There are other online banks that require low deposits, or even no minimum deposit at all, and pay better rates.

How American Express National Bank works

American Express is an online-only bank that doesn’t require an opening deposit or minimum account balance for any of its accounts – although you must make a deposit in your high-yield savings account within the first 60 days or the bank will close your account. American Express also doesn’t charge monthly service fees.

The American Express website is easy to use, but the bank doesn’t have a mobile app; the American Express app is just for credit card customers.

American Express offers 24/7 customer support by phone, but unlike many competing banks, it doesn’t have live chat online with representatives.

Your American Express accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.

Is American Express trustworthy?

The Better Business Bureau gives American Express an A+ in trustworthiness. The BBB grades businesses’ trustworthiness based on factors like response to customer complaints, honesty in advertising, and transparency about business practices.

American Express doesn’t have any recent public scandals. Between its strong BBB score and clear history, you may decide you’re comfortable banking with American Express.

How American Express National Bank compares to similar banks

We’ve compared American Express with two other online banks with no minimum opening deposits: Ally and Capital One 360.

Savings APY 0.60% APY	Savings APY 0.60% APY	Savings APY 0.50% APY
CD APY 0.25% – 0.85% APY	CD APY 0.20% to 1.00% APY	CD APY 0.20% to 0.60% APY
American Express American Express® Personal Savings	Ally Ally High Yield Savings Account	Capital One Capital One 360 Performance Savings™

American Express National Bank review vs. Ally review

American Express and Ally both pay high rates on savings, but Ally pays better rates on CDs. Unlike American Express, Ally has a checking account, which makes it easier to access savings quickly. You can just transfer money from one Ally account to another and spend it almost immediately.

You’ll prefer Ally if you like to bank from your phone. Ally has a mobile app, but American Express does not.

American Express National Bank review vs. Capital One 360 review

American Express and Capital One 360 offer similar savings accounts, but otherwise, Capital One 360 has some advantages.

Capital One 360 also offers a checking account, which means you can access your savings more quickly. You’ll probably like Capital One 360 if you bank from your phone, because it has a highly rated mobile app, but American Express doesn’t have a banking app.

Although Capital One 360 is an online bank, it does have branches in several states. You may find this useful in case you want to speak with a banker face-to-face.

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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