About American Express Bank
American Express was founded in 1850. It developed its first charge card in 1958 and is now the fourth-largest card network in the world. During the financial crisis of 2007–2008, it converted itself into a bank holding company and is now also on the list of the largest banks in the country despite it offering a limited array of banking products through its website, as it is an online-only bank.
American Express Bank Overview
American Express Bank is an online-only bank and is the banking arm of American Express, which is better known for its credit cards. It offers a handful of CDs as well as a limited number of savings and checking accounts geared towards its American Express personal and business customers, but non-cardholders can open a banking account online. If in-person banking is not so important, this may be a good option, as the yields offered are higher than the national averages for checking and savings accounts.
| Competitive CD yields. | It is an online-only bank with no physical branches. |
| Now minimum opening deposits on savings, checking, and CD accounts. | Certain accounts are only available to American Express cardholders. |
American Express Bank Product Offerings
Savings Accounts
A savings account is a deposit account at a bank or credit union that insures your principal up to the FDIC or NCUA limitations and generally pays a modest interest rate. American Express Bank customers have access to one high-yield savings account. Here is the most current information for April 2025:
Checking Accounts
American Express Bank currently offers only one personal and business checking account. Their personal checking account is only available to certain American Express cardholders. Here is the most up-to-date account information for April 2025:
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period of time, known as a term. American Express Bank offers CDs with terms ranging from 11-months up to 5-years. Some of their CDs offer competitive APYs but the majority do not. Here are some of their top CD accounts for April 2025:
Bank Fees
Overdraft fee: None
Savings and Money Market Account withdrawals: None
Account closure fee: None
Wire transfer fee: None
Non-network ATM fee: None
Monthly service charge: None
Stop payment fee: None
Paper statement fee: None
American Express Bank Features
American Express Bank customer service is available 24 hours a day, 7 days a week, via telephone. The bank also offers a comprehensive and user-friendly mobile app so that customers can easily manage their accounts online or on their phones. Cardholders are also able to link their credit card(s) to their online account to be able to pay their bills online.
American Express Bank FAQs
Our Take
American Express Bank is an online-only bank that came about as a result of the financial crisis of the late 2000s when American Express had to turn itself into a bank holding company. The bank offers a high-yield savings accounts and a few CD accounts. The yields are fairly competitive on their high-yield savings account and some of their CDs, but not all. It may be a good option for customers looking to have their money work harder for them without the added fees associated with many traditional banks. It is certainly a convenient option for AmEx cardholders to whom the accounts are geared towards. Aside from those individuals, there may be other banks with a wider range of banking products or banks with physical branches for those who prefer in-person banking as an option.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.