American Express National Bank Personal Savings

5 out of 5

Powered by: American Express National Bank

At A Glance

American Express National Bank offers savers a high-yield savings account with a higher-than-average annual percentage yield (APY), along with certificates of deposit. On top of their robust savings accounts, account-holders will benefit from no monthly fees.

Pros & Cons

Pros

  • Higher-than-average APY
  • Zero monthly fees or high minimum balance requirements
  • FDIC-Insured
  • User-friendly interface

Cons

  • Lacks a checking account option
  • Must mail a physical check to be deposited
  • No mobile app

American Express National Bank Personal Savings Highlights

Minimum balance

No minimum balance requirement

Minimum deposit

No initial deposit requirement

Ongoing APR

0.61% APR

Account fees

No monthly fees

Online and mobile banking

Online and Mobile Banking available

FDIC insurance
Member FDIC
Customer support

Phone, email, and 24/7 live chat

Promotion
No promotion available

American Express National Bank Personal Savings Review

Expert's Take
Brooke Hayes - Spade Business Team
Brooke Hayes
November 11, 2020

American Express National Bank is an FDIC-insured online bank headquartered in Salt Lake City, Utah. It offers two savings products, including high-yield certificates of deposit and a high-yield savings account. American Express has long been a trusted name in investment banking, so you can rest assured knowing you’ll be in for a one-of-a-kind online banking experience.

Let’s take a look at everything American Express National Bank Personal Savings has to offer, and why it might be a great place to put your cash.

Where American Express National Bank Personal Savings Shines

0.61% APY: What draws customers to American Express National Bank’s high-yield savings account is their competitive APY of 0.61%. Keep in mind that these rates can change at any time.

User-friendly: Another strength of American Express is the bank’s ease of use. Opening an account is a breeze. Plus, its intuitive interface is simple to use.

No Monthly Balance Requirements: While several other savings accounts require balance requirements, American Express Personal Savings account has no account minimums.

No maintenance fees: Another major selling point for American Express Personal Savings is that there are no monthly maintenance fees or minimum balance requirements, so you’ll benefit from a fee-free banking experience.

Where American Express National Bank Personal Savings Falls Short

No mobile app: If you do most of your banking on your mobile device, this may not be the best solution for you. As of now, American Express doesn’t have a mobile app available for its customers.

No ATM card or checks: As an online bank, American Express doesn’t offer a checking account option or ATM card. If you want to deposit a paper check, you’ll have to mail it in.

Limited account options: Accounts at American Express are limited to individual, taxable savings accounts and CDs.

How To Access Your Money

If you don’t live close to their brick-and-mortar location in Salt Lake City, Utah, don’t worry. There are still several ways you can access your money.

Deposit options

American Express offers several different ways to make a deposit, including:

  • Mailing a physical check
  • Electronic bank transfer
  • Wire transfer

Transfers can be initiated online or via phone 24/7. You can link up to three of your current bank accounts and move money between your existing bank accounts and your Personal Savings account. It’s also easy to set up an automated deposit from a checking account into a savings account.

Withdrawal options

If you must withdraw funds, you can do so using the same methods in which you make deposits, including physical checks, electronic bank transfers, or wire transfers.

It takes one to three days for the funds to show up in your linked bank account after you make a withdrawal. Since there’s no minimum balance requirement, you can withdraw your funds in your account at any. It’s important to note that customers may make a maximum of six withdrawals and transfers per statement cycle. American Express does not set this limitation. Instead, it’s a federal law that all savings accounts must follow.

Is American Express National Bank Personal Savings Right For You?

While American Express Personal Savings may be considered limited in its offerings, it’s a solid choice thanks to competitive rates and low fees. The bottom line is that American Express National Bank Personal Savings is best for those looking for simple standalone high-yield savings or CD accounts. And if you live in Salt Lake City, you’ll be close to their headquarters for secure deposits and withdrawals.

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