American Express Bank, FSB

Rate This Bank : 1 Stars 2 Stars 3 Stars 4 Stars 5 Stars 3.44  (50 User Voted)

American Express Bank Rates & Review

American Express may be one of the best known brand names around the globe, but not everyone realizes that they can open an online bank account with American Express Bank.

American Express Bank, FSB is an FDIC-insured bank that is a member of the American Express family.  

Founded in 1850 as an express delivery company, American Express has more than 150 years of history behind its reputation as a reliable company. The company expanded into money orders and later travelers' checks to provide safe and secure financial products for Americans abroad. American Express eventually added charge cards to their consumer products in 1958. 

American Express offices around the globe functioned not only as financial services centers for exchanging money and cashing travelers' checks, but also as safe havens for travelers, where they could meet other Americans, pick up mail or messages and get advice from local experts. The company has now expanded their services as a safe haven to personal and small business banking customers.

American Express Bank, headquartered in Salt Lake City, Utah, has more than $32 billion in assets. The bank is an Internet-only bank without any branches, allowing customers to manage their funds 24 hours a day online and by phone.

American Express Bank Products

American Express Bank offers an online high-yield savings account and various types of certificate of deposit (CD) for customers, regardless of whether they have an American Express card. The bank does not offer checking accounts or money market accounts.

Customers can open a savings account and then tie that account to a checking account or money market account at any other bank, transferring funds for free from one financial institution to another. The savings account at American Express Bank does not require any monthly maintenance fee.

For CD investors, no fees are charged unless they opt for early withdrawal, similar to most financial institutions. CDs are available for a variety of terms from American Express Bank.

American Express Bank Reputation

American Express Bank is an Accredited Business with the Better Business Bureau and has earned an A rating. Customers' comments online reflect overall satisfaction with customer service, bank rates, online experiences and fees and charges. Customer reviews focus primarily on the high interest rates earned on the savings accounts and certificates of deposit offered by American Express Bank. In addition, customers appreciate the reputation of the company.

Deposit insurance

Every deposit account with American Express Bank is insured for the maximum amount of $250,000 per depositor by the FDIC. Customers who want to keep more than $250,000 in accounts with American Express should consider opening a second or third account with a relative or spouse as a joint account so that each account will be insured to the maximum of $250,000.

While some financial institutions have a less-than-stellar reputation following the financial crisis, American Express Bank has managed to keep its association as a brand with reliable service.

American Express Rates & Review
APY: 0.80% Min to Earn APY: $0
  • Member FDIC. No minimums and no fees.
APY: 0.80% Min to Earn APY: $0
  • Member FDIC. No minimums and no fees.
14 Responses to "American Express Bank, FSB"
  1. Samuel W. Choy May 15, 2014 at 8:41 pm

    I would like to open an American Express CD Account, but would like to know what is the current rates and for 1 year or 2 years. And is it FDIC aprroved.

  2. Deborah Gunderson April 20, 2012 at 1:31 am

    Send more info to me plz.Hope to enjoy your service.

  3. suzy000 November 29, 2011 at 10:20 am

    American Express and Chase Manhattan are the two most customer oriented banks on this planet. Their entire staff across the globe has had the utmost extensive professional training equal to none. Thank you American make the financial field a joy to interact with.

  4. Dennis August 02, 2011 at 1:24 pm

    My old federal credit union merged with another institution. The institution could not offer electronic bill pay to other a few select entities, so I went looking for an online bank. My interest was piqued because American Express has always provided excellent customer service. At first I thought they wouldn't work out because they do not offer online bill pay. But the ability to link to 3 other bank accounts and make electronic transfers to and from those accounts sealed the deal. Now I can quickly transfer funds to my account that does offer electronic bill pay. (No checks in the mail.)

  5. Jay June 19, 2011 at 10:35 pm

    They just lowered their rate to a measly 1%. Are they going to still call it "High Yield" when they lower to zero?

  6. Maria June 17, 2011 at 5:07 pm

    Hi HR, A traditional savings account typically has no withdrawal restrictions and no minimum balance requirement. Money market accounts generally pay higher interest but may carry certain restrictions such as a minimum balance requirement or a limited number of transactions allowed per month. The American Express High-Yield Savings Account combines the flexibility of a low minimum balance with a competitive interest rate at the cost of limited withdrawals. For more details And American Express does not offer a MMA, that is our error. Thanks for bringing that to our attention.

  7. Mar June 07, 2011 at 2:46 pm

    Yes, after the first year they drop the rates-so it is time to take the business elsewhere.

  8. Maria May 26, 2011 at 6:25 pm

    Hi Gerry, Yes it's unfortunate that American Express lowered their rate, but they still offer high rates. American Express ranked #1 in America's Best Deposit Rates It's a tight interest rate environment out there. Hopefully with better days to come. Thanks for your comment.

  9. Maria May 26, 2011 at 5:04 pm

    Hi Bill and Ken, American Express personal CD rates can be found here:

  10. H.R. Bailey May 19, 2011 at 12:41 pm

    Both your savings and MM account are currently at 1.15%. What criteria should I use to decide which to place my funds in?

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