American Express National Bank

American Express National Bank Products — Rates & Review

American Express National Bank 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 National Bank.

American Express National Bank 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 National Bank 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 National 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 National Bank Products

American Express National Bank offers an online, high-yield savings account and various types of certificates of deposit (CDs) for customers, regardless of whether they have an American Express card or not. 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 National 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 National Bank.

American Express National Bank Reputation

American Express National Bank is an accredited business with the Better Business Bureau and has earned an A-rating. Customer 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 National Bank. In addition, customers appreciate the reputation of the company.

Deposit insurance

Every deposit account with American Express National 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 National Bank 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 National Bank has managed to keep its association as a brand with reliable service.