American Express Bank Review

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American Express has recently entered the market of online banking with the launch of the American Express Bank, FSB. AMEX Bank is an FDIC insured online bank that offers two savings products, high yield certificates of deposit of varying terms and a high yield savings account.

While AMEX has offered banking products on a limited basis for some time, the high yield savings account is a new offering, and they have expanded the CDs to include terms ranging from 3 months to five years. So now, in addition to offering credit cards, American Express is actively pursuing banking clients.

In order to sign-up for an American Express account, you’ll need the following pieces of information:

  • Social Security number
  • Address
  • E-mail address
  • Date of birth
  • Your existing bank account and routing numbers (if funding electronically)

The interest rates offered by American Express, while not the highest available, are very competitive. The yield on the savings account is currently 0.80% APY (as of February 27, 2014). This rate is competitive with the highest available yield on savings accounts that we track.

American Express CD Rates

There are no minimums required to open a CD or savings account with American Express. The bank is FDIC insured for up to $250,000 per depositor, and it offers no fee transfers to and from the high yield savings account. There are penalties for early withdrawal from a CD so make sure you check the penalty fees before setting up an online CD.

Published or Updated: February 27, 2014
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Nick says:

    I want to open an account, but I’m still on the fence. I was considering Ally before I read all the reviews.

    • aaron says:

      Ally and AMEX are almost the exact same. I have both, and they are both very easy to use. I have called both customer service lines, and you will receive intelligent people with both banks. Feel free to ask any questions if you want

  2. Gloria says:

    Whats with the linking of your reg banking account to theirs just to open an account? This seems very risky! Most banks don’t require this step, only your routing # and Acct 3.

    • aaron says:

      Lots of banks do the test deposit linking process. It’s actually alot smarter than just taking the account and routing #. If a bank just allows you give that information without verifying that it’s a legit account and without verifying that it’s your account, that leaves them open to the possibility of transferring money from someone else’s account or never reaching your account when you need it. The linking thing that these banks do avoid user errors that all of us make from one time to another. Feel free to comment back if you have questions about it.

  3. Nataglia says:

    I have a savings account with AMEX and they have been holding my money hostage for about 6 days already. I called them 2 days ago and they said it would be available the next day so when that didn’t happen I called again and they told me another 2 days. I have made at least 10 transfers to and from the account and it has never taken this long. Yes it is a larger amount that I transferred but they also said it doesn’t matter how much I transfer, the hold will be the same. Now I can only imagine how long its going to take to get my money back out! They do have a high interest rate but if they are going to continue to do this then I prefer not having an account with them!

  4. james says:

    I have a cd at amex, and they have hold my money hostage for 2 weeks.
    Strange way to deal with customers.

    • DR says:

      James, I gather you’ve closed the account and are waiting for the return of your money. Have they given you any explanation for the delay?

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