American Express Bank builds on company's reputation
American Express was founded in 1850 as an express delivery company. Since then, it's grown significantly and expanded its services to money orders and then to providing travelers checks so that Americans traveling abroad have the ability to travel with secure funds while avoiding carrying cash. In 1958, the company introduced charge cards for greater convenience.
In the years before the Internet and cell phones gave everyone instant access to their bank accounts, American Express offices in cities across the world functioned as a meeting place for travelers--where mail and messages could be delivered as well as a place for exchanging money and cashing checks. Travelers could seek advice from American Express employees and find help in case of an emergency.
American Express Bank
The solid reputation that American Express has earned since its earliest days in the 19th century includes an A rating from the Better Business Bureau.
Online customer comments and reviews solidify the American Express reputation. Customers express satisfaction with the bank's phone and online service, fees and charges, and bank rates. Most customers who choose to open an online account with American Express are looking for high interest rates and have been satisfied with the deposit rates offered to date. American Express' savings account placed No. 6 in MoneyRates.com's best savings accounts feature for Q2 2015, a list that highlights accounts that consistently offer the highest interest rates.
Headquartered in Salt Lake City, Utah, American Express Bank, FSB had almost $42 billion in deposits in 2013. The bank is an Internet-only bank without any brick-and-mortar branches, but customers can access their funds 24 hours a day online and by phone.
American Express high-yield deposit accounts
All deposit accounts at American Express Bank are fully FDIC-insured to the maximum limit of $250,000 per depositor. Customers can open an additional account with another individual if they want to keep more than $250,000 in American Express Bank so that each account is insured to the maximum limit.
American Express Bank offers two types of deposit accounts: a high interest savings account and a certificate of deposit (CD). These accounts are available to customers regardless of whether they have an American Express charge card.
While American Express Bank does not offer a money market account, customers can link their American Express accounts to any account at another financial institution and transfer funds for free.
No maintenance fee accounts
The American Express savings account does not require any monthly maintenance fee.
CDs are available for a variety of terms and rates at American Express Bank. While CD investors do not have to pay any monthly maintenance fee, as with all CDs, there are fees charged for an early withdrawal of funds.
Since the name American Express is one of the most familiar brands in the world, customers can feel comfortable that their money is safe and fully FDIC-insured.