American Express National Bank builds on company's reputation
American Express National Bank is a subsidiary of American Express Travel Related Services Co., Inc., founded in 1850 as an express delivery company. While customers are more familiar with the bank for its credit cards, American Express National Bank is a well-established, online bank that offers a variety of savings accounts and other deposits products.
Personal savings accounts with American Express National Bank are separate from American Express cards, though customers could pay their American Express card balances from their personal accounts with American Express online banking services.
Deposits products offered by American Express National Bank include high-yield savings accounts and certificates of deposit.
American Express National Bank products and reputation
The solid reputation this bank has earned is solidified by online customer comments and reviews on its products and services. 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 National Bank are looking for high interest rates and have been satisfied with the deposit rates offered to date. American Express National Bank's savings account has earned high honors as one of the best savings accounts for MoneyRates.com's America's Best Rates survey, a list that highlights accounts consistently offering the highest interest rates.
Headquartered in Salt Lake City, Utah, American Express National Bank had an estimated $52.3 billion in deposits as of its latest annual report. Although the bank is an internet-only bank without any brick-and-mortar branches, customers can access their funds 24 hours a day online and by phone.
American Express National Bank high-yield deposit accounts
All deposit accounts at American Express National Bank have FDIC insurance 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 this bank so that each account is insured to the maximum limit.
American Express National Bank offers its high-interest savings account and certificates of deposit to customers regardless of whether they have an American Express card.
While the online bank does not offer a money market account, customers can link their American Express National Bank accounts to any account at another financial institution and transfer funds for free.
The American Express National Bank savings account does not require any monthly maintenance fee.
CDs are available for a variety of rates and terms at the bank, from 6-month to 5-year CDs. 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.
With a savings or CD account at American Express National Bank, customers can feel comfortable that their money is safe and fully FDIC-insured.