American Express Bank, FSB 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 Bank, FSB is a well-established online bank that offers a variety of savings accounts and other deposits products.
Personal savings accounts with American Express Bank, FSB are separate from American Express cards, though customers could pay their American Express card balances with their personal accounts with American Express online banking services.
Deposits products offered by American Express Bank, FSB include high yield savings accounts and certificates of deposit.
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 Bank, FSB are looking for high interest rates and have been satisfied with the deposit rates offered to date. American Express Bank, FSB'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 that consistently offer the highest interest rates.
Headquartered in Salt Lake City, Utah, American Express Bank, FSB 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.
All deposit accounts at American Express Bank, FSB 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 Bank, FSB offers a high interest savings account and a certificate 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 Bank, FSB accounts to any account at another financial institution and transfer funds for free.
The American Express Bank, FSB 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 Bank, customers can feel comfortable that their money is safe and fully FDIC-insured.