Since its inception, American Express has become one of the most recognizable names in the world, thanks to its widely accepted credit cards.
But american express national bank review National Bank, Member FDIC's banking service for customers, may need to be more well-known to you. You may open a CD or savings account with American Express online.
The personal banking services provided by American Express National Bank will be the primary focus of this analysis. All account information and annual percentage returns are current as of December 22nd, 2022.
Account Fundamentals
Checking
The American Express credit card program members are eligible for a Rewards Checking account at American Express National Bank. Besides the standard interest rate, this account offers Membership Rewards points for purchases. A debit card is included for usage at merchants and automated teller machines, and there is no minimum amount or monthly maintenance cost.
Savings
The American Express High Yield Savings Account is a great option for anyone wishing to put money down for the future. APY on this account is 3.30 per cent. Earnings are credited monthly but posted daily.
American Express National Bank's high-yield savings accounts need no minimum balance or monthly maintenance fees. However, after 180 days with no activity, an account with a zero balance will be cancelled without further notice.
At 3.30% APY, the total interest you would accrue on an initial deposit of $5,000 plus 250 additional monthly contributions over five years would be $2,145.
CDs
American Express National Bank offers more than just savings accounts. Customers can also open certificates of deposit. Although American Express National Bank's annual percentage yield (APY) on online savings accounts is among the finest available, the CD rates offered by some other institutions included on our top CD rates page are higher.
Your Amex CD account will receive monthly interest, which will continue to accrue daily until the account matures and is paid in full. You may have your interest deposited into an American Express high-yield savings account, another connected account, or sent to you in the form of a cheque.
Compared Checking Accounts
Currently, checking accounts are not available from American Express National Bank. Start your search for a checking account with our roundup of the top options chosen by our financial experts.
Customer Service And Expertise of American Express National Bank
When it comes to serving customers, American Express, as a whole, has a stellar reputation. The credit card customers of American Express were the most satisfied in 2021, according to a survey conducted by J.D. Power.
It's safe to assume that the same core principles underpin both brands, given that they come from the same parent business. Customers of American Express National Bank frequently give the bank's online services five-star reviews.
Since customers are more inclined to leave feedback after a bad experience, good reviews are an important barometer of customer satisfaction. There is only a little data available on American Express National Bank's customer service, but what there is suggests that customers will receive top-notch assistance.
Relationship Perks American Express National Bank's
Big banks frequently try to get you to use more of their products by increasing your interest rate, decreasing certain costs, or providing other advantages. American Express, as one of the most prominent credit card issuers in the country, has the resources to carry out such a plan.
American Express National Bank, on the other hand, does not reward customers for maintaining certain types of relationships. It has few low- or no-fee banking services to dangle in front of you.
Banks That Can Compete With American Express National Bank
Bank, Ally
Ally Bank is an excellent online alternative if you're searching for a more streamlined service and want to have all your bank accounts in one spot. There are a wide variety of accounts available, from savings to retirement, and the rates are regularly greater than those of many of its competitors we've looked at.
Discover Bank
A similar credit card provider that has branched out into banking is Discover Bank, which likewise has competitive interest rates for its deposit accounts. They don't provide interest-bearing checking accounts, but they have a "cash back" checking account that returns a certain proportion of your debit card purchases. This is another viable choice if you choose not to split up your financial resources.
Are You A Good Fit For American Express National Bank?
However, American Express National Bank is worth considering if you fall into one of the following categories.
- You seek a good return on your savings.
- You need access to more than six monthly withdrawals from your savings account.
- You need a savings account in addition to your regular checking account.
- You haven't been able to save enough to meet other banks' hefty minimum initial deposit requirements.
