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American Express National Bank is an online-only bank with 24/7 customer support.

The bottom line: American Express National Bank (Member FDIC) offers competitive interest rates on its bank accounts. The American Express® Rewards Checking Account is a great option for earning rewards on debit card purchases, but it’s currently only available to Consumer Card Members who have had a card account for at least three months. Amex is an Insider advertising partner.

Today’s top saving account rates

Overall bank rating

Feature
Insider rating (out of 5)

Savings
4

Checking
4

CD
3.5

Trustworthiness
5

Total score
4

Pros and cons

Pros
Cons

Strong digital banking platform

High interest rate on savings and CDs

Earn rewards on debit card purchases through the bank’s checking account

Low initial deposit requirement

24/7 customer service by phone

Can’t use the American Express mobile app if you only have a savings account or CD
Checking account is only available to Consumer Card Members who have had a card account for at least three months

American Express® High Yield Savings Account

The American Express® High Yield Savings Account pays American Express® High Yield Savings Account Annual Percentage Yield (APY), which is much higher than the average savings account. There’s no required opening deposit or minimum account balance, but you must make a deposit within the first 60 days or the bank will close your account.

American Express® Rewards Checking Account

If you’re eligible to open an American Express® Rewards Checking Account, it’s a good online option worth considering. The account doesn’t charge monthly service fees or overdraft fees.

You also may earn rewards on eligible debit card purchases, which may be used to book travel, obtain gift cards, or donate.

American Express® Certificate of Deposit

Many banks require hundreds or thousands of dollars to open a CD, but American Express doesn’t require an opening deposit. You’ll earn a pretty competitive interest rate, regardless of the term.

How American Express National Bank works

American Express is an online-only bank that doesn’t require an opening deposit or minimum account balance for any of its accounts. American Express also doesn’t charge monthly service fees.

The American Express website is easy to use, but the bank doesn’t have a mobile app. The American Express app is just for …read more

Source:: Business Insider

      

American Express National Bank review: Earn a high interest rate on a savings or checking account

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