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American Express vs. Chase
One bank has higher interest rates, while the other has a broader selection of products.
American Express National Bank (Member FDIC) and Chase are two of the biggest names in the financial space, but there are key differences between the two. Knowing your options will help you decide which bank’s products and services are right for you.
Pros and cons of American Express
Pros
- Higher APY rates. American Express® High Yield Savings Account current interest rate is 4.00% compared to the national average of 0.45% .
- Better CDs. American Express’ CDs have 6- to 60-month terms and competitive interest ranges.
- $0 fee. You’ll pay $0 on monthly maintenance fees with American Express’s savings account options.
- $0 minimum balance. Open a savings account or CD with as little or as much money as you’d like.
Cons
- No branch locations. American Express customers don’t have the option of in-person banking.
- Requires credit card for checking. To qualify for Amex’s only checking account, you must have one of their consumer credit cards.
- Known to prefer good credit. Amex famously prefers consumers with good credit, so if you have poor credit, you may not get a credit card required to open the checking account.
Pros and cons of Chase
Pros
- Checking account options. Chase offers several checking account options for high school and college students, working professionals, and more.
- More savings options. Chase offers more savings account options than American Express.
- Digital platform. Chase has mobile banking with a cardless ATM access feature.
- Signup bonuses. Earn a bonus when you open a qualifying Chase account.
Cons
- Lower interest rates. Chase doesn’t offer any rates higher than 3%.
- Branches in 28 states. Chase has more locations than American Express, but face-to-face banking options are limited depending on your location.
- Monthly service fees. All accounts except the Chase High School Checking account have a monthly service fee ranging from $12 to $25. But you can waive the fee if you meet certain requirements.
- Higher minimum deposits. A $1,000 minimum deposit is required to open a CD with Chase.
American Express vs. Chase savings accounts
Considering Chase doesn’t have a single savings account above 0.01% APY, American Express wins in terms of savings rates.
Winner: American Express
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American Express vs. Chase checking accounts
American Express only offers one checking account, in which you must have a consumer credit card to qualify. While it does earn rewards, Chase has multiple checking options suited for many lifestyles and doesn’t require you to have a credit card, so it takes the win.
Winner: Chase
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American Express vs. Chase certificates of deposit
American Express has higher APYs and lower monthly fees than Chase, making it the clear winner in the CD category.
Winner: American Express
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American Express vs. Chase other products
Both institutions offer a long list of products, but Chase offers a wider selection than American Express.
American Express
- CDs
- Personal and business credit cards
- Personal and business loans
- Insurance
Chase
- CDs
- College 529 plans
- IRAs
- Mutual funds
- Auto loans
- Personal and business credit cards
- Mortgages
- Commercial banking
American Express vs. Chase branches and ATMs
Chase has access to more than 15,000 Chase ATMs and more than 4,700 branches. American Express has no branch locations or ATMs, making Chase the clear winner.
| American Express | Chase | |
|---|---|---|
| Branches | 0 | More than 4,700 |
| ATMs | 0 | More than 15,000 |
| Customer service |
|
|
Winner: Chase
American Express vs. Chase special features
American Express beats Chase if you want a high interest-bearing savings account or CD. But Chase wins if you’re looking for a checking account.
American Express
- Higher interest rates
- Better savings and CD options
- $0 monthly fees
Chase
- Checking account options
- Multiple signup bonuses
- ATM locations
Winner: Tie
Bottom line
Chase offers a traditional checking account, while American Express has better rates on its savings accounts. They’re both good options depending on your needs, but you may want to shop around for other bank accounts that may offer better features and even higher interest rates.
Frequently asked questions
More resources on Finder
More guides on Finder
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American Express CD rates review
Open an American Express CD and earn interest on your savings.
-
American Express® High Yield Savings Account review
American Express’ savings account is competitive, but it’s not the highest APY available.
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