You likely associate American Express with its credit cards, but it also offers several high-yield savings products and a rewards checking account that also earns interest. With competitive rates, no fees on its deposit accounts and its famous credit cards, Amex has turned itself into a bank you can go to for all your basic banking needs. However, Amex is known for requiring good credit to qualify for its credit cards, and you’ll need an Amex credit card to get the checking account. It’s also an exclusively online bank, so you’ll have to be comfortable with no branch access.
Best for: Existing Amex customers who prefer online banking.
American Express is known for its credit cards, but it offers much more than that. Launched in 2022, Amex offers a checking account that earns cash back and is also interest-bearing. Its high-yield savings accounts are also competitive, offering up to 3.90% Annual Percentage Yield (APY), which puts it in the running with some of the best savings accounts in the market. Its certificates of deposit (CD) also offer high rates of up to 4.50% APY for an 11-month certificate.
But you need to have an Amex credit card to get the checking account. It’s also an online bank, so Amex is best for those comfortable managing accounts online or through a mobile app. On the positive side, it offers 24/7 customer support.
American Express® High Yield Savings Account
Enjoy $0 monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Rates on Amex’s checking account, savings and CDs are all higher than national averages. And with $0 monthly fees on the checking, savings or CDs, your earnings won’t be chipped away by maintenance fees.
| Account | APY | FDIC national average |
|---|---|---|
| American Express Rewards Checking | 1.00% | 0.07% |
| American Express® High Yield Savings Account | 3.90% | 0.45% |
| 12-month CD | 4.35% | 1.81% |
With $0 monthly fees, $0 opening deposit requirement and a 1.00% APY, Amex’s deposit account is worth considering if you already have an Amex credit card. The bank’s first and only personal checking account is called the American Express Rewards Checking, and it’s pretty solid. To get the account, you must have an existing Amex consumer credit card, but it has a variety of perks that can make it well worth it.
The rewards program lets you earn one point for every $2 spent on eligible purchases made with the debit card — which is about 8 cents per point earned. You can redeem points for select rewards, which include things like gift cards for stores, New York City cab fares, Amex’s travel program and more.
The American Express® High Yield Savings Account (HYSA) is highly competitive, offering a high 3.90% APY. Only a handful of savings accounts beat this rate, and it’s only by a percent. Interest is compounded daily and deposited monthly. This HYSA has no minimum balance requirements and no monthly fees.
Amex’s CDs are very competitive. Its terms max out at 5 years, while most banks offer CDs up to 10 years. But Amex offers high rates of up to 4.50% APY for an 11-month certificate, with $0 minimum deposit requirement. Most banks require around $1,000 when you open a CD. Combine the high rates and lack of opening deposit requirement, and Amex’s CDs are frontrunners among the competition.
| Term | APY | Minimum deposit |
|---|---|---|
| 11 months | 4.50% | $0 |
| 12 months | 4.35% | $0 |
| 18 months | 3.25% | $0 |
| 24 months | 4.00% | $0 |
| 36 months | 3.00% | $0 |
| 48 months | 3.00% | $0 |
| 60 months | 3.00% | $0 |
You can’t talk about Amex without mentioning its consumer credit cards. From travel, cash back, rewards points and ones with $0 annual fee, there’s probably an Amex credit card suited for your lifestyle.
One of the better cards is the Blue Cash Preferred® Card from American Express, offering up to 6% cash back on select U.S. streaming services and 6% back at U.S. supermarkets on up to a whopping $6,000 per year, 3% at U.S. gas stations and on transit. There’s a $95 annual fee, but during the first year, there’s a $0 intro annual fee and a 0% intro APR on purchases and balance transfers for the first 12 months of account opening. After that, a variable APR of 18.49% to 29.49% applies. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. (Terms apply, see rates & fees)
However, American Express is known to prefer good to great credit to qualify for its famous credit cards, often requiring a 670 credit score or higher.
As a long-standing bank with over 150 years in business, American Express has a lot of customer feedback. There are over 4,000 complaints on its Better Business Bureau (BBB) profile, and most grievances are about its credit cards, locked accounts, troubles getting refunded for fraudulent charges or disappointment with not being approved for a card.
Like most banks, Amex doesn’t do well on Trustpilot, holding a poor 1.6-star rating out of thousands of reviews. Similar to its BBB complaints, most negative reviews have to do with credit cards. And while all of Amex’s reviews aren’t great, it still has fewer than some other big banks, which often break 10,000 complaints.
Positive reviews praise Amex’s rewards programs and 24/7 customer service, and many report they’ve banked with it for years with no issues and experienced great customer service.
Compare key differences between these two big names in banking.
Open an American Express CD and earn interest on your savings.
American Express’ savings account is competitive, but it’s not the highest APY available.
I am thinking of opening a savings account for my new granddaughter. I want to open it as a Uniform Transfers to Minors Act (UTMA). Is that possible via American Express?
Hi Lisa,
Thank you for getting in touch with Finder.
Kindly contact American Express about opening UTMA accounts. If you’re looking around, kindly visit this page to compare your options or use the page as a guide on opening up a kid’s savings account.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni