American Express National Bank Review: Checking, Savings and CDs

At a 3.80% APY (annual percentage yield) as of 12/17/2024, American Express offers an interest rate on savings that is competitive with other online accounts. You won’t have to worry about monthly fees, making a minimum opening deposit or maintaining a high balance in your account to earn the rate.

To fund your savings account, you'll have to link your current bank account, set up direct deposit, mail a check to the bank’s Salt Lake City office or deposit a check via the mobile site. American Express doesn't accept cash deposits.

You’ll find solid CD rates for some of the CD terms offered by American Express, including a 3.00% APY for a 60-month term. (To see high rates at other banks, check out our list of the best CD rates.)

Banks often require some deposit amount, whether hundreds or even thousands of dollars, to open a certificate of deposit, but that’s not the case at American Express. The bank doesn’t have a minimum balance requirement to open a CD.

The American Express Rewards Checking Account, also known as Amex Rewards Checking, is available only to consumers who have had an American Express credit card for at least three months.

The new American Express checking account earns a 1.00% APY on all balances, which is competitive with what you’ll find with strong rewards checking accounts. It doesn’t require a minimum deposit to open, and there are no minimum balance requirements or monthly fees. Checking account holders get access to ATMs in the MoneyPass and Allpoint networks, but won’t be able to make cash deposits.

In addition to interest on balances, you’ll earn a rewards point for every $2 spent on eligible purchases using your debit card. You can redeem those points for a deposit into your checking account. If your existing American Express credit card is linked to the American Express Membership Rewards program, you can redeem debit card points for all the options offered for your credit card. Choices for points redemption include travel bookings, hotel and restaurant gift cards, and purchases from various retailers such as Amazon, Best Buy, Rite Aid and Saks Fifth Avenue.

Rates and fees are clearly displayed on the bank's website, and a robust FAQ section answers many questions that you’ll likely have about the accounts.

American Express Rewards Checking doesn’t offer overdraft protection. However, like many other banks now, it also doesn’t charge overdraft fees. If a transaction will overdraw your account, the bank will likely decline it. If your balance becomes negative (from a subscription auto payment, for example), you’ll need to bring your balance back to positive when the bank notifies you. The bank could close your account if you fail to do so.