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A high-yield savings account or certificate of deposit could be what you need if you’re accumulating money for an emergency or a big purchase in the near future. If you want to make a safe investment that won’t tie up your money for a lengthy time, any of these options will work. American Express National Bank

American Express Bank (Member FDIC) is one banking services company that offers both accounts. It’s a wonderful choice if you already have an existing Amex account or if you’re seeking an account without a minimum deposit requirement.

American Express Bank has some of the best savings and CD rates of any online bank right now. Here’s what you need to know about its core account types and features.

Key Features of American Express National Bank Review – Savings Accounts & CDs

American Express National Bank is a fantastic institution for savers. It offers two main account types and a slew of value-added features that enhance the banking experience.

High-Yield Savings Account

American Express Bank (Member FDIC) offers a high-yield savings account with a competitive yield—currently 3.30% Annual Percentage Yield (APY) as of January 6, 2026—that consistently puts it in the upper echelon of all banks, including online banks known for great interest rates on cash savings.

There’s no monthly fee to keep this account open and no minimum balance requirements. You can open an account with a deposit of any size and don’t need to worry about clearing a specific balance threshold each month. And you can make up to 9 withdrawals from your savings account each month without triggering a penalty.

Certificates of Deposit

American Express Bank offers CDs with terms ranging from 6 months to 5 years (60 months).

Yields rise along with terms, up to 3.75% Annual Percentage Yield (APY) on the 11-month CD. The 5-year CD currently yields 3.00%. Bear in mind that current rates are subject to change with prevailing benchmarks. Rates were current as of November 27, 2024.

Early Withdrawal Penalties for CDs

If you withdraw the principal from a CD before the term ends, American Express National Bank will impose a fee. This phenomenon is something that constantly happens in online banking, but it’s still important to note.

Expect to pay the same interest for three months’ worth of withdrawals as you would for CDs that last 12 months or less. For CDs with terms longer than 12 months but shorter than 48 months, you should expect to pay the same amount of interest as you would for 6 months. For CDs with durations of 48 months or longer, you should expect to pay the same amount of interest as you would for 12 months.

You can’t take out part of a CD. You will need to make a full withdrawal and end your account if you wish to take money out of a CD with American Express National Bank.

Savings and CD IRAs

American Express National Bank allows you to structure any of its savings products as an IRA. Rates and terms are identical to the non-IRA products.

You can choose from a traditional or Roth IRA. Consult a tax advisor for the best fit for your needs.

Customer Service

The customer service team at American Express Bank is reachable 24/7 by phone. You can talk to a live human support agent no matter when you call in.

Transfers and Deposits

American Express Bank makes it easy to transfer funds into and out of your savings account electronically. Set up automatic savings deposits to ensure you never miss a pay period.

Advantages of American Express National Bank Review – Savings Account & CDs

American Express Bank (Member FDIC) has some clear advantages for savers, including total separation from Amex’s credit card arm and round-the-clock customer support.

• There are no minimum deposit requirements or monthly fees ($0 fees). American Express Bank has a $0 minimum deposit to open. The ongoing minimum balance requirement is $0. It also doesn’t charge monthly fees ($0 fees) on any of its accounts.
• Great Savings and CD Yields. American Express National Bank consistently offers better savings and CD yields than traditional brick-and-mortar banks. Even among online banks, its rates are very competitive.
• IRA Savings Options. You can structure any of American Express National Bank’s savings products as a traditional or Roth IRA. Rates and terms are identical to the non-tax-advantaged versions, though you’ll want to consult a tax advisor for guidance around the tax implications of withdrawals.
• No American Express Credit Card Needed. You don’t need to worry about qualifying for an American Express credit card to open a savings account or CD with American Express National Bank.
• 24/7 Customer Support. You can get in touch with a real live human at American Express National Bank around the clock. Many competing online banks don’t offer round-the-clock phone support or even live chat support.

Disadvantages of American Express National Bank Review – Savings Account & CDs

American Express Bank is great for people looking to save for the future, but it’s not a full-service financial institution, and it has some fees. Consider these drawbacks before opening an account.

• No Checking Accounts. American Express National Bank is designed with savers in mind. That’s great if you don’t need access to your money on a daily basis, but don’t count on it to be your one-stop banking shop. You’ll need to look elsewhere for a checking account.
• Complicated Early Withdrawal Penalties. If you withdraw funds from your CD account before the maturity date, penalties apply, and understanding what exactly they entail can be confusing.
• No Broking Accounts. It’s increasingly common for online banks to offer self-directed broking accounts or robo-advisor platforms alongside traditional deposit accounts. American Express National Bank has yet to offer this feature and shows no indication that it’s around the corner.

How American Express National Bank Review – Savings Account & CDs Stacks Up

American Express Bank is one of many online banks that focuses on savings products. Here’s how it stacks up against another institution known for competitive yields and friendly service:

Final Word

You might wish to open an account with American Express National Bank (Member FDIC) if you don’t have a lot of money but yet want to start saving.

There are many good things about this, such as the fact that there is no yearly fee or minimum deposit. If you want a full-service bank, either online or in person, there may be better choices out there. But Amex offers an unusual mix of high interest rates and excellent service for savings.