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American Express National Bank review (2024)
Summary: American Express is best known as a credit card company, but its product offerings aren’t limited to just credit accounts. Amex’s online bank has more to offer, including personal savings and checking accounts, loans, investment management services, and business accounts and lines of credit. American Express National Bank also ranks among the top 10 online banks for 2024.
American Express National Bank’s product offerings
American Express National Bank currently offers the following products and account options:
American Express Rewards Checking
Existing American Express cardholders can apply for a rewards checking account with no required opening deposit and no monthly fees. The account offers membership rewards points on eligible debit card purchases.
High-yield savings accounts
American Express offers a high-yield online savings account with no minimum balance requirements or monthly fees. This account currently boasts an annual percentage yield (APY) of more than 4% — interest compounds daily and is deposited into your account every month.
Certificates of deposit (CDs)
American Express’s CD accounts come in various term lengths, ranging from 11 months to five years, with interest rates as high as 4.50%. This account has no minimum balance requirement or monthly fee. Interest is compounded daily and deposited monthly until your CD matures.
Individual retirement accounts
American Express offers traditional or Roth IRA plans for retirement savers who want to grow their savings tax-free or tax-deferred. Customers can choose between an IRA High Yield Savings or IRA Certificate of Deposit account. These accounts have no monthly fees and no minimum deposit amount to open.
Credit cards
American Express’s list of available credit cards is expansive; it includes travel cards, cash back cards, rewards cards, cards with no annual fee, 0% introductory APR cards, airline credit cards, hotel credit cards, low-interest cards, and balance transfer cards.
Personal loans
American Express cardmembers can apply to finance personal expenses with a personal loan ranging from $3,500 to $40,000. Amex personal loans can be used to consolidate debt, make home improvements, fund big purchases, and more. Amex does have rules against using these loans for post-secondary education expenses, real estate, business, securities, vehicle purchases (other than as down payment for a vehicle), and to pay balances on American Express-issued Cards.
Business banking
Business customers can take advantage of American Express’ business checking accounts, business credit cards, payment solutions, corporate cards, business lines of credit, and more.
Account fees
American Express National Bank doesn't charge any monthly maintenance fees for its deposit accounts or overdraft fees. However, outgoing wire transfers will incur a fee of $20 per transfer.
Pros and cons of American Express National Bank
Customers should note a few major perks and drawbacks before banking with American Express.
American Express National Bank pros
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No monthly fees. American Express does not charge banking customers any fees for monthly account maintenance.
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No overdraft fees. Account holders won’t be charged an overdraft fee for transactions that overdraft their account, even if that transaction results in a negative balance.
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No minimum opening deposits. Amex’s bank accounts don’t have minimum opening deposit requirements, meaning customers can decide how much they want to deposit into their bank account.
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24/7 customer service hours. Amex banking representatives are available 24/7 via phone or online chat.
American Express National Bank cons
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Limited account offerings. Apart from its selection of credit cards, American Express offers few bank account options, with just one checking account and savings account to choose from. Although, it does offer more than one CD term.
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No physical branches. American Express is an online-only bank with no physical bank branches for customers to visit. Banking customers must do all of their banking online or via mobile app.
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Must have an Amex card to open a checking account. Amex has certain requirements for its checking account that limit availability to all consumers. To open a checking account, you must have a basic U.S. consumer card issued by American Express at least three months old.
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Savings accounts do not come with an ATM card. Amex doesn’t provide ATM cards for savings account holders, which could make it a bit more challenging to access your funds quickly if you need to.
American Express National Bank customer support and mobile banking experience
American Express National Banking representatives are available via telephone and live chat 24/7. General inquiries and deposits can also be made via mail.
Customers can use the American Express mobile app to check account balances and pending transactions, set payment reminders, track and redeem membership points, and more. The app is available for download on the App Store and Google Play and has a rating of 4.9 and 3.9, respectively.
American Express National Bank’s social and environmental impact
American Express’s social and environmental goals include three key pillars — building financial confidence, advancing climate solutions, and promoting diversity, equity, and inclusion.
In 2022, Amex made progress toward those goals by issuing over two million new cards to cardmembers from underrepresented groups and investing more than $500 million in investments, community development loans, and grants to support affordable housing, small business needs, and job creation.
In the past year, American Express submitted emissions reduction targets to the Science Based Targets initiative as part of its commitment to net-zero emissions by 2035. Amex also spent over $750 million with underrepresented-owned suppliers in 2022, including $60 million with Black-owned suppliers to help promote diversity, equity, and inclusion.
American Express National Bank FAQs
Does American Express have a bank?
Yes. American Express is most popularly known as a credit card provider, but it does have a banking arm with consumer banking products.
Does American Express National Bank have any brick-and-mortar locations?
No. American Express does not have physical bank branches. However, it offers a fee-free ATM network of more than 37,000 MoneyPass ATMs nationwide for cash withdrawals.
Is American Express National Bank FDIC-insured?
Yes. American Express National Bank is an FDIC-insured institution. Your deposits are protected up to the federal limit of $250,000 per depositor, per ownership category.
