American Express National Bank Review
American Express is one of the most recognized brand names if the world for credit cards. American Express National bank is a personal banking solution for customers with their online savings and CD options. You can earn high-yield potential with personal savings accounts.
If you are looking for savings accounts or CDs that offer extremely competitive rates while charging zero fees than American Express National Bank could be the best option for you. This accounting system is easy to use without any complicated features to learn and adapt to.
American Express National Bank is a good, safe banking option that does not offer any extra features, but it does offer the most important feature. American Express is a safe and reliable place to store your money online that promotes financial growth over long or short periods.
On American Express Secure Website
No Minimum Deposit
American Express Personal Savings offers an online-only bank where you can store your savings at a competitive rate without any complicated features or maintenance fees. To use your savings account all you need to do is apply and once it is operational you can move your funds in and out through an electronic transfer.
You can link any major United States bank account to an American Express Personal Savings account using your account or routing numbers. There are no monthly service fees or minimum balance requirements to avoid a charge. Because there is no debit or ATM card, there are also no ATM or overdraft fees. The only fee you can accumulate is a five-dollar fee for a returned deposit.
Bank Reputation - Customer Ratings, Financial Strength
- A+ on BBB – BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 2/5 on Trustpilot ( 1381 reviews) – TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- Moody’s, Standard & Poor's (S&P) and Fitch – top three credit rating agencies in the world:
- Moody's: A3 – Moody's rating scale running from a high of AAA to a low of C.
- Fitch: A – Fitch rating scale running from a high of AAA to a low of D.
- J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.
J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products, fee structures, digital customer experience, transparency and more.
The High Yield Savings Accounts offered through American Express National Bank include competitive interest rates, no minimum balance or monthly fees. This is an easy to access savings account that you can monitor and link with any other banking account.
The benefit of having a savings account through American Express is a simple way to open and maintain your savings account. It is easy to navigate and organize your savings plans that offer a high-end rate that is one of the highest available from both online and offline banks.
Another great benefit of opening a savings account with American Express is the accessibility. You can access your account 24 hours a day, seven days a week through online access or by calling customer service. Because of their high earning potential as compared to traditional bank accounts. American Express personal savings accounts are a great place to keep an emergency fund or grow your financial portfolio.
There are no checking accounts with this banking system. Although there are no checking account options there are other earning ways you can increase your portfolio. You can integrate your account by monitoring your money online or over the phone.
When you need to withdraw or deposit money you can do so online or via the phone. A slower alternative is through the mail where you can deposit checks by sending to American Express's listed address.
One of the first things you’ll want to do for easy access is to link an external bank account. It may take two to four days for the accounts to be linked. Once they are linked you can transfer or deposit funds from or into your savings account. It will take roughly one to three business days for funds to be reflected in your account.
Once you being growing your financial accounts with longer terms and larger amounts of money you can grow your savings.
Before committing yourself long term to American Express National Bank you should compare the interest rates by evaluating the higher rates that may be found at competing banks. It is important to remember that savings account interest rates fluctuate, but CD rates remain the same.
Your CD interest rate may change up until the moment you deposit funds into your CD. Other banks give you higher rates in the case of the interest rate drops from the application to your initial deposit.
A certificate of deposits or CDs offer terms that range from six months and finish out at five years. There is no minimum deposit requirement or transaction fees, which makes this is a great option if you are looking to expand your financial portfolio for the short or long term.
Opening an American Express National Bank CDs is a smart option financially because there is no minimum amount required to participate and no monthly fees. There is also a wide selection of terms you can select from. You can either begin with a short term six month CD or a longer-term 60 month CD.
Both plans earn a significant high yielding APY where there is no minimum deposit required or maintenance fee, which is a great way to save your money and grow your finances.
American Express CDs are automatically renewed on the maturity date, although you can opt-out of automatic renewal by calling customer service. There are penalties for early withdrawal of principal funds before maturity dates. Penalties are a certain number of days' interest earnings based on the term lengths of your CD.
If the penalty is greater than your total interest earned, the difference will be deducted from your principal funds.
Money Market Account
There are no money market accounts with this banking system.
There are other beneficial features you can use American Express National Bank for. You can easily access this banking system through their web-based system or phone support.
Both are available at all times of the day where you can access your funds and monitor your growth and savings.
Step 1: Visit the American Express National Bank homepage and click “Open a new account.”
Step 2: Next, fill in your personal and contact info and then click “Continue.” On the next page, fill in your home address, zip code, city and state.
Step 3: After this, indicate if it’s going to be a joint account.
Step 4: Next, go through all the terms and conditions, and then click “Accept all and continue.”
Lastly, fund your account and your account is set up.
Alternatives Banks For Consideration
Here are our alternatives to American Express National Bank:
Capital One Bank offers a 360 account for easy and convenient online transactions, where clients may access their accounts through the company's mobile application or website.
Capital One 360 may be a checking or savings account. The 360 performance savings account is high-yielding with an interest rate of 1.50%, much higher than the national average rate. This account comes with FDIC insurance, and no monthly fees or minimum deposit is required to open. Also, online platforms run smoothly on major device operators like ios and android. Here are the upsides to using the 360 checking account; no overdraft fees, free debit card, multiple payment options like bills, person to person, ATMs, and checkmate for checks.
You may be asked to present some certifications before you can open a 360 account. They include; means of identification like a driver’s license, social security card, or passport, and proof of address like a utility bill or lease agreement. You must be up to 18 years of age or with a joint holder above 18; also, the client must be a US citizen or resident there. Other requirements are the date of birth, contact details, and proof of employment.
A turnoff of the 360 savings account is that ATM withdrawals are unavailable to this type of account.
In 2020, JD Power ranked it in the 6th position for credit card satisfaction. Better bureau awarded the parent company, Capital One Financial Corporation, a B+ on customer satisfaction.
TD Bank is described as the US's most convenient Bank with various investment and financing packages such as checking, savings, mortgages, home equity loans, and credit lines.
The two most popular checking account types are beyond checking and convenience checking. Beyond checking has free-ATM access and monthly maintenance fee waiver, while convenience checking has no monthly maintenance fees provided, there is a $100 minimum balance. Convenience checking also has a ton of discount offers. There is the TD. Simple savings account, beyond savings account. Beyond savings has a 0.50% APY with a minimum balance of $250,000, while simple savings has an APY of 0.05%. The growth money market account has a minimum balance of $50,000 and a 0.15% APY. TD Beyond banking offers the most benefit with a competitive tiered rate, no transaction charges, free ATM access on all machines, and a relationship bump rate. All accounts may be managed on the mobile platform.
Clients may need to provide personal and public details to open any of these accounts. For example, personal loans may request social security numbers, home address, phone number, email, date of birth, employment, and income details.
TD. simple savings have a low-interest rate compared to other accounts with similar requirements. There is a $3 ATM charge on a non-TD machine for checking accounts.
In 2019, JD Power ranked TD bank at the top position among eight institutions for customer satisfaction with a score of 851.
American Express National Bank is a high-quality banking system with a strong savings account system. There are some specific services and products that this online bank lacks compared to other online banks. There are no checking accounts or money market account options, which is not ideal if you are looking for an all-in-one personal banking solution.
You should also be aware that accessibility to American Express is strictly limited to online because there are no physical ATMs you can access or physical branches you can use. Also, there is no debit card provided with the savings accounts. This is an important banking feature you should be aware of when considering this banking system.
American Express is a top choice for savings accounts. You can earn interest quickly with a higher rate than competing online banking systems. You can connect externally to your banking accounts that make American Express a great solution that meets your banking needs.