Amex National Bank Review 2023

Amex National Bank Review 2023

American Express National Bank: A Comprehensive Review

Are you considering opening an account with American Express National Bank? Look no further! In this comprehensive review, we will provide you with an in-depth analysis of their offerings. Whether you’re interested in high-yield savings accounts, checking accounts, or certificates of deposit (CDs), American Express has something to offer. So, let’s dive right in!

The Bottom Line: Competitive Interest Rates and Exciting Rewards

American Express National Bank (Member FDIC) is known for its competitive interest rates on bank accounts. Their offerings include the American Express® Rewards Checking Account, which is an excellent choice if you want to earn rewards on your debit card purchases. However, please note that this account is currently only available to Consumer Card Members who have held a card account for at least three months. Keep in mind that Amex is an Insider advertising partner.

Overall Bank Rating: Pros and Cons

Let’s take a closer look at the pros and cons of banking with American Express:

Pros:

• Competitive interest rates on savings accounts and CDs
• No required opening deposit or minimum account balance
• No monthly service fees or overdraft fees (for eligible accounts)
• Exciting rewards program for eligible debit card purchases
• FDIC insured for up to $250,000 (or $500,000 for joint accounts)

Cons:

• Limited availability of American Express® Rewards Checking Account
• No mobile app for non-credit card customers
• No live chat customer support

High-Yield Savings Rates: Earn More with American Express

When it comes to savings, American Express offers an impressive 4.15% APY as of 8/1/23, significantly higher than the average savings account. What’s more, there is no required opening deposit or minimum account balance. However, it’s essential to make an initial deposit within the first 60 days; otherwise, the bank will close your account. With American Express, your money can work harder for you.

Checking Rates: Enjoy the Benefits of American Express Rewards

If you’re eligible, the American Express® Rewards Checking Account is a fantastic online option to consider. Unlike many traditional banks, this account does not charge monthly service fees or overdraft fees. What sets it apart is the opportunity to earn rewards on eligible debit card purchases. You can use these rewards to book travel, obtain gift cards, or even donate to charitable causes. Why settle for a standard checking account when you can be rewarded for your spending?

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CD Rates: A Competitive Edge

While many banks require significant opening deposits for CDs, American Express allows you to open a CD without any upfront investment. Regardless of the term you choose, you’ll still earn a competitive interest rate. So, if you’re looking to save for specific financial goals or earn higher returns on your funds, American Express CDs are well worth considering.

How American Express National Bank Works

American Express National Bank is an online-only banking institution that stands out from the crowd. Unlike many other banks, they do not require an opening deposit or minimum account balance for any of their accounts. What’s more, the bank does not charge monthly maintenance fees, keeping your banking experience hassle-free.

While their website is easy to use, it’s important to note that American Express does not have a dedicated mobile app for bank customers. The existing app is solely for credit card customers. So, if you have a High Yield Savings Account or CD with American Express but no credit card, you won’t be able to access your account through the app. However, you can still enjoy 24/7 customer support via phone.

Trustworthiness and BBB Rating

American Express holds an outstanding A+ rating from the Better Business Bureau (BBB). The BBB assesses businesses based on factors such as customer complaint response, honesty in advertising, and transparency in business practices. While this rating is a positive indicator, it’s always wise to seek firsthand customer experiences or read online reviews to gain a deeper understanding of a company’s reputation.

It’s worth noting that American Express was involved in a recent public controversy. In 2022, they paid $430,500 in a settlement with the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC accused the bank of processing transactions on an account linked to illegal drug distribution and money laundering. While this incident may raise concerns, it’s essential to consider the steps the bank has taken to address and rectify the situation.

How American Express National Bank Compares

To provide a more comprehensive overview, let’s compare American Express with two other online banks that also offer no minimum opening deposits: Ally and Capital One 360.

Capital One stands out as it offers the most competitive rates on both savings accounts and CDs. However, it’s important to keep in mind that rates can fluctuate, and these comparisons might change in the future.

Unlike American Express, Capital One 360 has physical branches in several states, making it convenient for customers who prefer in-person interactions with bankers. Both Ally and American Express Bank offer online-only banking experiences, so if a mobile app is essential to you, Capital One or Ally might be more suited to your needs. American Express only provides a mobile app for credit card customers. So, unless you have an American Express Card, you’ll need to access your savings account or CD through their website.

Frequently Asked Questions (FAQ) about American Express Bank

If you still have questions, let’s address some common inquiries:

Q: What interest rate does American Express offer on their savings accounts? A: As of 8/1/23, American Express offers an impressive 4.15% APY on their savings accounts.

Q: Do I need to make an opening deposit or maintain a minimum balance? A: No, American Express does not require an opening deposit or minimum balance for any of their accounts.

Q: Are there any monthly service fees or overdraft fees? A: No, American Express does not charge monthly service fees or overdraft fees for eligible accounts.

Q: Is American Express National Bank safe? A: Yes, your funds are FDIC insured for up to $250,000 (or $500,000 for joint accounts).

Q: Does American Express have a mobile app? A: Yes, American Express has a mobile app; however, it is specifically designed for credit card customers. Non-credit card customers can access their accounts through the website.

In conclusion, American Express National Bank offers competitive interest rates, exciting rewards programs, and user-friendly banking experiences. While there are a few limitations, such as the limited availability of the American Express® Rewards Checking Account and the absence of a mobile app for non-credit card customers, the bank’s overall offerings make it a strong contender in the online banking realm. Remember, as with any financial institution, it’s essential to research and compare options to find the best fit for your specific needs and preferences.

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• American Express CD
• American Express Personal Savings