American Express (Amex) is widely known for its credit cards, but it also offers a streamlined suite of online banking products. In addition to its card lineup, the company provides deposit accounts, including high-yield savings, checking, and certificates of deposit (CDs).
In this review, we explore American Express online banking products, highlight key features, and explain common use cases.
APYs
Up to 3.20%2
Up to 4.00%8
8. 0.70% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.Up to 3.85%1
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC’s National Rates and Rate Caps, accurate as of 09/16/2024.Online access
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Table of Contents
Overview
Amex National Bank operates as an online-only institution, so it does not maintain physical branch locations. While its product lineup remains relatively simple compared to traditional banks, it focuses on competitive, interest-bearing accounts.
| Category | Products offered |
|---|---|
| Checking | American Express® Rewards Checking |
| Savings | American Express® High Yield Savings Account |
| CDs | American Express® Certificates of Deposit (CDs) |
| Money market | Not offered |
Key features
American Express designs its banking experience around digital access, simplicity, and rewards integration. Features include:
- Fully online banking experience: Manage accounts through Amex’s website and mobile app, with no physical branches.
- Membership Rewards® integration: The checking account lets users earn rewards points on eligible debit card purchases.
- No monthly maintenance fees: Amex does not charge ongoing account fees on most deposit accounts.
- 24/7 customer support: Contact support by phone at any time.
- Mobile and online tools: Users can deposit checks, transfer funds, and set account alerts.
- No minimum balance requirements (varies by product): Many accounts allow customers to open and maintain balances without minimums.
- External account linking: Connect accounts from other banks for easier transfers and management.
Today’s average rate range: 4.54% – 14.56% APR
Pros and cons
Pros
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Competitive interest rates on savings and CDs
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No monthly maintenance fees on most accounts
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Simple product lineup with transparent terms
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Rewards-earning potential with checking account
Cons
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No physical branch locations
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Limited product selection compared to full-service banks
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No money market account offering
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No direct cash deposit options due to a lack of branch access
Use cases
American Express banking products typically serve customers who want straightforward, interest-bearing accounts without visiting a branch. For example, the high-yield savings account may appeal to those focused on growing their savings, while the checking account supports everyday digital spending.
The CDs may suit customers who want predictable returns over a fixed term, especially since many options do not require large minimum deposits. However, many people use Amex alongside another bank rather than as a standalone, full-service solution.
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About our contributors
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Written by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.