About American Express Bank, FSB

American Express Bank, FSB is an FDIC-insured bank that is a member of the American Express family. Our goal is to provide you with the same quality of service you have come to expect from American Express. In fact, customers don't need to be an existing Cardmember to open a Personal Savings account. Featuring 24/7 account access via web or phone, Personal Savings from American Express offers competitive rates, simple products and FDIC insurance all under a trusted name.
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Overall Rating

B
Grade

American Express Bank, FSB Report Card

Overall rating score 64%
Customer Rating
Based on 34 Reviews
Financial Health
Based on Texas Ratio: 3.77
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Banking
Quality of Mobile Services

Customer Reviews

Most Helpful Customer Reviews

Joni's Profile Image

Reviewed by Joni

Feb 22nd 2011

5 out of 5 marks

Great Saving Account! But it would be awesome if...

I love this account so far. Easy to add transfer account, easy to direct deposit into (once you find their routing number), and direct deposits are available right away. Being able to categorize the transactions and generate custom reports is also a plus.

How they could improve:

1) Allow users to manage their bank accounts and their American Express credit cards via the same online login. Currently, you have one login account for your bank accounts and another login account for your credit cards.

2) Try to decrease the amount of time it takes for bank transfers to clear. Currently waiting 10 business days for bank to bank transfers. On the positive side my direct deposits were immediatley available.

3) Improve the "FAQ" and "How do I" sections by making them searchable. Currently you have to do a lot of link clicking in your attempts to find the information you're looking for.

4) Increase the APY. Sure, they offer a very competitive rate right now (which you can take with a grain of salt as most APY offers are much lower than they were a few years ago) but sometimes I'm torn as to whether to place my funds in this account or in my investment account to try for a higher return.

5) Offer a checking account. I'd love to have a checking account with a company I trust. From my past experience as an American Express credit card holder and now savings account holder, I trust them with my money. It'd be great if I could migrate my current checking account to American Express.

Is this review helpful? ▲ Yes 5 ▼ No 0

Philip H's Profile Image

Reviewed by Philip H

May 14th 2012

3 out of 5 marks

Great If You Bank Like It's 1983

The experience for opening accounts is very subpar. First you can't even access your account until you have confirmed the initial transfer, wait several days for that to complete, then finish activating your account.

If you're like me and prefer to set things up with Mint.com, get your account numbers in order, setup transfers from additional sources (you need an account number to do so), etc. you have to wait for your welcome letter to arrive via snail mail to receive your account number. So, again, I'm waiting another several days to get moving with setting up additional source banks because, even though you've confirmed and created your account, they will not show you your account number from within the OURSOURCED ONLINE INTERFACE. Other banks I've used hide the number but give you the option to manually show it in it's entirety.

I'm only using the Amex account because they currently connect to Mint.com whereas TIAA Direct does not. I wouldn't be banking with anyone but Ally but unfortunately I need to separate my savings from my main accounts with Ally. Apparently I've become spoiled, expecting things to be streamlined and effortless.

Is this review helpful? ▲ Yes 3 ▼ No 0

itmanager's Profile Image

Reviewed by itmanager

Feb 24th 2014

1 out of 5 marks

HORRIBLE

1. Opened a HYSC (high yield savings account) jointly with my wife.

2. I transposed two digits of my wifes ssn.

3. They froze my account.

4. Did not contact me. I had to contact them. over 4 times.

5. I fully admitted, verified the correct SSN, said I could provide any evidence they wanted of such, had my wife present....... No good.

6. They said we had to get an original letter from SS office stating my wife is who she is, with her ssn. OR I could close out account.

7. Called Social Security office. You know what that entails......

Basically taking a day off from work, bringing birth cert. , first born, finger prints, deceased parents records......... (little exaggeration here)

8. We chose to close account.

9. Called in and asked to close account. Said it would be 2-3 business days.

10. one week....... no contact

11 Two weeks ...........no contact.

12. I called .............. Oh... you account is restricted.........

13. Please let me talk to supervisor....... Sorry nothing I can do..............

So they've had my money for over a month now and I cannot access it. PERIOD..... Mind you it is not a HUGE sum of $. 104,000. But large enough.

Is this review helpful? ▲ Yes 1 ▼ No 0

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Bank Rates

TERM RATE (APY) MIN TO OPEN
6 Month CD

0.40%

$0

12 Month CD

0.55%

$0

18 Month CD

0.60%

$0

24 Month CD

0.70%

$0

36 Month CD

0.90%

$0

48 Month CD

1.10%

$0

60 Month CD

1.35%

$0

Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$6

Non-Sufficient Fund (Overdraft)

N/A

$30

Stop Payment item

N/A

$27

Return Deposit

$5

$17

Domestic Wire Transfer (Outbound)

N/A

$22

Domestic Wire Transfer (Inbound)

$0

$8

Non-Bank ATM

N/A

$1

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