Most Popular Accounts
About the Bank
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by American Express.
American Express is one of the nation’s largest (and oldest) financial institutions and it’s gained a reputation as one of the most recognizable brands for credit cards. But that’s not all it’s known for. It’s also gotten into the online banking game with the creation of American Express Bank, FSB. This FDIC-insured bank based in Salt Lake City, Utah offers high-yield savings accounts and certificates of deposits featuring benefits that traditional banks don’t always offer.
That includes competitive rates on deposit accounts. The annual percentage yield for high-yield savings accounts outstrips the national average. Savers earn more interest on their savings while paying less in fees. In fact, there are no monthly fees or minimums for these accounts. American Express Bank, FSB makes it easy to link your personal savings account with a checking or savings account at another bank so you can easily transfer funds between them.
You also have the option to set up direct deposits of your paycheck into your account to grow your savings more quickly. And, you can schedule inbound domestic wire transfers from another bank to your savings account with no fee. Mobile check deposit isn’t an option with these accounts. Because it’s a savings account and not a checking account, you also don’t get an ATM or debit card.
If you need to transfer money out of your savings to another bank, you can make up to six electronic withdrawals per month. Transfers can be initiated online or by phone and typically take 1 to 3 days to complete. You can also request a paper check, which doesn’t count against the six withdrawal limit.
As for the CDs the bank offers, savers enjoy lots of options. CD terms ranging from six to 60 months are available, and like the high-yield savings accounts, they come with a generous APY. The rates are tiered and the longer the CD, the more interest you have the potential to earn. That makes them well-suited to a long-term financial goal, like saving to buy a car or for a down payment on a home.
CDs renew automatically, so you can keep saving and growing your money indefinitely until you’re ready to use it. Like other banks, there is a penalty for taking money out of your CD early or closing it altogether. Pairing a CD with a high-yield savings account allows you to take advantage of the higher yields the longer-term CDs offer, while still giving you the flexibility to tap into your savings without fear of a penalty.
Because it's an online bank and there are no branches, American Express Bank, FSB makes its customer service available 24/7. That’s a perk that not all online banks offer and it can come in handy if you have questions or an issue with your account. You can also manage your account online. If you have an American Express credit or charge card, you can link your online access for these accounts and your personal savings for added convenience.
American Express Bank, FSB. Fees
- National Average
- Monthly Inactivity N/A $6
- Non-Sufficient Fund (Overdraft) N/A $30
- Stop Payment item N/A $27
- Return Deposit $5 $13
- Domestic Wire Transfer (Outbound) N/A $22
- Domestic Wire Transfer (Inbound) $0 $10
- Non-Bank ATM N/A $1.0
Latest Customer Reviews
Reviewed By Psaxon Nov 13, 2017
Dont fall for the high rate on savings..hard to get your money out of, poorly staffed
We had a real estate closing and called aeb (lower case letters on purpose),
7 Days before the transaction and asked what time frame we needed to have the transfer done. We were told that if we called by 2:00pm, the transfer would be completed by 7:00pm the same day. No possible problems or post entail delays were disclosed.
The day before closing at 10:00am, we called to have the funds transferred.
We were read a volume of rights we were waiving and disclosing. We were asked questions about where the funds were going and given many restrictions on dispersment. We were also told the transfer could only happen after aeb called the closing attorney to confirm the amount and what the funds were to be used for?
By 4:00pm, the closing attorney was waiting but had not been contacted by aeb. We called aeb and were coldly informed that our wire was in a que and it was first come first serve. They had no idea when the funds would be wired. We were also told that we were given disclosures when we requested the wire transfer so aeb was not liable for any losses we incured. Our closing attorney and real estate broker were shocked. They never have had a wire transfer be delayed this long, nor all of the restrictions on dispersment.
After 2 hours on the phone with supervisors, we still have no idea if aeb will
honor our request in a timely manner.
Bottom line..do not use this bank if you need any services or expect to receive your money any time soon.Thank you for your feedback Is this review helpful?
Reviewed By SteveLawrence Apr 2, 2017
Terrible business decision to use Amex
We are a small business that uses Amex cards for all company expenses including monthly bills, vehicle payments and products sold to customers. We spend between 30,000 and 50,000/month on our card. We have paid our accounts on time, in full and met every requirement of this card properly for years.
Recently, Amex courted us to apply for a better card that will suite our business better. We completed the process and were approved. We changed all of our auto pay accounts to the new card and continued doing business as usual.
1 month later, Amex inadvertently lowered our credit limit to 3000/month. This action was taken without notice, without discussion and without any form of review or available to dispute it. We were told "this is a numbers game and the computer decided the limit". This action caused us to have severe cash flow issues, multiple accounts not be paid by automatic process and additional fees to be applied to those accounts.
Also, this action made by Amex affected my credit to debt ratio and my personal credit score has dropped by 19 points affecting many other business abilities.
Amex's customer service has been nothing shy of terrible to work with and the end result is that they will do nothing, there is no-one to discuss this with and it can be reviewed in 1 year.
Our company has begun the process to remove all dependencies on the use of the Amex accounts and all accounts will be closed in the next 30 days. In addition, we have stopped accepting any customer charges on Amex cards and all customers that have automatic payment to us using their cards have been informed that they must provide another form of payment.
I recommend to all business owners that you do not allow Amex to do this to you and your business. When they come courting you with all of the wonderful things their card can do for you, please consider their ability and willingness to change their mind anytime.Thank you for your feedback Is this review helpful?
Reviewed By AmexCustomer Apr 13, 2016
Great Savings Bank
I see a lot of posts about the Amex credit cards, complaining about this or that, but I'm puzzled because this bank is all about savings, not the credit cards. As a bank, I've had savings here since I first found out about it several years ago. I have no complaints except they aren't offering a top tier rate. I started looking elsewhere recently for that marginal edge because my wealth advisor pays no interest on cash. These days, with low interest rates the norm, getting 1% is still over 10% better than getting .9%, which is what Amex pays at this time. After looking for a higher yield and seeing lots of negative comments about Dime, Synchrony and EverBank, all who pay more than AmEx Bank, I decided to check AmEx Bank to see the reviews of the company I'm using as a baseline. My own experience is 5-stars, except for the lower rate, and I was surprised to see all the negative reviews. Some are much worse than the banks I'm considering, which really surprised me. I eliminated the credit card complaints because they don't apply, but was astounded to see all the customer service complaints. I put AmEx customer service at the top of the heap, and AmEx Bank is no exception. Transfers, both in and out, have always been quick, usually one day but never more than 3 business days, but prudence has me always allowing a day longer that it really takes if I'm transferring into my checking account. My calls to Customer Service have always been handled quickly and completely, as I expect from AmEx. I use AmEx Bank as a leveling factor on my checking account at a local bank. I sweep money into AmEx when I don't need it right away, and move money from AmEx into checking when I see the account heading negative. I keep $500 in the local bank's savings account, at almost zero interest, and have it tied to the checking as first overdraft protection, but back that up with a $5000 no-charge-until-used credit line should I screw-up and do a big overdraft. So I have a back-up plan in case the Internet goes down. I run a cash flow spreadsheet that looks several months out, so I don't usually have surprises at all, which is great for peace of mind. So should I forego the even higher interest rates in exchange for the AmEx service and peace of mind of being tied to such a strong company. I wish everyone could have had my positive experience with this great, albeit relatively expensive, company. I'm truly sorry that some people have had a bad experience.Thank you for your feedback Is this review helpful?