For good reason, American Express is one of our top picks for the best online banks operating today. It offers checking and savings accounts with valuable features, rewards credit cards that are very nearly a household name, very competitive CD rates, and more.
Most of what you’re looking for in a bank Amex fulfills. But as you’ll see, it’s also got some noteworthy blind spots. Here’s everything you need to know about banking with American Express.
Rates are current as of Aug. 18, 2025, and are subject to change.
American Express at a glance
American Express
| Checking account | Earn rewards on eligible debit purchases |
| Savings account | Earn 3.50% APY |
at MoneyLion
- Year Founded: 1850
- Company Headquarters: New York City, NY
- CEO: Stephen Squeri
Pros
- Top-tier customer service
- Rewards-earning debit card
- Excellent preapproval practices
Cons
- Limited selection of most banking products
- No physical branches
- No money market account (MMA) options
Who is American Express good for?
American Express is ideal if you prefer (or at least don’t mind) doing all your banking electronically, as Amex is fully online. Its limited but powerful account options also make it great for those who want simplicity.
Banking with American Express is also good for those who hold an Amex credit card. That’s because some services are only available to eligible cardholders (think checking accounts and personal loans).
Who shouldn’t use American Express?
On the flip side, you shouldn’t bank with American Express if you prefer to do your banking in-person. American Express has no brick-and-mortar locations. You also won’t find use for American Express if you’re looking for a mortgage or auto loan, as it doesn’t offer either.
American Express rates and products
American Express offers most types of banking products (checking, savings, CD, etc.), but generally just an option or two for each category. You’ll trade selection for simplicity.
| American Express product | Top APY |
|---|---|
| Rewards Checking account | 1% |
| High-yield savings account | 3.50% |
| CDs | 3.25%–4.00% (depending on term) |
| Rewards Checking account | |
|---|---|
| Top APY | 1% |
| High-yield savings account | |
| Top APY | 3.50% |
| CDs | |
| Top APY | 3.25%–4.00% (depending on term) |
Bank details reviewed Aug. 18, 2025
Checking account
Amex offers two checking accounts: “Rewards Checking” for personal use and “Business Checking” for business owners. They offer a comparatively high interest rate, and you’ll even earn travel rewards from swiping your debit card. That’s a rarity you shouldn’t ignore if your daily driver is a debit card instead of a credit card.
Bank details reviewed Aug. 18, 2025
Rewards Checking
- Monthly service fee: $0
- APY: 1%
- Wire transfer fee: $20
- Money order: N/A
- Overdraft fee: N/A (payment will decline)
- International ATM withdrawal fee: 2.7%
Business Checking
- Account opening bonus: Public offer of up to 30,000 American Express Membership Rewards? points with qualifying activities.
- Monthly service fee: $0
- APY: 1.30% (on balances up to $500,000 )
- Wire transfer fee: $25
- Money order: N/A
- Overdraft fee: N/A (payment will decline)
- International ATM withdrawal fee: 2.7%
Some competing banks may offer several specialized checking account options for demographics such as college students, high schoolers, even children.
American Express focuses on a single straightforward option for both personal and business customers, both of which are nearly identical — the main difference being a publicly available welcome bonus and business tools that come with the Business Checking account.
Savings accounts
American Express features just one savings account — a high-yield savings account with no monthly fees and generous APY that compounds daily. There’s no minimum deposit required to open this account, either.
Bank details reviewed Aug. 18, 2025
CDs
Amex offers certificates of deposit with nine term lengths — each of which comes with a unique APY. You won’t find a particularly quick maturing CD; the shortest is 11 months, and the longest is 60 months.
Withdrawing your money before it matures will incur a penalty between three and 18 months’ worth of interest, depending on the term length of your CD.
Bank details reviewed Aug. 18, 2025
American Express CD rates
Amex holds its own with the best CD rates on the market, offering a minimum of 3.25% and a maximum of 4.00%.
| American Express CD Term | APY |
|---|---|
| 11 months | 3.50% |
| 12 months | 3.25% |
| 14 months | 4.00% |
| 18 months | 3.85% |
| 22 months | 4.00% |
| 24 months | 3.85% |
| 36 months | 3.60% |
| 48 months | 3.60% |
| 60 months | 3.75% |
| 11 months | |
|---|---|
| APY | 3.50% |
| 12 months | |
| APY | 3.25% |
| 14 months | |
| APY | 4.00% |
| 18 months | |
| APY | 3.85% |
| 22 months | |
| APY | 4.00% |
| 24 months | |
| APY | 3.85% |
| 36 months | |
| APY | 3.60% |
| 48 months | |
| APY | 3.60% |
| 60 months | |
| APY | 3.75% |
Bank details reviewed Aug. 18, 2025
You can receive an interest payout monthly, quarterly, or yearly. Of course, you can also wait until your account matures.
Other services American Express offers
As noted earlier, Amex is somewhat limited in the types of services it offers. Beyond the above checking, savings, and CD accounts, you can also open:
- Credit and no-preset-spending-limit cards: American Express issues more cards than perhaps any other bank. It offers a selection of well-regarded travel rewards and cash-back cards. It also supplies a wide selection of small business credit cards.
- Personal loans: If you’ve got an American Express card, you may be eligible to open a personal loan of up to $50,000. Amex may target you for a loan and let you know if you’re likely to qualify for it before you formally submit an application (potentially saving you from a wasted hard credit inquiry were you to be denied).
- Business lines of credit: As a business owner, you can potentially be approved for a line of credit up to $250,000 — though Amex specifies that only select customers will get more than $150,000.
Online banking
Remember, Amex operates entirely online. You can transfer funds, deposit paychecks, pay your bills, etc. from your computer. It’s very convenient for many, but some may still miss the perks of branch ubiquity that you’ll find with banks like Chase and Bank of America.
The American Express platform and customer support
American Express does many things well, and its customer service is known for being top notch. You’ll get 24/7 account support, and you can even instantly chat via your online account to resolve issues in a hurry, either on your computer or in-app. If you prefer the phone, you can find the appropriate number on this page (it depends on the account you need serviced).
Is American Express secure?
American Express is secure—offering the advanced fraud protections and data encryptions that you’d expect from a financial institution that handles hundreds of billions of dollars. You’ll also benefit from the $250,000 FDIC insurance per person in the event that the bank were to founder.
American Express user reviews
It’s often the case that users who take the time to write reviews are those who have had negative experiences. Thus, it’s not entirely surprising that the American Express Global page on Trustpilot shows 1.4 out of 5 stars with 4,780 reviews. However, you’ll find customers speaking highly of the bank on the popular forum site reddit, where one user in a post from 2024 described it as “the gold standard of customer service compared to its peers.”
Compares Amex to alternatives
If you’re not quite sure you’ll find what you want with Amex, two other popular online banks worth taking a look at are SoFi and Capital One.
 American Express |  SoFi® Member FDIC |  Capital One |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 3.50% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Savings account monthly fee | Savings account monthly fee | Savings account monthly fee |
| $0 | $0 | $0 |
| Top checking APY | Top checking APY | Top checking APY |
| 1% for personal account, 1.30% for business account | 0.50% | 0.10% |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| $0 | $0 | $0 |
| Top CD APY | Top CD APY | Top CD APY |
| 4.00% on a 14-month CD | N/A | 3.50% on a 6-month CD |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Terms apply. Bank details checked Aug. 18, 2025.
Is American Express right for you?
If you currently hold an American Express card and you’ve got good credit, American Express can likely fulfill many of your banking needs. It doesn’t offer mortgages or auto loans, but it provides an interest-bearing rewards checking account and a competitive high-APY savings account, as well as simple personal loans that you can use for (nearly) anything.
If you’re looking for a more niche account, such as a retirement account, a secured credit card to rebuild your credit, or a bank account for your child, you’ll want to look elsewhere. Check out our post on the best online banks to see if there may be a better fit for your situation.
Frequently asked questions
Does American Express have a bank branch?
American Express has no bank branches. Members bank entirely online.
Is Amex an FDIC insured bank?
Amex is FDIC insured. You are protected up to $250,000 per account holder.
How do I contact American Express customer service?
You can contact American Express customer service in-app, through secured web chat within your online account, or by phone at 1-800-528-4800.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.