American Express Bank, FSB is an extension of American Express Company, a global financial services business and the world’s largest card issuer by purchase volume. Operating as an online-only bank, it serves customers across the United States.
Company Headquarters:
American Express Bank, FSB
P.O. Box 30384
Salt Lake City, Utah 84130-0384
Website: personalsavings.americanexpress.com
Customer service: 1-800-446-6307
Types of Accounts Available
American Express Bank offers what is known as “Personal Savings from American Express.” Currently, it only provides a high-yield savings account and certificate of deposit, unlike other banks that usually include regular savings and checking accounts, money market accounts, and retirement planning options like IRAs.
Savings Account
The High-Yield Savings Account from American Express Bank comes at an interest rate that is competitive with longer-established banks. Some features and requirements of the account include:
- $25 to open
- No fees or minimum balance requirement (Note: this is rare with a high-yield savings account)
- 6 withdrawals per calendar month
- Link to up to 3 external accounts
- Electronically transfer up to $250,000 per day
- Free quarterly online or paper statements
- ATM access (customers must be enrolled in free Express Cash program to have this feature)
Interest is compounded daily and credited monthly.
CD
American Express Bank offers a certificate of deposit (CD) with a number of maturity options at competitive rates. Some features and requirements include:
- No monthly fees
- Electronic transfers up to $250,000 per day
- Fixed rates
- Choice of when to receive interest payments (monthly, quarterly or annually)
- Early withdrawal (account may be subject to a penalty)
- Quarterly online or paper statements
- Name up to 6 payable-on-death beneficiaries
- FDIC insured
American Express Bank’s CD terms are as follows:
- 6 month
- 12 month
- 18 month
- 24 month
- 36 month
- 48 month
- 60 month
The bank does not offer a jumbo CD.
How to Open Account
Both the High-Yield Savings Account and CD from American Express Bank are opened online by clicking “Set up online access” then choosing the account type along with the term if you want a CD.
In order to open most accounts, you will need:
- Name
- Address
- Phone number
- E-mail address
- Birthdate
- Social Security number
Once the account is opened, it can be funded via electronic transfer from your current bank or a check mailed to the bank’s main office.
FDIC Insurance and Coverage
Deposits at American Express Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum limit, which is currently $250,000 per account.
Customer Service
American Express Bank does not offer in-branch customer service since there are no branches. However, it offers 24/7 phone service, as well as the ability to make snail mail inquiries and deposits to its main office in Utah.
Security
Being online only, American Express Bank says it takes a number of precautions to protect its users, including authorized user verification, SSL technology, e-mail confirmation and password protection, suspicious transaction detection, irregular activity alerts and automatic time-outs. Also, it offers identity theft and phishing protection and tips on how users can protect themselves.
In addition to deposit accounts and IRAs, American Express Bank offers credit scores and reports, financial tools, travel protection and the Fraud Protection Center.
