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American Express Personal Savings Accounts Review

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American Express Personal Savings accounts are provided by American Express National Bank, a New York-based financial services subsidiary of American Express Company. The personal savings account can be completely set up and managed online and is insured up to $250,000 by the FDIC. American Express was founded in 1850 and is a component of the Dow Jones Industrial Average.
 
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How Do We Rate American Express Personal Savings?

Breakdown

4.5/5
Rates and fees
4.1/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.3/5
Financial Stability & Ratings
0.0/5
Customer Support

Our Overall Rating: 4.1 / 5 (Excellent)

American Express Personal Savings accounts have a refreshingly traditional simplicity that makes them an enticing option for serious savers. The company's major selling point is its interest rate, which is higher than the national average. Since the primary function of savings accounts is to consistently grow, the company has a competitive advantage. American Express Personal Savings accounts are also free from the fees and limitations that plague so many other savings accounts. Accounts can be created online, however, the company does not offer a debit or ATM card. Also, the online savings account cannot be managed within the larger American Express app at this time. This may be an inconvenience to some, but it's more than balanced out by the company's generous interest rates.

American Express Personal Savings Account Features

Balance Requirements - 4.1 / 5

Although American Express Personal Savings accounts are maintained by a division of American Express, the company's savings accounts operations are kept separate from other American Express operations. For example, it's not possible to have a single log-in for an American Express card and American Express Personal Savings or to pay one's Amex card bill directly from American Express Personal Savings. Further, American Express Personal Savings accounts are not intended to be utilized for day-to-day expenses and transactions, so the company does not provide a debit card and limits customers to six withdrawals/debits a month. There is no separate American Express Personal Savings app. Although these account features are meager compared with those of some of its competitors, at this time the company does pay a rate of interest considerably above the national average.

APY (Annual Percentage Yield)

3.70%
Interest Compounded
Daily
Integration with Other Online Accounts
External Banks
Mobile App
Yes
Debit/ATM Card
No
ATM Fees
Not applicable
Branch Offices
None

American Express Personal Savings Fees and Restrictions

Rates and fees - 4.5 / 5

American Express Personal Savings accounts are free from maintenance and low balance fees. The account's limit of six withdrawals/debits per month is a Federal Reserve Board Regulation, which is quite reasonable since savings accounts are not meant for daily withdrawals.
Minimum Opening Deposit
none
Minimum Balance for Promotional APY
none
Minimum Balance to Avoid Penalty
none
Withdrawal Limit
Six withdrawals/debits per month
Transfer Limit
none
Maximum Balance
5,000,000

American Express Personal Savings Reputation & Financial Strength

Financial Stability & Ratings - 4.3 / 5

American Express is a financial services powerhouse that has been in business since 1850. Its blue-chip stock is a component of the Dow Jones Industrial Average. This financial strength and stability are reflected in the financial ratings for American Express National Bank, which is the legal entity that actually holds deposits to American Express Personal Savings accounts. The consumer ratings from the BBB, CFPB, and Trustpilot for American Express overall and mostly concern the company's card operations, not its savings accounts.
Year Founded
1850
Standard & Poor's Financial Rating
A-
Moody's Financial Rating
A2
Consumer Financial Protection Board (CFPB) Complaints
11,806

Contact Methods

  • Phone
  • Chat
BBB Rating
A+
BBB Resolved Complaints
3029 in last three years
Customer Support Hours
24/7
Live Help 24/7
Yes

Company Profile

Full Name
American Express Personal Savings Accounts
Company Website
https://www.americanexpress.com
Headquarters
World Financial Center, 200 Vesey Street, New York, NY, 10281

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Customer Comments & Reviews

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S
Salvatore P
4/18/2019
Don't even think about opening a savings account with this bank! I opened and funded a savings account with electronic transfers from a checking account. For some reason the bank decided that they didn't want me as a customer (which is within their rights). They decided to close my account (and they didn't even notify me, which is still within their rights, but horrible from a customer service perspective). Now they don't want to return my money with a check or electronic transfer, but instead want me to recall the transfers from my checking account. It makes no sense at all to recall two perfectly valid transfers. Check carefully the agreement as you will be forced into... Read More

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