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American Express CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon


  • Most terms offer competitive rates
  • Choices on how to receive interest
  • No required amount to open CDs
  • Good variety of CD terms offered


  • Shorter terms have lower rates
  • Cannot make a partial withdrawal
  • High early withdrawal fees
  • Does not guarantee best interest rates

What You Need to Know

Cool Things

Savings Calculator

The American Express, Personal Savings website, offers financial calculators. These calculators are for their savings account and CDs. Input an investment amount and see how much interest you could earn. Compare CD terms and see what the different interest rates can do for your money.


American Express started in 1850. They were first an express mail business in New York. Their launch of traveler’s checks helped make them an international company. American Express was involved in the railroad, purchased Broadway buildings, and investment banking.

In the 1980s, American Express offered businesses a discounted rate to only accept their credit cards. Companies, including other credit card companies, got upset. “The Boston Fee Party” started as a result. After this, American Express allowed business to accept other credit cards.

American Express had over 109 million cards in operation in 2016. In the United States, more than 47 million cards averaged over $17,000 in annual spending. Their net income is $5.4 billion, with assets over $158 billion. American Express is one of the most trusted brands.

Awards and Recognition

  • Voted “Highest in Customer Satisfaction” by J. D. Power in 2017
  • Ranked 85th in Fortune 500 Rank

Giving Back

American Express supports Project Sunshine. This organization uses volunteers to provide opportunities for children with medical challenges. They provide educational, social, and recreational programs. American Express employees also volunteer to assemble kits for this organization. The kits are then taken to children in local hospitals. Project Sunshine operates in Arizona, Florida, New York, and Utah.

American Express works to help sustain the environment. Employee travel is carbon neutral. They have increased their energy efficiency to their buildings since 2011. Their BlueWork program allows employees to work more from home. This decreases travel and reduces their carbon footprint. In 2017, American Express employees planted over 18,000 trees for Earth Month.

Frequently Asked Questions

Is American Express Personal Savings FDIC insured?

Yes. American Express Personal Savings is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does American Express Personal Savings offer?

They offer seven CD terms. Those terms range from six-months to five-years.

What is the required amount to open a CD with American Express Personal Savings?

There is no required amount to open a CD with American Express Personal Savings. Open a CD and earn interest with any amount.

How do I deposit money into American Express Personal Savings CDs?

You can fund your account through an electronic transfer or by mailing a check.

How do I access my money?

Through electronic transfers or requesting a mailed check. You can electronically transfer the money into another American Express account. You can also transfer money into an external linked account.

Do I have to open other American Express accounts before I can open a CD?

No. You can open a CD without opening another account.

Do American Express Personal Savings CDs offer competitive interest rates?

Yes. The CD terms 18-months or longer offer the most competitive interest rates. Those rates are competitive with other online accounts.

Can I choose how to receive my interest payments from American Express CDs?

Yes. You can have the interest mailed to you annually, quarterly, or monthly. You can have the interest electronically transferred into another American Express account. You can also transfer money electronically into a linked external account.

What percentage am I charged if I withdraw money before the maturity date?

For CDs less than 12 months, the fee is 90 days of interest. For terms from 12 months to less than 48 months, the fee is 270 days of interest. Terms from 48 months to less than 60 months, the fee is 365 days of interest. For terms 60 months or longer, the fee is 540 days of interest.

How do I make changes during the grace period?

By contacting a customer service representative.

How will I know my American Express CD is nearing maturity?

American Express will notify you by mail and email ten days before your CD reaches maturity. The CD will automatically renew if you do not contact American Express Personal Banking customer service and make changes to the CD.

How long is the grace period between renewal?

The grace period is ten days.

Are American Express CD rates guaranteed for the entire term?

Yes. American Express Personal Savings accounts offer fixed rates. The rate offered the day you fund your American Express CD is the rate you receive for the life of the term.

Does American Express Personal Savings offer mobile banking?

The AMEX apps are for credit cards. You can access your accounts on a mobile device through their website. There is not a specific app for the American Express Personal Savings accounts.

Is American Express Personal Savings a good bank?

The interest rates for CD terms longer than 12-months are competitive. There is no set amount required to open the accounts. The fees for withdrawing money before the maturity date are high. You cannot make partial withdrawals of the principal balance.

Is American Express secure online?

Their computers offer safeguards. They have secure files and facilities. Customers are logged out after ten minutes of inactivity. American Express encrypts personal information with Secure Sockets Layering technology. They monitor accounts for potential fraud.

What is the shortest American Express CD term offered?

The shortest term is six months.

What is the longest American Express CD term offered?

The longest term is a 60-month term.

Does American Express Personal Savings offer accounts other than CDs?

Yes. American Express Personal Savings offers a high yield savings account. American Express offers a variety of accounts, including credit cards.

Can I use American Express Personal Savings CDs for my business accounts?

American Express Personal Savings does not offer specific business accounts. The accounts available are a personal deposit high yield savings account and CDs. American Express does offer other accounts.

How do I reach customer service?

By email, mail, or phone. American Express Personal Savings offers a 24/7 phone number. You can also follow American Express on Facebook, Twitter, Instagram, LinkedIn, or YouTube.

Bank Contact Information

American Express National Bank
P.O. Box 30384
Salt Lake City, UT 84130-0384

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