American Express Offers 3.60% APY Savings With Online Convenience

American Express offers a range of banking products, including checking, savings, and CD accounts, each with competitive rates and unique features. The bank's checking accounts, both personal and business, offer high interest rates and rewards on debit purchases. The savings account provides a generous 3.60% APY with no monthly fees or minimum deposit requirements. CDs are available in various term lengths, with APYs ranging from 3.50% to 4.00%.

However, American Express has notable limitations. It does not offer common banking products such as mortgages, auto loans, or retirement accounts. Additionally, the bank operates entirely online, with no physical branches, which may be a drawback for those who prefer in-person banking. The bank's customer service is highly regarded, with 24/7 support available through various channels. American Express is also secure, offering advanced fraud protections and FDIC insurance up to $250,000 per account holder.

American Express is ideal for those who prefer online banking and already hold an American Express card, as some services are only available to eligible cardholders. However, it may not be suitable for those looking for a wider range of banking products or in-person services. The bank's limited but powerful account options make it a good choice for those who value simplicity and convenience.

In comparison to other online banks, American Express holds its own with competitive rates and features. However, it may not be the best fit for those looking for more specialized account options or in-person banking services. Overall, American Express offers rewarding account options, but with some notable limitations that potential customers should consider.