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American Express National Bank CD rates may not be the highest, but these CDs are worth considering because they have no deposit requirements and no fees. You've probably heard about American Express credit cards, but if you want to build your savings, its CDs are worth a look.
Read this review to learn more about American Express National Bank CD rates, how they stack up against the competition, and who should get an American Express National Bank CD.
APY = Annual Percentage Yield
American Express CDs don't offer particularly competitive rates across all terms, but for certain terms, the rates do stand out. There are no account minimums for Amex CDs, but withdrawal penalties are on the higher end, so be fairly sure you can leave your money alone for the full term.
11 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|
4.50% | 4.35% | 3.25% | 4.00% | 3.00% | 3.00% | 3.00% |
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
Account | APY | Promotion | Next Steps |
---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of August 24, 2024
Min. to earn: $1
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
American Express National Bank CD rates are decent, but can sometimes be beat by others. You may find better rates at other online banks, especially for shorter term lengths. Compare CD rates below to find the right CD account for your needs.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.20% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
If you're saving up for a long-term goal, an American Express National Bank CD may be a good way to earn interest on those savings.
PROS
CONS
American Express National Bank CDs are some of the best CDs we've seen, although they are not at the top of the list. That doesn't mean you should avoid American Express National Bank CDs -- they have a wide range of terms, no monthly fees, and no minimum deposit requirements. That means American Express National Bank CDs are great if you don't have a lot of money to set aside long term or you're just starting to explore the world of CDs.
Like most CDs, you'll end up paying a penalty for withdrawing your CD balance early, which can be up to 540 days' interest depending on the length of your CD. CDs renew automatically at maturity, but customers can opt out. Interest compounds daily. Then, it's paid out monthly via transfers to an American Express High Yield Savings Account or external bank account. Another option is to receive interest by check on a monthly, quarterly, or annual basis.
American Express National Bank CDs are an excellent fit for people who want an online CD that earns relatively high-yield interest and offers multiple term lengths without a minimum deposit requirement. They are also perfect for people who wish to maintain flexibility by building a CD ladder.
APY = Annual Percentage Yield
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
You should get an American Express National Bank CD if you're looking for decent CD rates without the deposit requirements found with some banks.
An American Express National Bank CD is worth it if it's more important to you to avoid a minimum deposit requirement than earn the best rates. To maximize savings, you may want to search for better rates from other online banks.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.