American Express certificates of deposit (CDs) rates are competitive with the best CD rates. While it’s best known for its credit cards, American Express has a selection of personal bank accounts, including a solid collection of CDs. It operates completely online and is Federal Deposit Insurance Corp. (FDIC)-insured.
All rates and fees are current as of August 13, 2024, and are subject to change.
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More details on American Express CD rates and products
American Express offers many popular credit cards, but it also provides a high-yield savings account and a selection of CDs. While it does not offer any CDs with special features, such as no-penalty CDs, it has a solid set of traditional terms with attractive interest rates.
American Express offers seven CD terms, ranging from 11 months to five years, with competitive interest rates. There is no minimum deposit to get started, and interest compounds daily.
The CD will be renewed automatically unless you request otherwise. You can give renewal instructions before the maturity date and up to 10 days after maturity.
As with most CDs, there is an early withdrawal penalty if you take your funds out of the CD before the end of the term. If the penalty is more than the accrued interest to date, the remainder will be withdrawn from the principal. You cannot make partial withdrawals. If you wish to withdraw funds, you must close the CD.
American Express standard CD features
Minimum opening deposit
$0
Early withdrawal penalty for terms less than 12 months
90 days' interest
Early withdrawal penalty for terms between 12 months and 4 years
270 days' interest
Early withdrawal penalty for terms between 4 and 5 years
365 days' interest
Early withdrawal penalty for terms longer than 5 years
540 days interest
Individual Retirement Account (IRA) CDs
American Express also offers IRA CDs that can be opened inside of a traditional or Roth IRA. There are six terms ranging from one to five years with competitive interest rates and no minimum balance.
Early withdrawal rates will apply if you withdraw the funds before the term ends.
American Express IRA CDs
Term length
APY
Minimum deposit
12 months
4.35%
$0
18 months
3.25%
$0
24 months
4.00%
$0
36 months
3.00%
$0
48 months
3.00%
$0
60 months
3.00%
$0
12 months
APY
4.35%
Minimum deposit
$0
18 months
APY
3.25%
Minimum deposit
$0
24 months
APY
4.00%
Minimum deposit
$0
36 months
APY
3.00%
Minimum deposit
$0
48 months
APY
3.00%
Minimum deposit
$0
60 months
APY
3.00%
Minimum deposit
$0
American Express IRA CD features
Minimum opening deposit
$0
Early withdrawal penalty for terms less than 12 months
90 days' interest on the amount withdrawn
Early withdrawal penalty for terms between 12 months and 4 years
270 days' interest on the amount withdrawn
Early withdrawal penalty for terms between 4 and 5 years
365 days' interest on the amount withdrawn
Early withdrawal penalty for terms longer than 5 years
540 days' interest on the amount withdrawn
Compare American Express to top competitors
Amex offers competitive CDs, but it isn't the only bank in the market. Discover and Capital One also offer CDs with slightly higher rates, especially on longer-term CDs.
American Express
Discover
Capital One
6 months
6 months
6 months
N/A
4.25%
4.25%
12 months
12 months
12 months
4.35%
4.70%
5.00%
18 months
18 months
18 months
3.25%
4.40%
4.45%
24 months
24 months
24 months
N/A
4.00%
4.00%
36 months
36 months
36 months
3.00%
3.75%
4.00%
Learn more
Learn more
Learn more
Read our review of American Express
See more Discover CD rates
See more Capital One CD rates
Learn more about American Express
American Express is famous for its credit cards, but it also offers some attractive banking options. In addition to CDs, it offers a checking account, high-yield savings, and personal loans. It also has a selection of business bank accounts.
Founded in 1850, American Express is FDIC-insured and operates completely online. The mobile app gets 3.9 stars on Google Play and 4.9 on the App Store. Customer service reports are mostly positive. However, some say it's gone downhill recently. This fits with the J.D. Power survey, where American Express ranked third in overall satisfaction in 2023 but fell below average in 2024.
Read more
To earn the max on your deposit, check our ranking of the best CD rates.
Our ranking of the best jumbo CD rates can help you maximize your earnings on big deposits.
Short-term deposit investors can find a great rate on our list of the best 3-month CDs.
The best 1-year CD rates ranking can help you earn a tidy return on a 12-month deposit.
Choose one of the best high-yield savings accounts to boost your APY.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.
The FDIC-insured American Express National Bank is an online bank that offers competitive accounts. Its savings account has a solid annual percentage yield, and its certificates of deposit are worth considering.
Once your CD reaches full maturity, your account will either close and you can withdraw your principal plus all earned interest, or your CD account will be renewed with similar terms and the current prevailing fixed interest rate.
American Express National Bank is an FDIC-insured bank and your deposits are insured as long as it does not exceed the allowable coverage limit. What is My Coverage Limit? The standard insurance amount is $250,000 per depositor per insured bank for each account ownership category.
American Express National Bank is an online bank that offers savings and checking accounts with competitive yields, as well as some CDs that pay above-average rates.
The highest certificates of deposit (CDs) rates today are offered by Merchants Bank of Indiana (5.92%), First Federal of Lakewood (5.61%), Maries County Bank (5.51%) and Shoreham Bank (5.50%). You can see the full list of the highest-paying CDs here.
Yes, you may be able to negotiate rates on jumbo CDs depending on how much you deposit, the term and the financial institution offering the CD. It doesn't hurt to attempt to negotiate a better interest rate for your jumbo CD. The more money you plan to deposit, the better your chances of getting a better rate.
How Are CDs Taxed? Interest earned on CDs is taxed as ordinary income at your individual federal income tax rate. This rate can range from 10% to 37% depending on your taxable income and filing status.
While CDs can provide some guaranteed returns over time and some level of security, they're not likely to provide you the returns needed to build wealth for retirement over time. Instead, it might make more sense to build wealth with other assets and only use CDs for a portion of your portfolio.
For example, if you deposit $500 in a five-year CD that earns a 5.15% APY, your balance by the end of five years will be $642.71, earning you $142.71 in interest. However, if the interest rate is 3.25%, your earnings will only be $586.71, a difference of $56 in interest earnings.
Bottom Line. If you have a CD approaching its maturity date, start planning now for what you want to do next with that money. If you wish, you can leave the money alone and let the CD renew automatically for the same term at the current APY.
The short answer is no, opening a CD generally will not hurt your credit. That's because you're not borrowing money; a CD is a type of savings account, which usually doesn't require a credit check.
Additionally, its affluent, high-spending client base and marketing prowess help it generate consistent revenue growth, averaging about 6% annually from 2009-2019 (78% in total over 10 years), and a more rapid 19% per year from 2021 to 2023. We expect AmEx's revenue to grow 7%-9% in 2024 and 2025.
As of Dec. 31, 2023, it had $180.4 billion in assets, making American Express National Bank the No.23-largest bank in the country. More about American Express: American Express Co. is a New York-based payments company.
But the bill lightens the load on plenty of pretty sizable banks, too. Among the list of now not-so-big banks are multinational financial groups like BNP Paribas, Credit Suisse, Barclays, and American Express.
Introduction: My name is Errol Quitzon, I am a fair, cute, fancy, clean, attractive, sparkling, kind person who loves writing and wants to share my knowledge and understanding with you.
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