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American Express CD Rates
American Express® CD
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Annual Percentage Yield (APY)
0.10% to 5.25% as of 11/22/23
Minimum Deposit Amount
$0
- No opening deposit
- 24/7 phone support
- Doesn’t offer no-penalty CDs
- High early withdrawal penalties
- No mobile app for banking customers
- No live online chat
Product Details
- Terms ranging from 6 months to 5 years
- Early withdrawal penalties ranging from 90 to 540 days interest
- FDIC insured
- 24/7 account access
- Compounds interest daily, and posts to account monthly
American Express CD rates vary depending on the term you choose. The 11-month, 1-year, 2-year, and 5-year terms pay higher interest rates than the average CD interest rates. However, the other CD terms are on par with CD rates at many brick-and-mortar banks.
American Express National Bank only has standard CDs. These CDs have a fixed interest rate, which means your rate will remain the same for the full term. If you need to take out money before a CD matures, you’ll have to pay an early withdrawal penalty.
American Express could be a good option if you want a CD with a low minimum opening deposit. Generally, most banks require a minimum of $1,000. At American Express, the minimum deposit is $0.
Is an American Express CD Worth It?
You might find American Express CDs appealing if you would prefer to open a CD with a low initial deposit.
American Express also might be worth considering if you are searching for an 11-month, 1-year, or 2-year CD. These terms have the most competitive interest rates and will likely be higher than most brick-and-mortar banks.
If you plan on opening multiple bank accounts at the same financial institution, American Express also has a high-yield savings account and a rewards checking account. However, the American Express® Rewards Checking Account is only available to Consumer Card Members who have had a card account for at least three months.
You may prefer another financial institution if you’re searching for CDs with more lenient withdrawal penalties. Other online banks also offer more competitive interest rates for 6-month, 18-month, 3-year, and 4-year terms.
How American Express CD Rates Compare
American Express CDs vs. Capital One 360 CDs
You may favor Capital One 360 over American Express if you prioritize low early withdrawal penalties. Capital One 360 also has more CD terms available. For example, you could get a 9-month or 30-month term.
If you don’t meet the minimum opening requirements at other financial institutions, American Express and Capital One 360 are equally good options. Both allow you to open a CD with $0.
American Express CDs vs. Barclays CDs
You might lean more toward Barclays if you’re worried about early withdrawal penalties since it’s a bit more lenient than American Express National Bank.
American Express might be a good option if you have an American Express card. If you’ve had a card for at least three months, you’ll be eligible for the American Express® Rewards Checking Account. Barlcays doesn’t offer any checking accounts.
American Express CDs: Frequently Asked Questions
Yes, American Express has traditional CDs with terms from six months to five years.
American Express pays 0.10% to 5.25% as of 11/22/23 APY on its CDs.
American Express has good CD rates on 11-month, 1-year, and 2-year CD terms. Still, you can find even higher rates at other online banks.
You may open an American Express CD with $0.
If you decide to withdraw money from an American Express CD before it reach maturity, the following early withdrawal penalties apply:
For CD terms under a year, the penalty is 90 days of interest.
For CD terms between one year and less than four years, the penalty is 270 days of interest.
For CD terms between four years and less than five years, the penalty is 365 days of interest.
For CD terms five years or longer, the penalty is 540 days of interest.
Yes. American Express CDs are FDIC insured for up to $250,000 per depositor.
Why You Should Trust Us: How We Reviewed American Express CDs
We use the Insider certificate of deposit methodology to review Amex CDs. We look at ethics, mobile apps, customer service, interest rates, minimum deposits, term variety, and early withdrawal penalties. We assign each category a score between 0 and 5, then average the scores together to determine a rating for Amex CDs.
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