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American Express Bank, FSB

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Application Process
Customer Service
Account Holder Ratings
3 5

Most Helpful Positive Review

Mar 29, 2014
Love it!
whitepawn46 Account Holder

I've had the account for several years now, I've been aboard since its inception and I cannot give a stronger recommendation.

IF you want quick transfers, no hassing with overbearing "verification days", top-notch customer service, and easy set-up/mantenance; go American Express!

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Most Helpful Negative Review

Jul 10, 2014
Declining interest rate
Anonymous Account Holder

Over some years and months, Amex seems to have consistently lowered the interest rate it pays. Unless you invest in a fixed rate (and time) CD, your money market interest rate can decline whenever they feel like lowereing it.

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Reviews (36)

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Jun 16, 2016
Unscrupulous, Incompetent and Rude
Anonymous Account Holder

I could tell the customer service agent had been sleeping and just woke up when I first called to open this account. They didn't know the difference between a hard and soft inquiry. I called back the next day and was told that a hard inquiry would not be made to open the account. (still unconfirmed) I put $250k in my account and let it sit for a month, but they never updated my balance to reflect any interest earned. I tried to withdraw the money to my wife's bank account, which is allowed per their Deposit Account Agreement, but they refused. Even though I offered to provide proof that I have the authority to deposit, withdraw and exercise control over the funds in the account, American Express violated their own terms and conditions and insisted it must be my own personal account in my name that funds were being transferred to. They had absolutely no legal or ethical ground to stand on. I cannot stress enough that nobody should do business with any bank, such as American Express, that doesn't adhere to their own terms of service.

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Apr 29, 2016
Not Much to Complain About...
AzuraSkye Account Holder

I opened my AmEx Personal Savings account two years ago and haven't had any complaints with them really. At the time when I was researching for a trusted bank offering higher rates, AmEx was one of them. I own an AmEx Platinum card as well, and figured I love the company and their customer service is satisfying - what could happen if I opened a savings account with them too? From the beginning to this very day, I have been making deposits on a weekly basis which is completely easy to do on the Personal Savings website. In addition, the website is user-friendly and makes my life that much easier to log in / log out after completing the transfers in under two minutes. I have only contacted their customer service once and received knowledgeable, proper customer care. Otherwise than that, I have been handling the accont on my own without any help all these years. The only complaint I have is the three business days for transfers, but I clearly understand this is the normal protocol with my external bank account as well. I guess I don't have much say in that in having the funds expedited. Then again, I schedule weekly transfers in advance for the month so there's no frustration with waiting for it to clear at the last minute because I've already anticipated this. I gave it a 4 stars because I don't withdraw funds from savings so I can't comment on it. Same thing goes for taking advantage of customer service regarding any questions or assistance, because I have been able to utilize their website and self-service options on my own without any help needed. Lastly, I'm not quite a fan of waiting three business days for transfers but I can live with it. It's not the end of the world. 

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Apr 07, 2016
This bank has very poor service.
Anonymous Account Holder

Customer service is non-existant. The people on the phones do not know anything, and they are often rude. I cannot get my statement anymore and wait for them in the mail. I am closing out the acccount. Their tecnical support people cannot figure out why I no longer get electronic statements. This is supposed to be an online bank, and it should have no trouble delivering electronic statements. I have told people that I would never open a savings account with American Express. 

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Feb 01, 2016
Anonymous Account Holder

In my early 30's and wanted a higher savings account versus other CD's/IRA's/etc. I was first going to open an Ally Bank Account but after I read all the horrible reviews, I thought to myself do I really want to trust my money to a bank I never really heard of. Then I saw this ad for American Express Savings account and how much they offer for their interest, the customer service is awesome, and I regularly make deposits every week. What else can I ask for? Getting money back in interest, having a nice nest egg saving up, and also with a trusted bank that has been around forever. Couldn't have asked for more. Thank you American Express, I am one satisfied customer. 

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Jan 20, 2016
American Express Bank
Anonymous Account Holder

So far, one of the better interests rates I can find on a basic savings account. Usually quick transfers and easy application process. 

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Oct 22, 2015
Frustrating application

Tried to open an account but the submit button wouldn't work at the end of the long frustrating application. I think you may have to call them and finish the process over the phone for security reasons. They do however have a good savings rate.

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Feb 18, 2015
Very bad experience.
Anonymous Account Holder

They removed my husband's name from our joint account by mistake. The customer service didn't feel sorry for their mistake, and told me the best they can do is to submit a request, and asked me to follow up with them after 5 business days. 

This is the worst banking experience I had ever had. Customer service is rather rude.

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Jan 28, 2015
Very Happy Depositer
LadyinMT Account Holder

I've had my American Express savings account for about 3 years.  I use it strictly as an emergency savings fund, find the interest rate to be very competitive and I've very pleased with the growth of my account so far.   I've had to withdraw from it a couple of times and the fund transfers went through within 2 business days. 

Regarding some of the reviews I see here; just read all of the fine print very carefully and you shouldn't have any surprises! 

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Jan 26, 2015
I have used Amex Savings account
Anonymous Account Holder

Have used it for over 3 years no problems until I had an emergency and needed money was told to fill in wire info and maually fax . I followed instructions to a tee and called to cofirm no problem but you missed the east coast deadline fine it was promised to direct in on Monday for a business transaction . I was at a conferance and got a call from my other Bank saying that the wire never showed up it was now Thursday and the wire was sent last Friday at 11 am. So I was put on hold for 20 minutes and then when I asked why the transfer did not go through no real answer. I explained the urgency of the 30K the ammount is important for the transfer but all options offered to me were another 3-5 day process for thier incomptetence. At that point I lost it and told them they left me no choice but to close my account 750k . Guess what they overnighted me a check but when I needed 30k of my owm money they told me to pound sand. I called in twice after this to complain no return phone calls no customer service follow up at all. Bad business and zero customer service 30k or lose 750k . Stay away at all costs

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Jan 06, 2015
Anonymous Account Holder

The trouble started when I called the bank up to find out where to send a check to deposit.  I was given the wrong zip code.  This led to a worrisome extra four days during which I wondered whether my check would ever get to the bank.  (Subsequent calls to the bank yielded the same wrong zip code.)

Finally, my check arrived and it was then I learned that I could not draw on the funds for ten days.

Once my funds became available, I made some transfers of funds out of the bank.  However, at some point the transfers failed.  It turned out that I was allowed only five or six transfers in a month-long period; because I had attempted more transfers, my account was frozen for a period of a month..  The bank did not bother to inform me that my account was frozen; I learned of this from the other financial institution and only after it was too late to make the transfer in 2014, which has major tax implications for me.

I am still in shock that they did not deem it necessary to inform me that no further transfers were to be allowed and that my account was frozen for a month.  The web page for my account still shows nothing, and no alerts were sent to me.

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