Don’t Leave Home Without Them
In 1975, David Ogilvy of Ogilvy & Mather developed the highly successful “Don’t Leave Home Without Them” ad campaign for American Express Traveler’s Cheques, featuring Oscar-award-winning actor Karl Malden. Malden served as the public face of American Express Travelers Cheques for 25 years. In the UK, the spokesman was the television personalityAlan Whicker.
After Malden’s departure, and as the card assumed importance over the traveler’s cheques, American Express continued to use celebrities, such as Mel Blanc and ballerina Cynthia Gregory. A typical ad for the American Express Card began with a celebrity asking viewers: “Do you know me?” Although he/she gave hints to his/her identity, the star’s name was never mentioned except as imprinted on an American Express Card, after which announcer Peter Thomas told viewers how to apply for it. Each ad concluded with the celebrity reminding viewers: “Don’t Leave Home Without It.” The “Don’t Leave Home Without It” slogan was revived in 2005.
How’s The Customer Service
One advantage of banking with American Express is that it offers 24/7 phone support if you call 1-800-446-6307. In contrast, many smaller online banks have limited customer service hours, especially on weekends.
I actually have an American Express credit card that I use to earn cash back. It’s a different customer support number and team, but in the two times I’ve called, the longest I’ve waited for support was around 20 minutes. I also bank with TD Bank and have had much longer wait times in the past, so I’m pretty happy with American Express’ customer service.
Benefits Of American Express
In the past American Express has been associated with lavish lifestyles and luxury living because of its high credit limit and the various perks that came with owning one. They even have an invite only American Express Centurion card that costs its users over £1,000 every year in fees. This card allows its holders to enter numerous exclusive airport lounges, gold memberships at car rental companies and personal shoppers in luxury retailers. Whilst this image of American Express is still fairly prevalent in modern culture, it has started to broaden its audience to a less exclusive demographic. They now offer no-fee American Express cards that allow you to receive cashback and Airmiles every time you make a purchase. There are other additional extras such as car insurance and holiday insurance. Unsurprisingly, American Express also has an excellent customer service and customer satisfaction record. The top level American Express cards have cashback offers of around 5% on purchases made, on top of giving you Nectar Points and Airmiles.
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How To Bank With American Express National Bank After Business Hours
As mentioned earlier, the status of American Express National Bank, Member FDIC as an online bank means you dont need to worry about conducting banking business during normal business hours since everything is accessible 24/7. You can bank with American Express online or via its mobile app.
One thing to keep in mind: American Express notes that for transferring funds, business days are considered to be Monday through Friday, and that any transfers done after 7 p.m. Eastern time will be processed the next business day, excluding holidays.
The Negatives Of American Express
The primary drawback of American Express cards is the fact that they charge companies for the payments that they process. This is because they have their own payment network and don’t rely on companies like Visa and Mastercard. This means that some businesses, especially smaller ones, may not accept American Express. In other cases, such as online shopping, you may have to pay a little bit extra in order to use one.
Another thing to be aware of is that American Express’ additional extras often only last for a limited period. This means that you won’t be able to enjoy the benefits of things like Airmiles or cashback for that long. Most of these offers are introductory offers that expire after a certain amount of time. Some of the offers do last beyond an introductory period but there are often minimum spends that are required in order to qualify for them.
Essentially when taking out an American Express card with nice introductory offers you should bear in mind that after these offers expire the card acts just like a normal . This means that with the higher fees that they charge, you could end up paying more for the card than you save with the offers.
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Estate And Retirement Planning
The American Express Personal Savings account is a better vehicle for retirement savings than a regular savings account. Thats because inflation rates are forecast to stay around 2% for at least the next few years.2 And if you put your money in a regular savings account at just .01% APY, youll come out in the negative against inflation.
Should You Get An American Express
When considering an American Express card it is important to be aware of how you are going to use it and if you are going to get your money’s worth out of the extras it offers.
If you get an American Express that comes with car insurance, you will only benefit from this if you don’t already have car insurance taken out. Similarly if the card you get allows you entry to exclusive membership clubs, you need to seriously consider whether or not you will ever make use of this feature.
On top of this, it is important to consider whether or not you are going to spend enough on the card to meet the minimum requirements for the offers to apply. If you don’t generally spend as much as they need you to, then it is hardly going to be economical to increase your spending just so you can take advantage of these offers.
One more thing that you should consider when weighing up the option of an American Express is the fact that they tend to have higher interest rates than other cards. This is how reward credit cards make the most of their money back from their customers. This means that you should be extra careful not to leave outstanding debts on your card, beyond the interest free period.
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American Express National Bank High Yield Savings Account
American Express National Bank offers a single high-yield savings account that comes with an APY several times the national average and is comparable to similar savings accounts at other banks. GOBankingRates has ranked it as one of the Best Savings Accounts of 2022 in its yearly rankings.
The High Yield Savings Account offers an annual percentage yield of 1.15% as of June 30, 2022, with interest compounded daily. The minimum deposit to open an account is $0 and theres a $0 monthly service fee.
Is American Express National Bank Right For You
American Express National Bank isn’t a good option for everyone, but if you fit one of these profiles, it’s worth adding to your shortlist:
- You want to earn a high rate on your savings.
- You want to be able to make more than six savings account withdrawals per month.
- You want to separate your savings from your everyday bank account.
- You don’t have enough money saved up for the high minimum opening deposit requirements at other banks.
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American Express: An Overview
- Headquarters: New York City
- : $108.6 billion
American Express is an American financial and travel services corporation with operations in more than 110 countries. Its primary products include charge cards, credit cards, financial services, and travel-related services like traveler’s checks. The company, commonly referred to as Amex, markets these products to consumers, business owners, and corporations across the globe.
Founded in 1850, the company had $1 trillion in total global spending billed in 2021. The company reported a net income of $8.1 billion on revenue of $42.4 billion for the 2021 fiscal year.
As of Jun. 19, 2022, the company’s executive team is made up of:
Easy To Automate Savings
Generally speaking, its easy to set up an automated deposit from a checking account into a savings account. That said, they bury the secret to automation deep within their website. On the other hand, American Express emphasizes how to set up the automation.
They compare well to the other accounts listed on the best high yield savings account list.
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Chip Lupo Credit Card Writer
Yes, American Express is a bank. American Express is an online-only bank that offers its customers savings accounts and certificates of deposit with no minimum deposit or minimum balance requirements and no monthly fees. Its products also include loans, checking accounts for small businesses and credit cards.
The fact that American Express is both a credit card issuer and a payment network also sets it apart from other banks. American Express issues its own credit cards, which are geared primarily toward high-net worth individuals with good-to-excellent credit. To find the offer that works best for you, take a look at our editors picks for the best American Express credit cards.
Why is Amex not a bank?
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Easiest American Express Cards To Get
Of course, American Express also evaluates each applicant’s income and debt obligations to make sure they can afford monthly bill payments on a new line of credit. But there isn’t much information available about Amex’s standards in those regards, and you shouldn’t expect them to differ too much from other credit card companies’ policies.
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American Express National Bank’s Customer Service And Experience
American Express as a whole is known for excellent customer service. In 2021, J.D. Power ranked American Express first in customer satisfaction for credit card customer service. Though J.D. Power didn’t speak to American Express National Bank’s products, it’s reasonable to believe these same values define American Express National Bank, since it’s run by the same company. Additionally, American Express National Bank services are consistently rated highly by customers online — a major compliment. Customers are generally more likely to write reviews for negative experiences, so positive reviews are a strong indicator of excellent service. Though there is not an abundance of information on American Express National Bank’s customer service, the little that is available points toward an excellent customer service experience.
What Is American Express National Bank
American Express is best known as a credit card issuer. But the financial services company also has a banking subsidiary – American Express National Bank, Member FDIC – that offers high-yield savings and CD accounts.
As an online-only bank, Amex Bank can’t offer customers in-person support at local branches. However, it does provide round-the-clock phone support.
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Does Not Reduce The Risk
Insurance is just a risk transfer mechanism wherein the financial burden which may arise due to some fortuitous event is transferred to a bigger entity called an Insurance Company by way of paying premiums. This only reduces the financial burden and not the actual chances of happening of an event. Insurance is a risk for both the insurance company and the insured. The insurance company understands the risk involved and will perform a when writing the policy.
As a result, the premiums may go up if they determine that the policyholder will file a claim. However, premiums might reduce if the policyholder commits to a risk management program as recommended by the insurer. It’s therefore important that insurers view risk management as a joint initiative between policyholder and insurer since a robust risk management plan minimizes the possibility of a large claim for the insurer while stabilizing or reducing premiums for the policyholder.
If a person is financially stable and plans for life’s unexpected events, they may be able to go without insurance. However, they must have enough to cover a total and complete loss of employment and of their possessions. Some states will accept a surety bond, a government bond, or even making a cash deposit with the state.
Other Savings Options At Amex
American Express also offers CDs to help you expand your savings. There are no minimum deposits to open a CD and terms range from six months to five years, allowing you to choose a term that best matches when you will need the money again. The banks highest CD rates are for longer terms.
The rates for an American Express CD are competitive, but you can find other banks that offer higher yields, especially for short-term CDs.
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American Express National Bank Cd
The American Express National Bank CD offers decent interest rates and doesn’t have a minimum deposit requirement. While it doesn’t offer the best CD rates in the industry, this is a solid pick for individuals who cannot meet the high minimum deposit requirements of other banks. American Express also offers a variety of terms, which is good for CD laddering. Interest compounds daily and is paid out monthly. Like most CD accounts, the American Express National Bank CD charges a penalty if you decide to take funds out of your CD before the maturity date.
Can’t Accept Cash Or Check Deposits
We’ve already mentioned that Amex doesn’t have any checking accounts. It also doesn’t issue ATM cards for any of its savings products. This means that you won’t be able to withdraw or deposit cash into your American Express National Bank account.
It should also be noted that while the bank’s website is mobile-optimized, there is no dedicated mobile app. That means you won’t be able to deposit checks into your account either.
If you do want to deposit cash or checks into your savings accounts, you’ll need to deposit them into a different bank first and then transfer the money over via ACH. It’s a bit inconvenient but it could also be a non-issue if you don’t deal in cash very often.
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Drawbacks Of The American Express Personal Savings Account
Depending on your situation, there are a few things about the American Express Personal Savings account that may not be ideal for you, including:
- No ATM access. Depending on your reason for saving, this could be a good thing and a bad thing. No ATM access may discourage you from making frequent withdrawals. However, if you need emergency money in a pinch, you could be looking at five business days before a transfer goes through.
- No checking account, check writing or debit card. If youre after a savings account that lets you write checks against the account, this isnt the account for you.
- A six withdrawals/debits per month/statement cycle limit might cramp your style if youre used to pulling money out of your savings account. But, it could also encourage you not to pull money out and leave it in to earn more money. And, the six withdrawal a month cap is a federal regulation that applies to any online savings account. You can make unlimited deposits.
- No app. When it comes to online banking, an app just makes things easier. Who really wants to log in via a webpage every time they need to make a deposit?
- Not the highest APY available. Yes, an APY of 2.10% with daily compound interest is impressive, but its not the highest rate you can find. Nonetheless, American Express Bank is a solid institution with a long history, so, this account is still a good choice.
The Origins Of American Express
Most of our normal monetary exchanges happen through our banks, however the banks don’t control each part of the process. There are a number of companies that link your banks to payments that you make on your debit or credit cards. These companies are normally payment networks such as Visa and Mastercard, who don’t give you a card themselves but instead just help to manage the transaction between the shops and the banks.
American Express on the other hand distribute their own cards, fund the transactions that you make and manage the transfer of the money. This service incurs charges from American Express that come in the form of interest or one off fees. They also receive a fee from shops to process their payments.
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American Express National Bank Faq
- Is American Express National Bank FDIC insured?
- Funds deposited within American Express National Bank deposit accounts are insured by the Federal Deposit Insurance Corporation and are backed by the full faith and credit of the United States up to at least $250,000 per depositor.
Vance Cariaga contributed to the reporting for this article.