American Express CD Rates: October 2023

American Express offers a simple CD with decent rates

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Kat Tretina
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Kat Tretina is is an expert on student loans who started her career paying off her $35,000 student loans years ahead of schedule. Her work has been published by Experian, Credit Karma, Student Loan Hero, and more.
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Updated September 22, 2023
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Michael Rosenston
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Fact checked by Michael Rosenston
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Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
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American Express CD Rates

Although American Express is primarily known for its credit cards and charge cards, it also has several savings options, including high-yield savings accounts and a certificate of deposit (CD). 

American Express CD rates are higher than the national average for some term lengths. It has no minimum balance requirement, making it particularly useful for those without substantial savings.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

American Express CD Overview

?CD Term ?APY ?Minimum Balance
11 months 5.00% No minimum
12 months 4.25% No minimum
18 months? 1.00%? No minimum?
24 months? 4.75%? No minimum?
36 months? 1.15%? No minimum?
48 months? 1.20%? No minimum?
60 months? 3.00%? No minimum

American Express’ CD accounts have fixed interest rates. Other options, such as variable-rate and no-penalty CDs, are not available through American Express. 

American Express CD: Key Features

APY Range 1.00%–5.00%
Minimum Balance? No minimum balance?
Term Range 11–60 months
Early Withdrawal Penalty? 90–540 days’ interest
Grace Period at Maturity for Penalty-Free Withdrawals? 10 calendar days

While some banks require you to deposit at least $2,500 or $5,000 to earn a higher yield on your CD, American Express has no minimum balance requirement. That feature makes it a good option for those who may have limited amounts to tuck away and so may not qualify for other CDs with high minimum balances. 

American Express CD rates vary by term length, and it offers high rates on specific terms. Other terms have much lower rates.?

Like other CDs, you cannot touch the money in the American Express account until its maturity date. Otherwise, early withdrawal penalties can range from 90 to 540 days’ interest.

However, American Express does allow you to withdraw some or all of the interest that’s been credited to the account before its maturity date. You can request a one-time payment of the interest to your savings account or opt to receive a check.??

American Express’ CDs require an upfront deposit, and you cannot add to the CD before its maturity date. If you want an account with more flexibility, you may want to consider a high-yield savings account.

Compare Savings Account Rates

Several banks have rates higher than American Express, particularly for certain longer terms. And they often offer longer options, allowing customers to lock in their interest rate for as long as 10 years.?

However, some banks have minimum balance requirements that can be quite high. American Express doesn’t, so it may be more attainable for those with limited cash reserves. And if you widen your search to other kinds of savings accounts, you’ll find plenty of options no matter how much money you want to put away.

How Do You Get a CD With American Express?

You can open a CD online with American Express if you meet the following requirements:

  • You must be at least 18.
  • You must be a U.S. citizen or a resident alien with a valid Social Security number or an individual Taxpayer Identification Number with a U.S. address.
  • You must use the account for personal use only.

The CD must be funded within 60 days. Otherwise, American Express will close the account.

Once your account reaches its maturity date, you have 10 days to withdraw funds. If you don’t, American Express will automatically roll over the account into a new CD, and any withdrawals will then be subject to early withdrawal penalties.

Are American Express CDs Worth Investing In?

As of publication, the rates on American Express CDs with certain terms were significantly higher than the national average. And because American Express doesn’t require a minimum balance, you can open a CD with a relatively small amount to take advantage of the higher yield or build a CD ladder. For other term options, other banks may offer better rates.

Are American Express CDs FDIC-Insured?

Yes, American Express CDs are backed by FDIC insurance on deposit amounts up to $250,000 per customer.

How Do You Get the Best CD Rate With American Express?

American Express CD rates depend on the term length rather than the amount of your deposit. Unlike many banks, a longer term doesn’t necessarily mean you’ll get a higher APY. Currently, American Express offers the best CD rates on CDs with relatively short terms.

If you’re looking for the highest APYs on the market, check out our picks for the best CD rates.

Article Sources
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  1. FDIC. "National Rates and Rate Caps."

  2. American Express. "Lock in Your Fixed Rate, and Watch Your Money Grow With a Certificate of Deposit (CD)."

  3. American Express. "What if I Want to Withdraw My Funds From My Certificate of Deposit (CD) Before the Maturity Date?"

  4. American Express. "Open Your Savings Account in Minutes."?

  5. American Express. "American Express National Bank - Consumer Savings Deposit Account Agreement," Page 12.

  6. American Express. "What Is a Maturity Date and What Happens After That Date?"

  7. FDIC. "Deposit Insurance."