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American Express CD Rates for December 2023

Beyond credit cards, Amex offers competitive savings accounts, including notable 12-month and 24-month CD options.

American Express

American Express National Bank is an FDIC-insured online bank unit of American Express, which is best known for its consumer and business credit cards. The bank offers savings accounts, checking accounts and certificate of deposit, or CD, accounts. To qualify for a checking account, you must have an American Express consumer credit card that’s been active for at least three months.

Annual percentage yields for Amex’s savings account and certain CD terms are competitive -- although not the absolute highest you can find -- and its checking account has a decent yield with no fees and no hoops to jump through like some other high-yield checking accounts. With a checking account, you can also earn Membership Rewards points on your debit card purchases, albeit at a lower rewards rate than most Amex credit cards.

All said, American Express National Bank is a good way to manage your finances in one place without sacrificing yield -- if you have an existing Amex account. Just be sure you’re OK doing your banking entirely online with no access to physical branches.

The Federal Reserve’s continued rate hikes have made it more expensive to borrow money, but high interest rates also mean you’ll earn more on your savings. And while you might not associate American Express with traditional banking products -- the company is best known for its top-tier credit card rewards programs -- Amex offers several ways to grow your cash, from high-yield savings accounts to certificates of deposit. 

Depending on the term length you’re looking for, this bank’s CD rates compete with most of CNET’s top picks for the best CD rates available right now.

American Express CDs: At a glance

American Express offers a standard CD with six terms, all compounding daily. The 12- and 24-month terms offer highly competitive rates. If you’re thinking about opening a CD at American Express, however, you should be confident that you won’t need the cash before the term is up. This bank’s early withdrawal penalties can be hefty if you pull your funds before the maturity date. You’ll forfeit 90 days of interest if your CD term is anywhere between 12 months and less than 48 months. And if you opt for the bank’s longest term -- 60 months -- the penalty is 540 days of interest.  

CD typeStandard
Minimum deposit$0
Terms12 months to 60 months
Compounding scheduleDaily
Early withdrawal penaltyThree months to 18 months of interest (90 days to 540 days)
Grace period10 days

American Express’ CD rates

American Express offers six CD terms with annual percentage yields, or APYs, that vary from as low as 1% to as high as 4.50%. Its 12-month CD rate, for example, is slightly higher than some other banks and credit unions.

CD termAPYMinimum deposit
12 months4.50%$0
18 months1.00%$0
24 months4.25%$0
36 months1.15%$0
48 months1.20%$0
60 months3.25%$0
Rates as of March 31, 2023.

Note: APYs shown are as of Dec. 01, 2022. CNET’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.

How much can you earn with American Express CDs? 

The following table illustrates approximately how much you can earn under each CD term with a lump sum of $5,000, compounded daily. 

CD termAPYInterest earned
12 months4.50%$225
18 months1.00%$75
24 months4.25%$434
36 months1.15%$174
48 months1.20%$244
60 months3.25%$867
Rates as of March 31, 2023.

How do American Express’ CD rates compare?

American Express CDs earn as much as three times more than the average CD rates nationally. Its highest rate, 4.50% APY for a 12-month CD, is just over three times the national average rate of 1.49% APY. If you can leave your cash untouched for the length of those terms, you can lock in on some of the highest APYs available.

The 18-, 36- and 48-month CDs, however, offer underwhelming rates. The 60-month CD, while better than the national average, falls short of much of the competition. If you’re looking for CDs with these terms, consider another bank or credit union with more competitive rates.

How American Express CDs compare with top-yielding banks

Banks12-month APY36-month APY60-month APY
American Express Bank ($0 minimum deposit)4.50%1.15%3.25%
Bread Savings ($1,500 minimum deposit)5.05%4.50%4.25%
CFG Bank ($500 minimum deposit)5.15%4.60%4.50%
PenFed* ($1,000 minimum deposit)4.60%4.10%3.90%
Synchrony Bank ($0__minimum deposit)4.50%4.30%4.30%
*PenFed offers money market certificates, which are similar to CDs. Rates as of March 31, 2023.

Additional savings options at American Express

American Express offers more than CD accounts. If you’re searching for a new place to move your money, the bank’s savings and checking products are both worth a look.

High-yield savings account

American Express has just one savings account that earns a respectable 3.75% APY. It doesn’t charge any monthly maintenance fees and has no minimum deposit requirement.

High-yield checking account

American Express also offers a unique rewards checking account. The application is exclusively available to existing members who have had a basic Amex consumer credit card open for at least three months. The account pays a generous 1.00% APY -- around 15x higher than the national average for checking accounts -- and there are no monthly minimum balance requirements or fees. Additionally, account holders can earn rewards points for debit card spending, somewhat of a rarity in today’s banking industry.


Yes, but its best rates are offered on 12-month and 24-month CDs. If you’re looking for a different term length, you’re likely better off shopping elsewhere for a better yield. 

Additionally, Amex doesn’t offer alternative CDs such as no-penalty or raise-your-rate CDs. If you want something with more flexibility, look around at other banks and credit unions.

No. If you do your banking with American Express, you’ll need to conduct all your activity online. 

No. Anyone can apply to open a CD account with American Express.

It depends on your savings goals, your risk tolerance and your investment timeline. Right now, CDs are paying significantly higher yields than they were during the past two years. In the midst of the current economic uncertainty and a volatile stock market, CDs are a safer place to store your money.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.