American Express National Bank Review: savings, CDs, no opening deposits - Business Insider

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You don't need a lot of money to open an American Express savings account or CD

American Express and Marcus by Goldman Sachs are both online-only banks that offer high-yield savings accounts and CDs, but not checking or money market accounts.

Marcus' CD rates are higher than what you'll find with American Express, and Marcus offers no-penalty CDs so you can withdraw funds before your CD matures without paying a fee. Unlike American Express, Marcus has a mobile banking app. Its app has received positive reviews in the Apple and Google Play stores, so if you value banking from your phone, you'll probably prefer Marcus.American Express National Bank vs. HSBC Direct

HSBC Direct also offers CDs, but its rates are lower than what you'll find with American Express, and it only has 1-year and 2-year terms. HSBC Direct does have a checking account, though, so you may prefer HSBC Direct if you want to do all your banking with the same institution.

 

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