American Eagle Bank VS American Express

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • CD bonus of higher interest rates
  • Senior citizen checking accounts
  • Kids Klub savings account
  • Government or nonprofit checking account

Cons:

  • Debit cards might not work in all states
  • High opening amount for CDs
  • Business checking has credit/debit limit
  • Products not available to everyone
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

  • Options on how to receive interest
  • No opening required amount
  • Pay credit card bill from savings account
  • Competitive interest rates on accounts

Cons:

  • Only offer savings and CD accounts
  • Must link account to a different bank
  • Funds not transferred immediately
  • No checks, debit cards, or ATM cards
American Eagle Bank Review

American Eagle CDs can earn higher interest rates if you earn the relationship bonus. To receive this bonus, you must have $5,000 in a qualifying checking, savings, or money market account. With this bonus, you earn around 0.15% more interest on the money in your CD.

American Eagle offers a Golden Eagle checking account for senior citizens. To qualify for the senior account, you must be over 55 years of age. This account offers unlimited check writing, no monthly fees, and a higher interest rate than their other checking accounts.

The Eagle Saver Kids Klub only requires $1 to open. Kids must be under 17 and have a parent or guardian co-signer. For every deposit made, kids earn ‘Wooden Nickels.’ Kids use those nickels to get prizes.

The American Eagle Platinum NOW checking account is for government and nonprofits. It only requires $100 to open. There is no monthly fee with at least $500 in the account. This account offers unlimited check writing, an ATM or debit card with no fees, and earns interest.

In the name of security, the American Eagle debit card may not work in all areas. Those areas include New York, New Jersey, Washington D.C., Delaware, Florida, Georgia, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, Virginia, or Canada. If you travel to these areas, you must call the bank in advance to make sure your debit card will work.

CDs require $1,000 to open and earn interest. The CD terms vary in length from six to sixty months. Special add-on CDs let you make unlimited deposits of at least $1 or more.

The business checking account limits transactions each month. You must not exceed 500 debit and credit transactions per month. There is a fee if you do.

Not all American Eagle accounts are available to everyone. You cannot apply online for an account. You must call a local branch to get information and apply for an account. Some products are only available to current customers and those living in certain areas.

Read the full American Eagle Bank review.

American Express Review

American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express review.

Favorite Rates

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American Express National Bank
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E*TRADE Bank
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Capital One 360
MMA 10/16/2018
APY 1.85%
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