American Express National Bank VS BankPurely

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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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
  • Financial Rates: 1.5 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.50%APY
Savings/MMA
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Pros:

  • Low opening amount required and no fees
  • Checking account earns interest
  • High-interest rates on accounts
  • No set balance to earn highest rates

Cons:

  • No business accounts offered
  • MMA has high opening balance
  • Not a wide variety of accounts
  • Accounts opened through another website
American Express National Bank 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 National Bank review.

BankPurely Review

To open a BankPurely savings and checking account only requires $1. After the initial deposit, there is no amount required to keep in the account. There are no monthly maintenance fees. The BankPurely CDs only require $1,000 to open. There are four different CD terms available.

CheckingPurely account earns interest. The interest rates are competitive with other online checking accounts. The rates are much higher than your typical brick and mortar checking account rates. Free bill pay and mobile check deposits are available with the CheckingPurely account. There is no monthly fee or amount required to keep in the account.

All the accounts at BankPurely offer competitive interest rates. The account rates are much higher than your typical brick and mortar bank rates. They are competitive with other online-only accounts.

Any amount in the BankPurely accounts earns the highest interest rates offered. There is no specific amount required to earn competitive rates. Your balance will earn the highest interest rate, no matter what amount. The savings and checking account only need $1 to earn those rates. The CDs require $1,000. The MMA does require a higher amount of $25,000 to open and earn interest.

There are no business accounts currently offered through BankPurely. The only accounts are personal deposit accounts.

The money market account through BankPurely has a high opening required amount. The amount to open the account is $25,000. This account earns competitive interest rates. You receive an ATM card attached to the account.

BankPurely offers personal deposit accounts. There is only one savings account, one checking account, and one money market account offered. BankPurely does offer CDs, but there are only four different terms available. The CD terms are 12 months, 24 months, 36 months, and 60 months.

BankPurely is powered through iGObanking.com. To open a BankPurely account, you will be transferred to the iGObanking.com website. All the online banking functions are available under the iGObanking.com brand. Your account is through BankPurely, but the technology is through iGObanking.com. You will not see the BankPurely logo when you are opening an account. It is the right place to open the account as long as you see the iGObanking.com logo.

Read the full BankPurely review.

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American Express
Savings (Rate as of 12/13/2024)
APY 3.90%
Rate 3.83%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.
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Capital One
Savings (Rate as of 12/13/2024)
APY 3.80%
Rate 3.80%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.

Promoted offer: It only takes about 5 minutes to open a fee-free account.
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EverBank
Savings (Rate as of 12/13/2024)
APY 4.75%
Rate 4.64%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.

Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
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Savings (Rate as of 12/13/2024)
APY 4.46%
Rate 4.46%
Min to Open $500
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
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Savings (Rate as of 12/13/2024)
APY 4.55%
Rate 4.55%
Min to Open $100
Min to Earn APY $5,000
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.

Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
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Savings (Rate as of 12/13/2024)
APY 4.45%
Rate 4.35%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
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Poppy Bank
Savings (Rate as of 12/13/2024)
APY 4.75%
Rate 4.64%
Min to Open $1,000
Min to Earn APY $1,000
Monthly Fee $5.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.
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Betterment
Savings (Rate as of 12/13/2024)
APY 4.75%
Rate 4.75%
Min to Open $10
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
FDIC insured at program banks†.

Promoted offer: var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank
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Sallie Mae
Savings (Rate as of 12/13/2024)
APY 4.10%
Rate 4.02%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC.
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