American Express VS Navy Federal

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.90%APY
Savings/MMA
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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: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Checking accounts for military members
  • Most accounts are free
  • ATM fee rebates for checking accounts
  • Variety of CD terms with good rates

Cons:

  • High required amount to open most CDs
  • Rates are not competitive with online
  • Money markets required large amounts
  • Must be a member to open an account
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.

Navy Federal Review

Navy Federal offers a variety of checking accounts. One checking account is specifically for Armed Forces personnel, active or retired. Another checking account is specific for students. An everyday checking, tiered interest checking, and an electronic checking account are also available.

Most all Navy Federal accounts are free. Only some checking accounts have fees. The monthly maintenance fees are small and easily waived. Most account fees are waived by having your government check directly deposited into the account. All other accounts with Navy Federal Credit Union are free.

Navy Federal will reimburse you for ATM fees. The amount you will be reimbursed varies depending on the checking account. The checking account for active duty members will reimburse ATM fees of up to $20 each statement period.

There are a variety of different CDs offered through Navy Federal. The minimum opening balances vary depending on the term. The terms vary in length from three months to seven years. The interest rates earned on these CDs are competitive with other online-only CDs.

The required opening balance for most Navy Federal CDs is $1,000. There are special offers that change off and on. Those CD specials require a lower opening balance. Other required amounts to open a CD range from $10,000 to $100,000.

The interest rates for Navy Federal are lower than online-only bank accounts. Their rates are higher than typical bank rates. The CD rates are competitive with online CDs. All other rates are higher than other bank rates.

To earn interest on the money you have in a Navy Federal money market account, you must have at least $2,500 in the account. That amount must remain each day, or you will not earn interest. The more money you invest, the higher interest rates you will earn.

You must be a member of Navy Federal Credit Union to open any of their accounts. To become a member you must qualify. Those who qualify are service members and veterans. Department of Defense civilians and immediate family members also qualify.

Read the full Navy Federal review.

Favorite Rates

Citizens Access
Savings 11/14/2018
APY 2.25%
Rate 2.23%
For APY $5,000
Monthly Fee $0.00
Checkbook No
$5,000 minimum balance to obtain APY. Absolutely no fees.
Learn More &
Open Account
Capital One 360
MMA 11/14/2018
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
Learn More &
Open Account
American Express National Bank
Savings 11/14/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
Learn More &
Open Account