American Express National Bank VS Synchrony Bank

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
2.00%APY
Savings/MMA
Advertiser Disclosure
Star Icon Star Icon Star Icon Star Icon Star Icon

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: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.25%APY
Savings/MMA
Advertiser Disclosure
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • No monthly fees or required balances
  • Variety of CD terms available
  • Competitive interest rates
  • Reimbursed ATM fees

Cons:

  • Best perks require Diamond member
  • No checking account offered
  • High opening amounts for CDs
  • Tiered interest rates not offered
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.

Synchrony Bank Review

The high yield savings account and money market account do not have any monthly fees. Synchrony does not require a set amount be kept in their accounts. There is no required amount to open a savings or money market account.

Synchrony offers a variety of CD term lengths. The terms range from three months to five years. As with any CD, the longer the term length, the higher the interest rates offered on the account. There are no monthly fees for the CD accounts. A fee is charged if you withdraw your money before the CD reaches maturity.

The interest rates for all Synchrony accounts are competitive. The savings and money market accounts and CDs are much higher than your typical bank rates. They are competitive with other online-only accounts.

Synchrony will refund the ATM fees charged by other financial institutions. The fees for every account holder will be reimbursed up to $5 each billing cycle. If you are a Diamond Reward member, you will receive unlimited ATM reimbursements.

All customers receive some perks for being an account holder with Synchrony bank. To earn the best perks, you must become a Diamond Reward member. To qualify to be a Diamond Reward member, you must have over $250,000 in Synchrony accounts. You must also be a customer for at least five years.

There is no checking account offered through Synchrony Bank. They offer a high yield savings account, money market account, and CDs.

The amount required to open a CD is high. Synchrony offers a variety of different CD terms. To open any of the terms requires $2,000 as a minimum opening deposit.

The savings and money market rates do not increase based on how much money you invest. If you invest $1,000 or $250,000, you will earn the same interest rate for each amount. Some banks offer tiered interest rates based on how much money you invest in the account.

Read the full Synchrony Bank review.

Sponsored Offers

Advertiser Disclosure
Capital One
Savings (Rate as of 10/2/2022)
APY 2.15%
Rate 2.15%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC It only takes about 5 minutes to open a fee-free account.
Next >
UFB Direct
Savings (Rate as of 10/2/2022)
APY 3.01%
Rate 2.85%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Earn up to 2.85% APY* with no maintenance fees or service fees.
Next >
Quorum
Savings (Rate as of 10/2/2022)
APY 3.00%
Rate 2.96%
For APY $10,000
Monthly Fee $0.00
Checkbook No
Insured by NCUA No minimum balance to open the account. No monthly fees. Federally insured by the NCUA.
Next >
BrioDirect
Savings (Rate as of 10/2/2022)
APY 2.80%
Rate 2.80%
For APY $500
Monthly Fee $0.00
Checkbook No
Member FDIC A great rate & FDIC insurance, Convenient online & mobile banking, Easy to open
Next >
Bask Bank
Savings (Rate as of 10/2/2022)
APY 2.75%
Rate 2.71%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC 0 Min Balance. 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Next >
CIT Bank
Savings (Rate as of 10/2/2022)
APY 2.70%
Rate 2.66%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC No Monthly Fees. No Minimum Deposit. Open in about 5 Minutes.
Next >
Valley Bank
Savings (Rate as of 10/2/2022)
APY 2.65%
Rate 2.62%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC Securely backed by our 90 year history, FDIC insured
Next >
LendingClub
Savings (Rate as of 10/2/2022)
APY 2.65%
Rate 2.65%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Plus, no monthly fees and unlimited free external transfers
Next >
SoFi
Savings (Rate as of 10/2/2022)
APY 2.50%
Rate 2.50%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC No fees, earn high APY on all your checking and savings balances, plus up to $300 cash bonus with qualifying direct deposit
Next >
Citizens Access
Savings (Rate as of 10/2/2022)
APY 2.35%
Rate 2.32%
For APY $5,000
Monthly Fee $0.00
Checkbook No
Member FDIC No fee online savings account with a great rate.
Next >
Barclays
Savings (Rate as of 10/2/2022)
APY 2.25%
Rate 2.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Savings accounts at 2.25% APY. A rate greater than 5x the national average.
Next >
Synchrony Bank
Savings (Rate as of 10/2/2022)
APY 2.25%
Rate 2.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Savings Products with Competitive Rates and No Minimum Deposit
Next >
Sallie Mae
MMA (Rate as of 10/2/2022)
APY 2.25%
Rate 2.23%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC No minimum balance and no monthly maintenance fees
Next >
My Banking Direct, a service of NY Community Bank
Savings (Rate as of 10/2/2022)
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC Only $500.00 to open. No monthly or maintenance fees.
Next >
Live Oak Bank
Savings (Rate as of 10/2/2022)
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC No monthly maintenance fees or minimum balance requirements.
Next >