American Express National Bank VS TIAA 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
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: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 4.5 Star Icon
No Rate Information
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Pros:

  • No monthly fees for accounts
  • High-interest rates on select accounts
  • Variety of business accounts offered
  • Interest on checking, high for first year

Cons:

  • Checking interest drops after first year
  • Large amount required to open accounts
  • Basic accounts have lower interest rates
  • ATM fee reimbursement requires high sum
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.

TIAA Bank Review

Note: TIAA has acquired EverBank, rebranding the bank as TIAA Bank. The acquisition completed on June 12, 2018.

The Yield accounts at TIAA Bank do not charge monthly maintenance fees. There is no amount required to keep in the accounts to avoid fees. You will earn interest on any amount you have deposited in the account.

TIAA Bank guarantees that their account offerings will earn the top five percent interest in the nation. This makes them a competitive bank in the field of high-interest rates.

Business accounts are available through TIAA Bank. Your business can earn the high interest rates you earn with personal banking. There are checking accounts for small businesses and non profits. Interest earning and basic business checking accounts are available. Money market accounts, CDs, and credit cards are also available for your business.

The Yield Checking account offers a one-year spotlight APY. The rate for one year is much higher than the regular interest rates. This rate is only for new customers. Earn interest on any amount above $5,000, but less than $250,000.

After the one-year spotlight APY, the rate drops. The account still earns interest, but lower than the first year. The interest you earn after the first year depends on the amount you have in the account. The rates drop by almost one whole percentage point for balances under $10,000.

The high interest earning accounts have a high required opening balance. You must have $5,000 to open the Yield Pledge Checking, Yield Pledge Money Market, and Yield Pledge CD accounts. Once you open one of these accounts, you will earn the top five percent of yields on your money. TIAA Bank ensures the top interest rates on these accounts.

To open the TIAA Bank accounts with the high interest rates you must have $5,000. TIAA Bank does offer a basic checking and savings account. These accounts only require $25 to open. There is no monthly fee as long as you keep $25 in the account. The basic CDs only required $1,000 to open. These basic accounts get lower interest rates, but still competitive.

TIAA Bank does reimburse fees charged at ATMs, but only if your account balance is over $5,000. TIAA Bank does not charge fees for using their ATMs. The fees are only for other bank ATMs.

Read the full TIAA Bank review.

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American Express
Savings (Rate as of 10/11/2024)
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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Openbank
Savings (Rate as of 10/11/2024)
APY 5.25%
Rate 5.25%
Min to Open $500
Min to Earn APY $500
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Forbright Bank
Savings (Rate as of 10/11/2024)
APY 5.00%
Rate 5.00%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC No account fees, unlimited transfers, better for the planet
Next >
Capital One
Savings (Rate as of 10/11/2024)
APY 4.10%
Rate 4.10%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC It only takes about 5 minutes to open a fee-free account.
Next >
EverBank
Savings (Rate as of 10/11/2024)
APY 5.05%
Rate 4.92%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC No monthly maintenance fee, $0 to open, easily grow your money
Next >
Western Alliance Bank
Savings (Rate as of 10/11/2024)
APY 5.01%
Rate 5.01%
Min to Open $500
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Barclays
Savings (Rate as of 10/11/2024)
APY 4.50%
Rate 4.50%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
BMO Alto
Savings (Rate as of 10/11/2024)
APY 4.60%
Rate 4.50%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Sallie Mae
MMA (Rate as of 10/11/2024)
APY 4.20%
Rate 4.11%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook Yes
Member FDIC
Next >
Poppy Bank
Savings (Rate as of 10/11/2024)
APY 5.00%
Rate 4.88%
Min to Open $1,000
Min to Earn APY $1,000
Monthly Fee $5.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Peak Bank
Savings (Rate as of 10/11/2024)
APY 5.07%
Rate 5.07%
Min to Open $100
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Betterment
Savings (Rate as of 10/11/2024)
APY 5.00%
Rate 5.00%
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† var. APY a/o 9/20/24. New customers only. Betterment LLC, not a bank
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CustomersBank
Savings (Rate as of 10/11/2024)
APY 4.73%
Rate 4.63%
Min to Open $25,000
Min to Earn APY $25,000
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Cash App
Savings (Rate as of 10/11/2024)
APY 4.50%
Rate 4.50%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC In App
Next >
Live Oak Bank
Savings (Rate as of 10/11/2024)
APY 4.30%
Rate 4.21%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >
Sallie Mae
Savings (Rate as of 10/11/2024)
APY 4.20%
Rate 4.11%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >