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Bank7 VS American Express

Which bank is better for you?

  • 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:

  • Personal and business accounts offered
  • Online personal deposit accounts
  • Competitive rates for online accounts
  • Some accounts have low opening amount

Cons:

  • Accounts have monthly fees
  • CDs and checking have high opening amount
  • Interest rates not listed on the website
  • Online accounts only for new customers
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.10%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
Bank7 Review

Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.

Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.

The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.

Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.

All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.

Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.

Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.

The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.

Read the full Bank7 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.

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