American Express National Bank CD

American Express National Bank is the deposit arm of American Express, and its CD is about as plain as a CD gets: pick a term, fund it, leave it alone. There are no branches, no monthly fee, and no minimum balance at all, so there is no minimum to open one. Interest compounds daily and is credited monthly, and Amex applies the higher of the rate at application or at funding. The numbers worth paying attention to are the 10 month and 22 month terms, both at 4.40% APY as of October 14, 2026. Other terms pay less: the 11, 12, 14, 18 and 24 month terms pay 3.65%, the 60 month term pays 3.00%, and the 36 and 48 month terms pay 2.25%. The 60 month term pays less than the 10 month. The curve is uneven rather than sloped, so check each term instead of assuming a longer lock pays more. The fine print that actually costs money is the early withdrawal penalty. Under 12 months it is 90 days of interest on the withdrawn amount, which applies to the 10 month term. Between 12 and under 48 months it jumps to 270 days, between 48 and under 60 months to 365 days, and at 60 months or more to 540 days. Amex also does not allow partial early withdrawals or additional deposits after funding, and the CD must be funded within 60 calendar days of approval. At maturity it auto renews into the same term after a 10 calendar day grace period, so if you forget, a 4.40% 10 month CD can quietly roll into whatever rate applies on that day. This is a reasonable fit if you already bank with Amex, want a short lock with zero minimum, and will actually diary the maturity date. The no minimum policy suits small balances, and deposits are covered by FDIC insurance up to $250,000 per depositor per ownership category. Skip it if you want anything longer than a year: the 36 and 48 month terms pay 2.25% APY and the 60 month term pays 3.00%, with the 22 month term at 4.40% the one longer exception. Also skip it if there is any chance you need the money early, because there are no partial withdrawals and the penalty grows with the term, from 90 days of interest under 12 months to 540 days at 60 months or more.