High Yield Savings
CDs
SupportWhat is a Certificate of Deposit (CD) account?
A certificate of deposit (CD) is a savings tool that allows you to save your money at a fixed interest rate for a set period of time.
How Does a CD Account Work?
A Certificate of Deposit (CD) account offers a fixed interest rate for a specified period of time, known as the term length. At the end of the term, you will get your money back as well as any interest that has accrued. In exchange for depositing your money, the financial institution will pay you a fixed interest rate, which is often higher than the rate on a traditional savings account. Here’s how it works:
Deposit Amount
To start, you deposit a lump sum of money into the CD. There may be a minimum deposit requirement for some CDs.
Fixed Term
The CD has a fixed term, which may range from a few months to several years. If you withdraw funds from your CD account during this time, you may incur a penalty on the amount withdrawn.
Interest Rate
CDs offer a fixed interest rate, which is usually higher than typical savings accounts. This rate is guaranteed for the entire term.
Maturity
At the end of the term (maturity), you can withdraw your initial deposit plus the earned interest. In some cases, you may have the option to roll over the CD into a new one.
Can I Add Additional Funds to an American Express CD?
The initial funding of a CD during opening is the primary way to add funds. However, you may add funds during the 10-calendar-day period (grace period) following the Maturity Date. At maturity, if your CD is set to automatically renew, there is a 10-calendar-day grace period during which you can add or withdraw funds from your CD account without penalty.
Learn More About an American Express CD Account
To learn more about an American Express CD account and see the current terms and interest rate, visit: American Express Certificate of Deposit (CD).
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About Savings
What it is, how it works and everything in between.
Understanding Your Account
Quick links to get you—and keep you—on the right track.
Accessing and Managing Your Account
Transfers, Deposits & Withdrawals
Privacy & Protection
Your savings are safe with us. And so are you.
Accounts offered by American
Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.
* The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded. [There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you]
** The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.
1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.
2 The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after funding your Account. The interest rate and APY for your CD will be fixed and will either be (i) the rate reflected at application submission or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. After the CD is opened, additional deposits are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Consumer Deposit Account Agreement and Savings Schedules for additional information.
3 For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
4 Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.