American Express Bank does offer certificates of deposit, but only to existing cardholders and through a limited program

American Express Bank offers CDs, but not to everyone. You must already hold an American Express credit card to open one. The program is called American Express Personal Savings, and it sits alongside their high-yield savings accounts rather than as a standalone product line. This means you cannot walk in cold and ask for a CD—you need the card first.

The CDs themselves work like any other CD: you deposit money for a fixed term (usually three months to five years), lock in an interest rate for that period, and receive your principal plus interest when the term ends. If you withdraw early, you pay a penalty. American Express sets the rates and terms, which change based on market conditions and the current interest rate environment.

American Express Bank is a real bank—it holds FDIC insurance—so your CD is protected up to $250,000 per depositor, per bank. That protection applies separately from your credit card account, meaning your card balance does not count toward your CD insurance limit.

Key Takeaways

  • You must hold an active American Express credit card to open a CD through American Express Bank.
  • CDs are offered through the American Express Personal Savings program, accessed online or through the American Express app.
  • Your CD deposits are FDIC-insured up to $250,000 and are separate from your credit card account for insurance purposes.
  • Early withdrawal penalties apply if you take your money out before the term ends, and the penalty amount depends on the term length.
  • Interest rates and available terms change regularly, so you should check the current offerings before committing your money.

How to open an American Express CD if you are a cardholder

Log into your American Express account online or open the American Express mobile app. Look for the savings or investment section—American Express groups CDs with their savings products rather than listing them separately. You will see current CD terms and rates displayed there.

Select the term that matches your timeline: three months, six months, one year, two years, three years, or five years. Longer terms typically offer higher rates. Enter the amount you want to deposit (American Express sets a minimum, which varies but is often $1,000 or $2,500). Review the interest rate, the maturity date, and the early withdrawal penalty for that specific term. Then confirm and fund the CD from a linked bank account or from your American Express cash balance if you have one.

The CD opens immediately, and your money begins earning interest right away. You will receive statements showing your balance and accrued interest. When the term ends, American Express will either return your principal plus interest to your linked account or automatically renew the CD at the current rate—check your account settings to see which option is set.

Early withdrawal penalties and what happens at maturity

American Express charges an early withdrawal penalty if you take money out before your CD matures. The penalty is calculated as a certain number of months of interest, and the amount depends on the term you chose. A three-month CD might have a penalty of one month of interest; a five-year CD might have a penalty of six months of interest. American Express publishes the exact penalty for each term when you open the CD, so you know the cost upfront.

If you need the money before maturity, you can withdraw it, but the penalty comes out of your interest earnings first. If your interest earnings are not enough to cover the penalty, the difference comes out of your principal. For example, if you opened a one-year CD with $5,000 at 4% annual interest and withdrew after six months, you would have earned about $100 in interest. If the penalty is three months of interest (about $50), you would receive $5,050. If the penalty were larger than your interest, your principal would be reduced.

When your CD reaches maturity, American Express will notify you. You can then choose to withdraw the money or let it renew automatically into a new CD at the current rate. If you do nothing, it will renew by default—check your account settings to confirm whether auto-renewal is turned on. If rates have dropped significantly, you may want to withdraw and move your money elsewhere rather than accept a lower renewal rate.

How American Express CD rates compare to other banks

American Express Bank's CD rates are competitive but not always the highest available. Rates change weekly or more often depending on market conditions. At any given moment, online banks like Marcus, Ally, or Discover may offer higher rates, or American Express may be ahead—it depends on when you check.

The real advantage of American Express CDs is convenience if you already use the card and the app. You do not need to open a separate account at another bank or manage multiple logins. Your CD sits in the same place as your savings account and credit card, all visible in one app. That simplicity has value, even if the rate is not the absolute highest.

If you are rate-shopping, compare American Express against at least two or three online banks before you commit. Rates are published on each bank's website and update frequently. A difference of 0.5% on a $10,000 CD over one year means $50 in lost interest, so it is worth a few minutes of comparison.

FDIC insurance and account safety

American Express Bank is a federally chartered bank and participates in FDIC insurance. Your CD is covered up to $250,000 per depositor, per bank. This means if American Express Bank fails, the FDIC will return your principal and accrued interest up to $250,000.

Your CD insurance is separate from your savings account insurance at the same bank. If you have both a CD and a savings account at American Express Bank, each is insured up to $250,000 independently. However, if you have multiple CDs at American Express Bank, they are added together for insurance purposes—so two $150,000 CDs would total $300,000, and only $250,000 would be covered.

Your American Express credit card balance is not insured by the FDIC (it is a liability, not a deposit), so it does not count toward your CD insurance limit. Your CD and your card account are treated as separate products for regulatory purposes.

What to do if you cannot find CDs in your American Express account

If you log in and do not see CDs or savings products, you may not have access to American Express Bank's savings program. Not all American Express cardholders are offered CDs—the program is available to most but not all customers, and availability can depend on your card type, account history, or state of residence.

Call American Express customer service at the number on the back of your card and ask whether you are may be able to access for the Personal Savings program. They can tell you whether CDs are available to your account. If they are not, you can still open a CD at any other FDIC-insured bank—you do not need to use American Express Bank.

Alternatively, if you have a different American Express card type, you might have access through a different program. American Express has offered CDs through various partnerships and programs over time, so it is worth asking whether another option is available to you.

Frequently Asked Questions

Can I open an American Express CD without a credit card?

No. American Express Bank's CD program is only open to existing American Express cardholders. You must have an active card to access the Personal Savings program where CDs are offered. If you do not have an American Express card, you can open a CD at any other bank.

What happens to my CD if I close my American Express credit card?

Your CD remains open and continues to earn interest. Closing your credit card does not affect your CD account. However, you may lose the ability to open new CDs or manage your existing CD through the app if your card is closed. Contact American Express to confirm how to access your CD after card closure.

Can I withdraw money from my CD before it matures?

Yes, but you will pay an early withdrawal penalty. The penalty is a set number of months of interest, and the amount depends on your CD's term. American Express shows you the penalty before you open the CD, so you know the cost upfront. The penalty is deducted from your interest earnings first, then from your principal if needed.

Are American Express CDs FDIC insured?

Yes. American Express Bank is FDIC-insured, and your CD is covered up to $250,000. This protection is separate from your savings account at the same bank. If you have multiple CDs, they are added together for insurance purposes.

How often do American Express CD rates change?

Rates change frequently—sometimes weekly or more often—based on market conditions and Federal Reserve policy. The rate you lock in when you open your CD stays the same for the entire term. When your CD matures, the renewal rate will reflect current market rates, which may be higher or lower than what you earned.