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American Express Bank, FSB, the banking division of American Express (NYSE: AXP) offers online savings accounts and certificates of deposit (CDs). AMEX Bank has rates available on high yield savings accounts and CDs. American Express card members may qualify for additional benefits. American Express, one of the best known American brands, dates back all the way 1850, when it began its life as a mail company. AMEX moved into financial services in 1882, and the company began offering its iconic credit card in the late 1950s. Today, American Express operates a massive financial company, including American Express Bank. Unlike traditional banks, American Express Bank does not have brick and mortar branches and offers a very limited selection of products. In fact, AMEX prominently advertises that its bank offers only “two simple products” - high yield savings and CDs, both classified as “Personal Savings.” The AMEX high yield savings product offers a yield much higher than a traditional bank's savings account, and the interest rate is variable depending on economic conditions. The bank requires no minimums and does not charge fees. AMEX Bank's certificates of deposit are available in many different maturities. These are 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. As with all CD rates, you will earn a higher rate of interest in exchange for tying your money up for a longer period of time. American Express Bank advertises itself as a complement to your current bank account, and this point of view makes sense. You can keep banking with the lender that you've always used, open a savings or CD account with AMEX, and simply transfer money bank and forth. This will afford you the same conveniences of ATM and branch access while allowing you to earn a higher rate of return on your savings. Plus, AMEX Bank has the same great customer service for which the American Express Card is known and loved. This bank profile is not an endorsement or advertisement for the bank's products and services. RateZip is an independent publisher of bank information.