FDIC Insurance Coverage | American Express® Savings Account (2024)

FAQs

Is my American Express Savings account FDIC insured? ›

American Express National Bank is an FDIC-insured bank and your deposits are insured as long as it does not exceed the allowable coverage limit. What is My Coverage Limit? The standard insurance amount is $250,000 per depositor per insured bank for each account ownership category.

The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank.

Is the money in my Serve account protected by FDIC insurance? Serve^® Bank Account & Serve^® Pay As You Go Visa^® Prepaid Card: Funds are FDIC insured once we receive them in your account, subject to applicable limitations and restrictions.

Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.

To determine your deposit insurance coverage or ask any other specific deposit insurance questions, please visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342).

This is their only account at this IDI and it is held as a “joint account with right of survivorship.” While they are both alive, they are fully insured for up to $500,000 under the joint account category.

Bottom line. Any individual or entity that has more than $250,000 in deposits at an FDIC-insured bank should see to it that all monies are federally insured. It's not only diligent savers and high-net-worth individuals who might need extra FDIC coverage.

The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. This means that by having accounts in different ownership categories, like single accounts and joint accounts, you can get more than $250,000 in coverage.

American Express is a good high-yield savings account option if you're looking for a competitive rate with no monthly fees or minimum balance requirements. American Express savings rates are well above the national average and rates offered by most traditional banks.

How stable is American Express Bank? ›

Overall American Express Rating

American Express National Bank offers 24/7 customer support by phone for some, but not all, of its products. Your American Express National Bank accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.

American Express National Bank offers one high-yield savings account online with a 4.25%% APY, which places it close to the top-yielding savings accounts nationwide. This is an extremely low-cost account as there are no fees to open it, no monthly maintenance charges, and no minimum balance requirements.

Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank. Other millionaires have safe deposit boxes full of cash denominated in many different currencies.

The FDIC adds together the balances in all Single Accounts owned by the same person at the same bank and insures the total up to $250,000.

ASB is an independent company founded in 1925. ASB's loyal and long-tenured deposit base demonstrates the value of its customer relationships: 79% of its deposits are FDIC-insured and 7% are fully collateralized. ASB has deep lending capacity, with 273% liquidity coverage for uninsured deposits.

American Express Co has the Financial Strength Rank of 4.

The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.

The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.

What is the insurance limit? Deposits in checking accounts, savings accounts, money market savings accounts and Certificates of Deposit (CDs) are insured up to $250,000 per depositor, per insured bank, for each account ownership category under the FDIC's general deposit insurance rules.