American Express CD Accounts

Account Features

Early Withdrawal Penalties

For a CD with a Term of 12 Months or Less: If you withdraw all of your principal balance or if the account is closed for any other reason less than 6 months before maturity, the penalty is 3 months of interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents. If you withdraw all of your principal balance or if the account is closed for any other reason 6 months or more before maturity, the penalty is the greater of: 3 months interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents; or The Cost Recovery Value (CRV) on the withdrawn amount (if applicable).

For a CD with a Term of More than 12 Months: If you withdraw all of your principal balance or if the account is closed for any other reason less than 6 months before maturity, the penalty is 6 months of interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents. If you withdraw all of your principal balance or if the account is closed for any other reason 6 months or more before maturity, the penalty is the greater of: 6 months interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents; or The CRV on the withdrawn amount (if applicable).

Renewal Policy and Grace Period

Your CD account automatically renews at maturity. At maturity, you will have a 10-calendar-day grace period (grace period) in which you can withdraw funds from your account without penalty. You may prevent renewal if you withdraw the funds in your CD account at maturity or within the grace period, or if the bank receives written notice from you within the grace period.

American Express Bank Reviews

Review from Beaulac

"I opened my account a few weeks ago and it's been great. Set up was a breeze and my initial funding showed up very quickly. ..."

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